Artificial Intelligence in BFSI Market to reach $25 bn by 2024 Artificial Intelligence (AI) in BFSI Market | Page 2

The customer behavior analytics solution market is estimated to grow at a CAGR of
over 35% during the forecast timespan. The growing demand to analyze the
structured and unstructured customer data among the financial institutes to provide a
personalized experience to the customers is a major factor affecting the growth of
the market. This solution can mine a vast volume of data to extract actionable
insights and recommend appealing & personalized offers to the individual customers.
Furthermore, the ability of the solution to transform the marketing activities and
enhance the customer engagement also drives the demand.
The risk management, compliance, and security applications of the AI in BFSI
market are anticipated to grow noticeably at a CAGR of about 40%. The market is
driven by the improved demand for advanced machine learning algorithms in Anti-
Money Laundering (AML) and fraud detection applications. Unlike the traditional
security systems, the AI-powered system can actively learn and calibrate as per the
new potential security threats. This solution can detect unique security issues &
vulnerabilities and flag the security teams.
The insurance market is estimated to grow at a CAGR of over 38% during 2018-
2024. The growth of the market is credited with the adoption of advanced data
models and analytics solution among the insurance companies to identify and
quantify risks in a better manner. Furthermore, increasing collaboration & partnership
activities between the insurers and fintech companies are also the major factors
propelling the AI in BFSI market growth.
U.S. Artificial Intelligence in BFSI Market Share, By Solution, 2017 (USD Million)
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