HTF Market Report released a new research document of 83 pages on industry titled as 'Cognitive Systems & Artificial Intelligence in BFSI Market – Global Drivers, Opportunities, Trends, and Forecasts to 2022' with detailed analysis, Competitive landscape, forecast and strategies.
Globally, BFSI is the second most customer data-centric industry, where players have a bundle of new business opportunities from Cognitive Systems and Artificial Intelligence (AI). It is an evolving data driven technology that works on on-premises and cloud-based software.
The system replaces the human thought process with a simulated digital model that includes a self-learning system, which derives patterns by using data mining, speech recognition, and language processing techniques. The cognitive systems require AI platform to derive the complicated business issues.
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Globally, the growing demand for digital technology and changing customer demands have led the BFSI players to adopt cognitive systems and AI implementation in their operations to deal with ever-changing regulatory & compliance laws to face the market risk and understand both income tax & corporate tax laws in an efficient way. It is also showing a strong presence in analyzing consumer behavior patterns to bring new offerings and is finding new distribution channels for the financial institutions.
Furthermore, IoT, cloud technology, edge computing, security related technology (blockchain),. are supporting the market growth.
According to Research, the “Artificial Intelligence &Cognitive Systems and Artificial in BFSI” will witness a CAGR of 45.9% during the forecast period 2016–2022. The increasing usage of cloud-based solutions in the BFSI industry, rising demand for the data-driven solutions, increasing internet banking penetration, and scope of deriving market risk are fostering the market growth.
The market is segmented into technologies, deployment types, verticals and regions.
Deployment Mode & Technology Analysis:
The market is segmented according to the deployment types offered by technology providers. There are two popular deployment types, namely on-premises and cloud-based services.
At present, on-premises services are in high demand owing to its capability of delivering technological advancement to clients. Also, the demand for cloud-based services is expected to increase due to the rise in the number of medium-sized enterprises in financial services industry.
In terms of regions, the Americas is set to outperform for the market growth followed by Europe. The American Fintech ecosystem, changing customer expectations, government regulations, and the country’s technological advancement drive the innovation in AI technologies.
Asia Pacific is expected to be the fastest growing market in the upcoming years. The US, the UK, Germany, China, Japan, Canada, and Singapore are few of the countries which are concentrating on developing AI technologies for the industrial and governmental use.
Key players & Benefits
Some of the leading companies included in the report are IBM, Synechron, Micro Strategy, Infosys, Next IT Corp., Rocket Fuel Inc., and others.
The financial institutions create a competitive advantage with the use of these technologies. The leading global financial institutions are investing in AI space, and thus, BFSI is the most lucrative investment destination for cognitive systems and AI key stakeholders.
The study covers and analyzes the “Artificial Intelligence and Cognitive Systems in BFSI”. Bringing out the complete key insights of the industry, the report aims to provide an opportunity for players to understand the latest trends, current market scenario, government initiatives, and technologies related to the market.
In addition, helps the venture capitalist in understanding the companies better and take informed decisions.
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Table of Contents
1 Industry Outlook 11
1.1 Industry Overview 11
1.2 Industry Trends 11
1.3 Pest Analysis 12
2 Report Outline 14
2.1 Report Scope 14
2.2 Report Summary 15
2.3 Research Methodology 16
2.4 Report Assumptions 16
3 Market Snapshot 17
3.1 Total Addressable Market (TAM) 17
3.2 Segmented Addressable Market (SAM) 17
3.3 Related Markets 18
4 Market Outlook 18
4.1 Overview 18
4.2 Market Trends 18
4.3 Market Definitions 19
4.4 Market Segmentations 20
4.5 Porter 5 (Five) Forces 21
5 Market Characteristics 22
5.1 Evolution 22
5.2 Market Dynamics 23
5.2.1 Drivers 23
18.104.22.168 Demand for the data driven solutions 23
22.214.171.124 Increasing the usage in market risk and fraud detection 24
126.96.36.199 Increasing usage of technologies in the BFSI Industry 24
188.8.131.52 Increasing Digitalization of Banking services 24
184.108.40.206 Dealing with complex �.nancial compliance laws 24
220.127.116.11 Demand technology driven customer services 24
5.2.2 Restraints 25
18.104.22.168 Government regulations 25
22.214.171.124 Excessive cost of ownership 25
5.2.3 Opportunities 25
126.96.36.199 Understanding Human emotions 25
188.8.131.52 Developing smarter robots 26
5.2.4 DRO – Impact Analysis 27
5.2.5 Future of AI 28
6 Deployment Type: Market Size & Analysis 28
6.1 Overview 28
6.2 On Premises 29
6.3 Cloud 30
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7 Technologies: Market Size & Analysis 32
7.1 Overview 32
7.2 Machine Learning 33
7.3 Deep Learning 33
7.4 Natural Language Processing 34
7.5 Image processing and Video recognition 34
8 Verticals: Market Size & Analysis 36
8.1 Overview 36
8.2 Banking 37
8.2.1 Customer support 37
8.2.2 Fraud Detection 37
8.3 Financial Services 38
8.3.1 Wealth Management and Personal Financial advisory 38
8.3.2 Advisors in Stock Trading 39
8.3.3 Credit risk management 39
8.4 Insurance 39
8.4.1 Underwriting 39
8.4.2 Claims processing 39
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