Global 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

Based 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

Based 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 Insights

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 America.

Competitive Landscape

The 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 prominent players.

    Recent Development

Ø  March, 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). 

By Information Security

Ø  Fraud Detection & Prevention

Ø  Anti-Money Laundering

Ø  Monitoring and Preventing Cyber Threats

Ø  Others

By Physical Security

Ø  Video Surveillance

Ø  Access Control

Ø  Intrusion & Fire Detection

By Technology

Ø  Deep Learning

Ø  Querying Method

Ø  Natural Language Processing

Ø  Context Aware Processing

By End-User

Ø  Banking

Ø  Insurance Companies

Ø  Other Financial Institutions

By Region:  

Ø  North America

Ø  Europe

Ø  Asia Pacific

Ø  Latin America

Ø  Middle East & Africa

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 challenges.

Ø  To strategically profile the key players and comprehensively analyze their market shares along with detailing the competitive landscape for market leaders.