Cognitive Systems & Artificial Intelligence in BFSI Market – Global Drivers, Opportunities, Trends, and Forecasts to 2022

  • Product Code:
    RP-ID-10077958
  • Published Date:
    Mar 2019
  • Region:
    Global
  • Pages:
    83
  • Category:
    Service Industry
  • Publisher:
    Infoholic Research
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.

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.
Table of Contents
1 Industry Outlook 11
1.1 Industry Overview 11
1.2 Industry Trends 11
1.3 Pest Analysis 12
2 Report Outline 14
2.1 Report Scope 14
2.2 Report Summary 15
2.3 Research Methodology 16
2.4 Report Assumptions 16
3 Market Snapshot 17
3.1 Total Addressable Market (TAM) 17
3.2 Segmented Addressable Market (SAM) 17
3.3 Related Markets 18
4 Market Outlook 18
4.1 Overview 18
4.2 Market Trends 18
4.3 Market Definitions 19
4.4 Market Segmentations 20
4.5 Porter 5 (Five) Forces 21
5 Market Characteristics 22
5.1 Evolution 22
5.2 Market Dynamics 23
5.2.1 Drivers 23
5.2.1.1 Demand for the data driven solutions 23
5.2.1.2 Increasing the usage in market risk and fraud detection 24
5.2.1.3 Increasing usage of technologies in the BFSI Industry 24
5.2.1.4 Increasing Digitalization of Banking services 24
5.2.1.5 Dealing with complex financial compliance laws 24
5.2.1.6 Demand technology driven customer services 24
5.2.2 Restraints 25
5.2.2.1 Government regulations 25
5.2.2.2 Excessive cost of ownership 25
5.2.3 Opportunities 25
5.2.3.1 Understanding Human emotions 25
5.2.3.2 Developing smarter robots 26
5.2.4 DRO – Impact Analysis 27
5.2.5 Future of AI 28
6 Deployment Type: Market Size & Analysis 28
6.1 Overview 28
6.2 On Premises 29
6.3 Cloud 30
7 Technologies: Market Size & Analysis 32
7.1 Overview 32
7.2 Machine Learning 33
7.3 Deep Learning 33
7.4 Natural Language Processing 34
7.5 Image processing and Video recognition 34
8 Verticals: Market Size & Analysis 36
8.1 Overview 36
8.2 Banking 37
8.2.1 Customer support 37
8.2.2 Fraud Detection 37
8.3 Financial Services 38
8.3.1 Wealth Management and Personal Financial advisory 38
8.3.2 Advisors in Stock Trading 39
8.3.3 Credit risk management 39
8.4 Insurance 39
8.4.1 Underwriting 39
8.4.2 Claims processing 39
9 Regions: Market Size & Analysis 40
9.1 Overview 40
9.2 Americas 41
9.2.1 US 42
9.2.2 Canada 43
9.2.3 Brazil 43
9.2.4 Mexico 44
9.3 Europe 44
9.3.1 UK 45
9.3.2 France 46
9.3.3 Germany 46
9.3.4 Italy 47
9.4 Asia Pacific 47
9.4.1 China 48
9.4.2 Japan 49
9.4.3 Singapore 49
9.4.4 India 49
9.4.5 South Korea 50
9.5 Middle East & Africa 50
10 Vendor Profiles 52
10.1 IBM Corp. 52
10.1.1 Overview 52
10.1.2 Business unit 53
10.1.3 Geographic revenue 54
10.1.4 Recent Developments 55
10.1.5 Business focus 55
10.1.6 SWOT analysis 56
10.1.7 Business strategies 57
10.2 MicroStrategy Incorporated 58
10.2.1 Overview 58
10.2.2 Business units 58
10.2.3 Geographic revenue 60
10.2.4 Business focus 60
10.2.5 SWOT Analysis 61
10.2.6 Business Strategy 61
10.3 Rocket Fuel 62
10.3.1 Overview 62
10.3.2 Business Units 63
10.3.3 Geographic revenue 63
10.3.4 Business Focus 63
10.3.5 SWOT Analysis 64
10.3.6 Business Strategy 64
10.4 Infosys Limited 65
10.4.1 Overview 65
10.4.2 Business Units 66
10.4.3 Geographic Revenue 66
10.4.4 Business focus 67
10.4.5 SWOT Analysis 67
10.4.6 Business strategy 68
10.5 Synechron 68
10.5.1 Overview 68
10.5.2 Business Units 69
10.5.3 Geographic Revenue 69
10.5.4 Business Focus 69
10.5.5 SWOT Analysis 69
10.5.6 Business Strategy 70
10.6 Next IT Corp 70
10.6.1 Overview 70
10.6.2 Business Units 71
10.6.3 Geographic Revenue 71
10.6.4 Business Focus 71
10.6.5 SWOT Analysis 71
10.6.6 Business Strategy 72
11 Companies to Watch for 73
11.1 IPsoft Inc. 73
11.1.1 Overview 73
11.1.2 IPsoft Market 73
11.1.3 Artificial Intelligence Offerings 73
11.2 Brighterion, Inc. 74
11.2.1 Overview 74
11.2.2 Brighterion, Inc 74
11.2.3 Artificial Intelligence Offerings 75
11.3 Inbenta Technologies Inc. 75
11.3.1 Overview 75
11.3.2 Inbenta Technologies Market 76
11.3.3 Artificial Intelligence Offerings 76
11.4 Narrative Science 76
11.4.1 Overview 76
11.4.2 Narrative Science 77
11.4.3 Artificial Intelligence Offerings 77
11.5 Quandl Inc. 77
11.5.1 Overview 77
11.5.2 Quandl Market 78
11.5.3 Artificial Intelligence Offerings 78
11.6 AlphaSense, Inc. 79
11.6.1 Overview 79
11.6.2 AlphaSense Market 79
11.6.3 Artificial Intelligence Offerings 80
12 Competitive Landscape 80
12.1 Competitor Comparison Analysis 80
12.2 Market Landscape 81
12.2.1 Mergers & Acquisitions (M&A) 81
13 Expert’s Views 82
Annexure 83
 Acronyms 83


