Portland, OR, March 09, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global AI in BFSI market was estimated at $17.76 billion in 2018 and is expected to hit $247.36 billion by 2026, registering a CAGR of 38.0% from 2019 to 2026. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and changing market trends.
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Rise in technological development, increase in preferences for personalized financial services, and remarkable business expansion across the world fuel the growth of the global AI in BFSI market. On the other hand, several security concerns and low adoption of artificial intelligence in businesses curtail down the growth to some extent. Nevertheless, demand for greater customer experience is expected to create an array of opportunities for the frontrunners in the industry.
The software segment to maintain its dominance during the forecast period-
By offering, the software segment contributed to nearly two-thirds of the total market in 2018, and is projected to rule the roost during the from 2019 to 2026. The hardware segment, on the other hand, would showcase the fastest CAGR of 39.6% by the end of 2026. The services segment is also mentioned in the market report.
The chatbots segment to lead the trail by 2026-
By solution, the chatbots segment accounted for nearly one-third of the total market share in 2018, and is expected to maintain the lion’s share during the study period. The same segment would also manifest the fastest CAGR of 39.4% throughout the forecast period. The other segments discussed in the report include fraud detection & prevention, anti-money laundering, customer relationship management, and data analytics & prediction.
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North America generated the highest share in 2018-
By geography, North America held the highest share in 2018, generating nearly half of the global market. At the same time, the Asia-Pacific region would register the fastest CAGR of 42.7% through 2026.The other two regions analyzed in the report include LAMEA and Europe.
Key players in the industry-
Key market players analyzed in the market report include Palantir Technologies Inc., Oracle Corporation, Intel Corporation, International Business Machines Corporation (IBM), Alphabet Inc. (Google), Microsoft Corporation, SAP SE, salesforce.com, Inc., Inbenta Technologies, Inc., and Baidu, Inc. These market players have combined several strategies including partnership, expansion, collaboration, joint ventures, and others to brace up their stand in the industry.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.