AI in BFSI Security Market: Trend & Overview
Artificial Intelligence (AI) is a part of
computer science that focuses on the creation of intelligent machines that work
and perform tasks like humans. As a result, it has become a key part of the
technology in the BFSI industry. In financial organizations and other major
finance industries, AI has become a core business adaptation and is expected to
change the overall service offering scenario. The BFSI market has become an
AI-based solution to many traditional banking problems.
Financial institutions use the AI to
collect, report and analyze large chunks of data in order to gather meaningful
insights about customers to meet their requirements. The ability of technology
to perform tasks such as natural language processing and image recognition,
speech & text, and advanced machine learning algorithms is a factor that
will increase the demand for technology.
AI is being used to proactively monitor
and prevent various instances of fraud, money laundering, malpractice, and the
detection of potential risks. For instance, firms draw on individual spending
data and behavior to evaluate patterns, enabling them to identify uneven
transactions. MasterCard has also achieved to include AI technology as part of
its financial service network as a means of identifying identities. Similar
methods have been used to identify trade malpractice.
The National Stock Exchange of India Ltd
(NSE) identified the advantages of using machine learning to increase existing
algorithmic trading activities. The enhanced ability of the technology to
identify market patterns and automate low-complexity tasks has been highlighted
by the NSE as significant to its objective of minimizing trading risk.
Global AI in BFSI Security Market: Information Security
on Information Security, the AI in BFSI security market is segmented into Fraud
Detection & Prevention, Anti-Money Laundering, Monitoring and Preventing
Cyber Threats and Others. The bank needs a risk-assessment system
that would be capable of sifting through new account applications and only
accept customers with a low likelihood of fraud. The system needs to ensure
that only truly risky applications could be subject to a manual review and that
risk factors were clear for easy decision-making in order to reduce the time
spent by human security experts reviewing each case.
Global AI in BFSI Security Market: Physical Security
on Physical Security, the global AI in BFSI Security market segmented into Video
Surveillance, Access Control, and Intrusion & Fire Detection. Based on Technology,
the global AI in BFSI Security market segmented into Deep Learning, Querying
Method, Natural Language Processing, and Context Aware Processing. Based on End-User,
the global AI in BFSI Security market segmented into Banking, Insurance
Companies and Other Financial Institutions.
Global AI in BFSI Security Market: Regional
Based on region, the global AI in BFSI Security market
segmented into North America, Europe, Asia Pacific, Latin America, and Middle
East & Africa. North America is one of the significant contributors to the
AI in the BFSI security market, and the US accounted for the largest market
share in North America in previous years. North America is starting to take
innovative technologies as banks, government agencies, and financial
institutions in the region face ever-increasing challenges related to cyber
threats. Advanced technologies are, therefore, being implemented to manage the
cybersecurity landscape. Also, several cybersecurity vendors are based in the
region, contributing to the growth of the AI market in cybersecurity in North
major players in the global AI in BFSI Security are Cisco Systems Inc.,
Computer Sciences Corporation, EMC Corporation, Honeywell International, Inc.,
IBM Corporation, Booz Allen Hamilton Inc., Mcafee, Inc. (Intel Security Group,
Sophos Group PLC., Symantec Corporation, Trend Micro Incorporated. and other
2020: Cisco announced the intent to acquire privately-held Fluidmesh Networks,
a leader in wireless backhaul systems. Fluidmesh’s leading technology delivers
reliable and resilient wireless solutions for mission critical applications,
whether it’s high-speed rail and mass transit or large-scale distributed sites
such as ports and urban settings where signal strength can be challenging.
Fluidmesh’s solutions are quick to deploy and configure, offering customers a
cost-efficient, low-maintenance solution.
Ø May, 2019: Booz
Allen announced that the company has entered into a letter agreement, under its
joint venture partner agreement with the U.S. Department of Commerce’s National
Technical Information Service (NTIS), to help the U.S. Department of Defense’s
(DoD) Joint Artificial Intelligence Center (JAIC).
Detection & Prevention
and Preventing Cyber Threats
& Fire Detection
Ø North America
Ø Asia Pacific
Ø Latin America
Ø Middle East &
The objective of the Study:
Ø To analyze and forecast the global AI in BFSI
Security Market size of the market in terms of value.
Ø To examine the careful market segmentation and
forecast the market size, in terms of value, based on the region by segmenting.
Ø The Global AI in BFSI Security Market segmented
into five regions, namely, North America, Europe, Asia Pacific, Latin America,
Middle East & Africa and their leading countries.
Ø To outline, categorized, and forecast the global AI
in BFSI Security Market based on information security, physical security,
technology and end-user.
Ø To examine competitive developments like
technological advancement, services, and regulative framework within the global
AI in BFSI Security Market.
Ø To highlight the impact analysis of the factors
affecting the market dynamics such as drivers, restraints, opportunities, and
Ø To strategically profile the key players and
comprehensively analyze their market shares along with detailing the
competitive landscape for market leaders.