Tables

TABLE 1 CS AND AI IN BFSI MARKET REVENUE BY DEPLOYMENT TYPE, 2016-2022 ($BILLION) 29
TABLE 2 CS AND AI IN BFSI MARKET GROWTH BY DEPLOYMENT TYPE, 2016-2022, Y-O-Y (%) 29
TABLE 3 CS AND AI IN BFSI MARKET REVENUE BY TECHNOLOGIES, 2016-2022 ($BILLION) 32
TABLE 4 CS AND AI IN BFSI MARKET REVENUE BY TECHNOLOGIES, 2016-2022 ($BILLION) 32
TABLE 5 CS AND AI IN BFSI MARKET REVENUE BY VERTICALS, 2016-2022 ($BILLION) 36
TABLE 6 CS & AI IN BFSI MARKET GROWTH BY VERTICALS, 2016-2022 ($BILLION) 36
TABLE 7 CS & AI IN MARKET REVENUE BY REGIONS, 2016–2022 ($BILLION) 40
TABLE 8 CS & AI IN MARKET GROWTH BY REGIONS, 2016–2022, Y-O-Y (%) 40
TABLE 9 AMERICAS MARKET REVENUE BY COUNTRIES, 2016-2022, ($BILLION) 41
TABLE 10 AMERICAS MARKET REVENUE BY DEPLOYMENT TYPE, 2016-2022, ($BILLION) 41
TABLE 11 EUROPE MARKET REVENUE BY COUNTRIES, 2016-2022, ($BILLION) 44
TABLE 12 ASIA PACIFIC MARKET REVENUE BY COUNTRIES, 2016-2022, ($BILLION) 47
TABLE 13 MEA MARKET REVENUE BY COUNTRIES, 2016-2022, ($BILLION) 51
TABLE 14 MEA MARKET REVENUE BY DEPLOYMENT TYPE, 2016-2022, ($BILLION) 51
TABLE 15 IBM: RECENT DEVELOPMENTS 55
TABLE 16 MERGER & ACQUISITION, 2014–2015 81


