Cognitive Systems & Artificial Intelligence in BFSI Market Trends 2016-2022
Globally, the second most customer data centric industry is BFSI, where players have a bundle of new business opportunity from the Cognitive systems and Artificial Intelligence (AI). It is an evolving data driven technology that works on On-Premises and Cloud based software.
This 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.
Globally, the growing demand for digital technology and changing customer demands have led the BFSI players towards cognitive systems and AI implementation in their business. Cognitive systems and AI technologies are among the prominent solutions to deal with ever-changing regulatory and compliance laws to face the market risk and understand both income tax and 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.
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. Furthermore, IoT, cloud technology, edge computing, security related technology (blockchain), etc. are supporting the market growth.
According to Infoholic Research, the “Cognitive Systems & Artificial Intelligence in BFSI Market” will witness a CAGR of XX% during the forecast period 2016–2022.
The increasing use 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 Cognitive Systems & Artificial Intelligence in BFSI market is segmented into regions, verticals, services, software, and hardware. In terms of regions, the Americas is set to outperform for the growth followed by Europe. Some of the leading companies included in this Cognitive Systems & Artificial Intelligence in BFSI market report are IBM, Microsoft, Google, Amazon, Sentient Technologies, Rocket Fuel Inc., and Facebook.
The study covers and analyzes the “Cognitive Systems & Artificial Intelligence in BFSI” market. 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, it helps the venture capitalist in understanding the companies better and take informed decisions.
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