The AI in BFSI market is poised to exhibit exponential growth by 2028 primarily owing to mounting integration of artificial intelligence (AI) in the banking sector across the globe. In addition, prominent technological advancements in the BFSI (banking, financial services, and insurance) sector are set to further support market growth through the forecast timeline.

The COVID-19 pandemic gave rise to various challenges for companies in the BFSI industry to provide services to customers seamlessly. Widespread adoption of AI and other cutting-edge technologies to fulfill consumer demands, along with traditional service models going obsolete, has played a vital role in industry expansion in recent years.

The AI in BFSI market has been bifurcated based on component (service and solution), technology, application, end-use, and region. The solution component segment has been further divided into data analytics & visualization, customer behavior analytics, chatbot, customer relationship management, and fraud detection.

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The customer behavior analytics segment is set to grow substantially at a CAGR of over 38.2% through 2028. Organizations are looking for more advanced ways to understand customer behavior, which is likely to fuel product demand in the coming years. The fraud detection segment held a market share of around 16.26% in 2021 and is projected to witness notable expansion over 2022-2028 owing to increasing incidences of financial frauds among financial institutes.

The service component segment has been segmented into managed service and professional service. In 2021, the professional service segment garnered a staggering share of almost 80.35% in the AI in BFSI market and is anticipated to progress at a considerable pace through 2028 driven by mounting need for deployment and maintenance as retailers are rapidly embracing AI solutions. The managed service segment is primed to register solid growth at over 42.45% CAGR between 2022 and 2028 due to prevalent adoption of intelligent algorithm among managed service providers.

From the application perspective, the AI in BFSI market has been segregated into customer service, back office/operation, risk management, compliance & security, and financial advisory. The back office/operation segment is expected to register optimistic growth at a CAGR of over 35.03% through 2028 on account of emerging trends of digitalization and automation of banking operations.

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With respect to region, the Latin America AI in BFSI industry is estimated to progress at above 37.8% CAGR over the review timeline. Supportive government initiatives to promote the use of AI in banking services are calculated to drive product adoption in LATAM in the future. Meanwhile, the Middle East & Africa AI in BFSI market is speculated to develop at nearly 39.2% CAGR between 2022 and 2028. Surging digitalization in the MEA region is primed to foster market outlook over the forecast period.