Charts

CHART 1 PEST ANALYSIS OF COGNITIVE SYSTEMS & ARTIFICIAL INTELLIGENCE IN BFSI 12
CHART 2 RESEARCH METHODOLOGY OF CS & AI IN BFSI MARKET 16
CHART 3 COGNITIVE SYSTEMS & ARTIFICIAL INTELLIGENCE MARKET BY 2022 17
CHART 4 COGNITIVE SYSTEMS & ARTIFICIAL INTELLIGENCE MARKET IN BFSI MARKET REVENUE, 2016-2022 ($BILLION) 17
CHART 5 PORTERS 5 FORCES COGNITIVE SYSTEMS & ARTIFICIAL INTELLIGENCE IN BFSI 21
CHART 6 EVOLUTION OF COGNITIVE SYSTEMS & ARTIFICIAL INTELLIGENCE IN BFSI 22
CHART 7 DRO - IMPACT ANALYSIS OF COGNITIVE SYSTEMS AND AI IN BFSI 27
CHART 8 ON PERMISES MARKET REVENUE, 2016-2022 ($ BILLION) 29
CHART 9 CLOUD MARKET REVENUE, 2016-2022 ($BILLION) 30
CHART 10 AI TECHNOLOGY_ BLOCK DIAGRAM 33
CHART 11 FINANCAIL SERVICES APPLICAITONS 38
CHART 12 EUROPE MARKET REVENUE BY DEPLOYMENT TYPE, 2016-2022, ($BILLION) 45
CHART 13 ASIA PACIFIC MARKET REVENUE BY DEPLOYMENT TYPE, 2016-2022, ($BILLION) 48
CHART 14 IBM CORP: OVERVIEW SNAPSHOT 52
CHART 15 IBM: BUSINESS UNITS 53
CHART 16 IBM: GEOGRAPHIC REVENUE 54
CHART 17 IBM: SWOT ANALYSIS 56
CHART 18 MICROSTRATEGY: OVERVIEW SNAPSHOT 58
CHART 19 MICROSTRATEGY: BUISNESS UNITS 58
CHART 20 MICROSTRATEGY : GEOGRAPHIC REVENUE 60
CHART 21 MICROSTRAGEGY: SWOT ANALYSIS 61
CHART 22 ROKCET FUEL: OVERVIEW SNAPSHOT 62
CHART 23 ROCKETFUEL: GEOGRAPHIC REVENUE 63
CHART 24 ROCKETFUEL: SWOT ANALYSIS 64
CHART 25 INFOSYS: OVERVIEW SNAPSHOT 65
CHART 26 INFOSYS: BUSINESS UNITS 66
CHART 27 INFOSYS : GEOGRAPHIC REVENUE 66
CHART 28 SWOT ANALYSIS 67
CHART 29 SYNECHRON: OVERVIEW SNAPSHOT 69
CHART 30 SYNECHRON: SWOT ANALYSIS 70
CHART 31 IPSOFT MARKET 73
CHART 32 BRIGHTERION: MARKET 74
CHART 33 IBNETA TECHNOLOGIES MARKET 75
CHART 34 NARRATIVE SCIENCE 77
CHART 35 QUANDL MAREKT 78
CHART 36 ALPHASENSE MARKET 79
CHART 37 TECHNOLOGY ANALYSIS BY REGIONS 80

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IBM Corp., MicroStrategy Incorporated, Rocket Fuel, Infosys Limited, Synechron, Next IT Corp, IPsoft Inc., Brighterion, Inc., Inbenta Technologies Inc., Narrative Science, Quandl Inc., AlphaSense, Inc.
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