North America Artificial Intelligence in BFSI Market Size, Share & Trends Analysis Report By Offering (Software, Hardware, and Services), By Technology, By Solution, By Country and Growth Forecast, 2024 - 2031
The North America Artificial Intelligence in BFSI Market would witness market growth of 31.4% CAGR during the forecast period (2024-2031).
The US market dominated the North America Artificial Intelligence in BFSI Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $62,433.6 million by 2031. The Canada market is experiencing a CAGR of 34.3% during (2024 - 2031). Additionally, The Mexico market would exhibit a CAGR of 33.2% during (2024 - 2031).
Adopting artificial intelligence (AI) in the banking, financial services, and insurance (BFSI) sector represents a transformative shift in how financial institutions operate, interact with customers, and manage risk. As technological advancements reshape the financial landscape, BFSI organizations increasingly turn to AI to drive innovation, enhance operational efficiency, and deliver personalized services.
Additionally, BFSI institutions face intensifying competition, regulatory pressures, and evolving customer expectations, necessitating the adoption of AI to stay ahead in the market. AI enables organizations to streamline processes, improving decision-making and customer engagement. The availability of scalable computing resources, cloud platforms, and open-source AI frameworks further accelerates AI adoption in BFSI.
Canada boasts a robust ecosystem of technology companies, research institutions, and startups, driving innovation and technological advancements in the BFSI sector. With a strong emphasis on AI research and development, Canadian organizations leverage cutting-edge AI algorithms and solutions to enhance operational efficiency, risk management, and customer experiences in banking, insurance, and financial services. As per the data published in 2023 by the International Trade Administration, US$55 billion, or 3.6%, of Canada's gross domestic product was contributed by the finance sector. Hence, the rising BFSI sector in North America will boost the demand for the market.
Based on Offering, the market is segmented into Software, Hardware, and Services. Based on Technology, the market is segmented into Machine Learning, Natural Language Processing, Computer Vision, and Others. Based on Solution, the market is segmented into Chatbots, Fraud Detection & Prevention, Customer Relationship Management, Data Analytics & Prediction, Anti-Money Laundering, and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
List of Key Companies Profiled
- Microsoft Corporation
- IBM Corporation
- Palantir Technologies Inc.
- Salesforce, Inc.
- SAP SE
- Baidu, Inc.
- Google LLC (Alphabet Inc.)
- Amazon Web Services, Inc. (Amazon.com, Inc.)
- Oracle Corporation
- Intel Corporation
By Offering
- Software
- Hardware
- Services
- Machine Learning
- Natural Language Processing
- Computer Vision
- Others
- Chatbots
- Fraud Detection & Prevention
- Customer Relationship Management
- Data Analytics & Prediction
- Anti-Money Laundering
- Others
- US
- Canada
- Mexico
- Rest of North America
- Chapter 1. Market Scope & Methodology
- 1.1 Market Definition
- 1.2 Objectives
- 1.3 Market Scope
- 1.4 Segmentation
- 1.4.1 North America Artificial Intelligence in BFSI Market, by Offering
- 1.4.2 North America Artificial Intelligence in BFSI Market, by Technology
- 1.4.3 North America Artificial Intelligence in BFSI Market, by Solution
- 1.4.4 North America Artificial Intelligence in BFSI Market, by Country
- 1.5 Methodology for the research
- Chapter 2. Market at a Glance
- 2.1 Key Highlights
- Chapter 3. Market Overview
- 3.1 Introduction
- 3.1.1 Overview
- 3.1.1.1 Market Composition and Scenario
- 3.2 Key Factors Impacting the Market
- 3.2.1 Market Drivers
- 3.2.2 Market Restraints
- 3.2.3 Market Opportunities
- 3.2.4 Market Challenges
- Chapter 4. Competition Analysis - Global
- 4.1 KBV Cardinal Matrix
- 4.2 Recent Industry Wide Strategic Developments
- 4.2.1 Partnerships, Collaborations and Agreements
- 4.2.2 Product Launches and Product Expansions
- 4.2.3 Acquisition and Mergers
- 4.3 Market Share Analysis, 2023
- 4.4 Top Winning Strategies
- 4.4.1 Key Leading Strategies: Percentage Distribution (2020-2024)
- 4.4.2 Key Strategic Move: (Partnership, Collaborations and Agreements: 2021, Jun – 2024, Apr) Leading Players
- 4.5 Porter’s Five Forces Analysis
- Chapter 5. North America Artificial Intelligence in BFSI Market by Offering
- 5.1 North America Software Market by Country
- 5.2 North America Hardware Market by Country
- 5.3 North America Services Market by Country
