Cognitive Systems & Artificial Intelligence in BFSI Market Research Report 2022
Summary – A new market study, “Cognitive Systems & Artificial Intelligence
in BFSI Market – Global Drivers, Opportunities, Trends, and Forecasts to 2022”has been featured on WiseGuyReports.
Artificial Intelligence and Cognitive Systems in BFSI– Global Drivers,
Opportunities, Trends, and Forecasts to 2022
Overview:
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.
ALSO READ: https://www.openpr.com/news/2103701/cognitive-systems-artificial-intelligence-in-bfsi-market-2020
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), etc. are
supporting the market growth.
Market Analysis:
According to Infoholic 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.
Region Analysis:
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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