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Increasing usage of Artificial Intelligence in BFSI for fraud prevention is driving growth of the market
— Emergen Research
VANCOUVER, BRITISH COLUMBIA, CANADA, May 8, 2023 /EINPresswire.com/ — The Latest research study released by Emergen Research on “Artificial Intelligence in BFSI Market” with 150+ pages of analysis on business Strategy taken up by key and emerging industry players and delivers know how of the current market development, landscape, technologies, drivers, opportunities, market viewpoint and status. Understanding the segments helps in identifying the importance of different factors that leads the market growth.
The global Artificial Intelligence in BFSI market size is expected to reach USD 68.23 Billion at a steady CAGR of 36.5% in 2028, according to latest analysis by Emergen Research. Artificial Intelligence (AI) helps in predicting future trends based on analysis of past behavior of customers, and also helps banks to detect patterns in laundering, identify fraud, and make customer recommendations. These advantages are resulting in increasing deployment of AI in banking operations, which is driving revenue growth of the global Artificial Intelligence in BFSI market.
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AI understands customer behavior and allows banks to customize financial products and services by adding personalized features to build strong relationships with customers. Digital payment advisors, Artificial Intelligence bots, and biometric fraud detection mechanisms result in high quality of services to a wider customer base. AI helps in increasing revenue, reducing costs, and boosting potential of profit. Artificial Intelligence in BFSI Market Size, Share, Trends, By Offering (Software, Services, Hardware), By Solution (Fraud Detection & Prevention, Customer Relationship Management, Chabot), By Technology, By Application, and By Region, Forecast to 2028.
Key Players Included in this report are:
Amazon Web Services (AWS), Inc., Google LLC, CognitiveScale, Inc., Descartes Labs, Inc., Avaamo, Inc., Intel Corporation, Baidu, Inc., SAP SE, Microsoft Corporation, and Oracle Corporation
What can be explored with the Artificial Intelligence in BFSI Market Study?
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global Artificial Intelligence in BFSI Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in Artificial Intelligence in BFSI Market
Understand the Competitive Scenarios
Track Right Markets
Identify the Right Verticals
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Market Segmentation Analysis
Players can concentrate on high-growth regions and, if necessary, modify their business plan according to the research report. The Artificial Intelligence in BFSI Market is divided into a variety of categories, uses, and geographical areas. Players gain from the report’s regional segmentation research since it offers pertinent data and insights into important geographic marketplaces.
Offering Component Outlook (Revenue, USD Billion; 2018–2028)
Software
Services
Hardware
Solution Outlook (Revenue, USD Billion; 2018–2028)
Fraud Detection & Prevention
Customer Relationship Management
Chabot
Anti-money Laundering
Data Analytics & Prediction
Others
COVID-19 Impact Analysis
The post-COVID-19 phase has undergone substantial change, and Artificial Intelligence in BFSI Market research highlights the opportunities and difficulties that still exist. This study report thoroughly examines the effects of the COVID-19 pandemic on the global economy and post-pandemic market behaviour.
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Some Key Highlights in the Report
In February 2021, FinMkt, which is a loan origination and point of sale financing SaaS provider, announced its partnership with Persistent, which is a global solutions company that delivers enterprise modernization, next-generation product engineering, and digital business acceleration. The partnership will allow small and mid-sized financial institutions to accelerate the digital lending strategies. FinMkt will ramp up its Artificial Intelligence and machine learning capabilities to provide financial institutions with significant insights to shape their credit policies.
Fraud detection & prevention units in BFSI companies are using Artificial Intelligence to eliminate such activities. Big data is characterized by volume & value and by capturing and processing this in real-time, and Natural Language Processing (NLP) algorithms can detect inconsistencies and discrepancies and ensure fraud prevention.
Machine learning provides banking companies the opportunity to enhance their business by improving performance and efficiency of BFSI activities. Machine learning attempts to study, identify and classify patterns and make decisions from data collected over time. Machine learning can be used to produce accurate and rapid results, which will drive demand among BFSIs.
Regional Outlook
We carefully examined each division, regional classification, national study, and subject-specific data set during the market research. This Artificial Intelligence in BFSI Market research report’s goal is to look at growth patterns, promising futures, important obstacles, and expected results. Information on significant market participants, strategic alliances, plans, new product launches, and joint ventures are all included in the research.
Key Reasons to Purchase Artificial Intelligence in BFSI Market Report
The reader will be in a position to comprehend and react to marketing strategies like using strengths and conducting a SWOT analysis.
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