- Chapter 6. North America Artificial Intelligence in BFSI Market by Technology
- 6.1 North America Machine Learning Market by Country
- 6.2 North America Natural Language Processing Market by Country
- 6.3 North America Computer Vision Market by Country
- 6.4 North America Others Market by Country
- Chapter 7. North America Artificial Intelligence in BFSI Market by Solution
- 7.1 North America Chatbots Market by Country
- 7.2 North America Fraud Detection & Prevention Market by Country
- 7.3 North America Customer Relationship Management Market by Country
- 7.4 North America Data Analytics & Prediction Market by Country
- 7.5 North America Anti-Money Laundering Market by Country
- 7.6 North America Others Market by Country
- Chapter 8. North America Artificial Intelligence in BFSI Market by Country
- 8.1 US Artificial Intelligence in BFSI Market
- 8.1.1 US Artificial Intelligence in BFSI Market by Offering
- 8.1.2 US Artificial Intelligence in BFSI Market by Technology
- 8.1.3 US Artificial Intelligence in BFSI Market by Solution
- 8.2 Canada Artificial Intelligence in BFSI Market
- 8.2.1 Canada Artificial Intelligence in BFSI Market by Offering
- 8.2.2 Canada Artificial Intelligence in BFSI Market by Technology
- 8.2.3 Canada Artificial Intelligence in BFSI Market by Solution
- 8.3 Mexico Artificial Intelligence in BFSI Market
- 8.3.1 Mexico Artificial Intelligence in BFSI Market by Offering
- 8.3.2 Mexico Artificial Intelligence in BFSI Market by Technology
- 8.3.3 Mexico Artificial Intelligence in BFSI Market by Solution
- 8.4 Rest of North America Artificial Intelligence in BFSI Market
- 8.4.1 Rest of North America Artificial Intelligence in BFSI Market by Offering
- 8.4.2 Rest of North America Artificial Intelligence in BFSI Market by Technology
- 8.4.3 Rest of North America Artificial Intelligence in BFSI Market by Solution
- Chapter 9. Company Profiles
- 9.1 Microsoft Corporation
- 9.1.1 Company Overview
- 9.1.2 Financial Analysis
- 9.1.3 Segmental and Regional Analysis
- 9.1.4 Research & Development Expenses
- 9.1.5 Recent strategies and developments:
- 9.1.5.1 Partnerships, Collaborations, and Agreements:
- 9.1.6 SWOT Analysis
- 9.2 IBM Corporation
- 9.2.1 Company Overview
- 9.2.2 Financial Analysis
- 9.2.3 Regional & Segmental Analysis
- 9.2.4 Research & Development Expenses
- 9.2.5 Recent strategies and developments:
- 9.2.5.1 Partnerships, Collaborations, and Agreements:
- 9.2.5.2 Product Launches and Product Expansions:
- 9.2.5.3 Acquisition and Mergers:
- 9.2.6 SWOT Analysis
- 9.3 Palantir Technologies Inc.
- 9.3.1 Company Overview
- 9.3.2 Financial Analysis
- 9.3.3 Segmental and Regional Analysis
- 9.3.4 Research & Development Expenses
- 9.3.5 Recent strategies and developments:
- 9.3.5.1 Partnerships, Collaborations, and Agreements:
- 9.3.6 SWOT Analysis
- 9.4 Salesforce, Inc.
- 9.4.1 Company Overview
- 9.4.2 Financial Analysis
- 9.4.3 Regional Analysis
- 9.4.4 Research & Development Expenses
- 9.4.5 Recent strategies and developments:
- 9.4.5.1 Partnerships, Collaborations, and Agreements:
- 9.4.5.2 Product Launches and Product Expansions:
- 9.4.6 SWOT Analysis
- 9.5 SAP SE
- 9.5.1 Company Overview
- 9.5.2 Financial Analysis
- 9.5.3 Regional Analysis
- 9.5.4 Research & Development Expense
- 9.5.5 Recent strategies and developments:
- 9.5.5.1 Partnerships, Collaborations, and Agreements:
- 9.5.6 SWOT Analysis
- 9.6 Baidu, Inc.
- 9.6.1 Company Overview
- 9.6.2 Financial Analysis
- 9.6.3 Segmental Analysis
- 9.6.4 Research & Development Expenses
- 9.6.5 SWOT Analysis
- 9.7 Google LLC (Alphabet Inc.)
- 9.7.1 Company Overview
- 9.7.2 Financial Analysis
- 9.7.3 Segmental and Regional Analysis
- 9.7.4 Research & Development Expense
- 9.7.5 Recent strategies and developments:
- 9.7.5.1 Partnerships, Collaborations, and Agreements:
- 9.7.5.2 Product Launches and Product Expansions:
- 9.7.6 SWOT Analysis
- 9.8 Amazon Web Services, Inc. (Amazon.com, Inc.)
- 9.8.1 Company Overview
- 9.8.2 Financial Analysis
- 9.8.3 Segmental Analysis
- 9.8.4 Recent strategies and developments:
- 9.8.4.1 Partnerships, Collaborations, and Agreements:
- 9.8.5 SWOT Analysis
- 9.9 Oracle Corporation
- 9.9.1 Company Overview
- 9.9.2 Financial Analysis
- 9.9.3 Segmental and Regional Analysis
- 9.9.4 Research & Development Expense
- 9.9.5 Recent strategies and developments:
- 9.9.5.1 Partnerships, Collaborations, and Agreements:
- 9.9.5.2 Product Launches and Product Expansions:
- 9.9.6 SWOT Analysis
- 9.10. Intel Corporation
- 9.10.1 Company Overview
- 9.10.2 Financial Analysis
- 9.10.3 Segmental and Regional Analysis
- 9.10.4 Research & Development Expenses
- 9.11 SWOT Analysis
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