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Artificial Intelligence (AI) in BFSI Market to register a phenomenal CAGR of over 30% over 2018-2024, insurance and banking sectors to drive global industry progression

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The excellent growth dynamics of the global artificial intelligence (AI) in BFSI market can be traced by the recent instance of Metromile, a leader in pay-per-mile car insurance in the U.S., launching its new AI-based smart claims assistant, AVA. The automated system reportedly utilizes machine learning capabilities to reconstruct the accident scene and promptly ascertains if claim details are true. Apparently, the claim is approved within seconds after the details are verified and the AI-based tool further notifies the car owner of the expedited claim. With the increasing adoption of high-grade technologies such as IoT and Big Data, the commercialization potential of AI in BFSI industry has observed a marked uptick in the past few years.

U.S. Artificial Intelligence in BFSI Market Share, By Solution, 2017 (USD Million)
U.S. Artificial Intelligence in BFSI Market Share, By Solution, 2017 (USD Million)

Elaborating further, the unveiling of AVA signifies the transformative phase being witnessed across the worldwide insurance sector where prominent AI in BFSI industry players have been increasingly deploying advanced algorithms to enhance the underwriting process. This has, in turn, impelled the insurance segment of the AI in BFSI market which is forecast to register an outstanding y-o-y growth rate of over 38% during 2018-2024.

A brief insight of how banking sector has been shaping AI in BFSI industry trends

Over the past few years, numerous globally renowned banking institutions have been pouring in massive funds to develop cutting-edge AI applications that have invariably assisted them in optimizing performance, consolidating remuneration streams, and better serving their customers. In this regard, banks are increasingly forming partnerships with fintech corporations to integrate the latest technologies into banking products and services which has resulted in the development of advanced customer behavior analytics inventions, chatbots, and customer relationship management (CRM) solutions. Enumerated below is a succinct outline of how banks have been readily embracing AI-based solutions that has subsequently transformed the strategic and competitive landscape of AI in BFSI market:

  • Embarking on its AI and automation journey in September 2017, State Bank of India unveiled its first AI-powered chat & voice assistant, named as SBI’s Intelligent Assistant or SIA. The chatbot reportedly aids customers with everyday banking tasks just like a bank representative and has a remarkable capacity to handle close to 10,000 enquiries per second or 864 million in a day. Arguably, the deployment of an AI-based solution of this scale is cited to be first of its kind in the banking segment of the global AI in BFSI market. With an astonishing customer strength of around 420 million, State Bank of India’s latest move towards integrating AI is being viewed as a major leap of faith for India’s banking sector.
  • Regarded as one of the world’s largest banks, the U.S. based JPMorgan Chase has recently launched a digital platform that analyzes legal documents and extracts the relevant data. The AI-based invention, named as Contract Intelligence (COiN) platform, is an outcome of the initial implementation through machine learning technology and has an exceptional ability to revise approximately 12,000 annual sales agreements within minutes. The platform is being aptly termed as revolutionary across AI in BFSI industry given the fact that it effectively eliminates the need to manually review the said number of sales agreements which generally takes around 360,000 hours.

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Owing to the launch of intuitive, easy-to-use, and highly-efficient AI-based tools, the banking segment of the AI in BFSI market has been proliferating at an exceptional pace in the recent times. In fact, as per a research report compiled by Global Market Insights, Inc., the banking segment apportioned more than 50% of the total remuneration portfolio of AI in BFSI industry in the year 2017. With the unveiling of advanced AI technologies that provide real-time insights into every aspect of banking operations and leverage the abundance of data to gain a granular understanding of consumer behavior, the banking segment is slated to lead the end use spectrum of this business space over the ensuing years.

Infusing AI-based applications across a diverse set of operations has brought about a momentous shift in the ability of organizations, working in the BFSI domain, to swiftly analyze, comprehend, and respond to vast amounts of data which has consequentially augmented the revenue share of companies operating across AI in BFSI market. With the advent of advanced machine learning algorithms, data analytics solutions, natural language processing techniques, the AI in BFSI industry space is anticipated to register an overwhelming CAGR of 30% over the estimated timeframe.

Author NameSaif Ali Bepari

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Global GPU as a service market to register a double-digit CAGR over 2019-2025

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Robust advancements in technology have led to a rise in the deployment of IT-based solutions, impelling GPU as a service market size. Nowadays, GPUs (graphics processing units) are being predominantly integrated with the CPU (central processing unit) in self-driving cars, artificial intelligence, and high processing power computing, subject to consumer demands for the installation of graphics in their systems.

APAC GPU as a Service Market Share, By Region, 2018
APAC GPU as a Service Market Share, By Region, 2018

In the coming years, it is expected that the surging automation in vehicles for ADAS, internal infotainment, and other significant applications are likely to contribute toward enhancing GPU as a service industry outlook. It is prudent to mention that several product developers also prefer software-based systems such as CAD and CAM for improving the overall output efficiency and accuracy, which would considerably propel GPU as a service market over the years ahead.

Considering the benefits of GPUs, numerous educational institutes have been extending invitations to industry biggies for supercomputer installation. For instance, the Central China Normal University has called upon Inspur to build a petaflop supercomputer, which will help the educational organization host deep learning workloads and traditional HPC applications.

The deployment of artificial intelligence in particular, is slated to have a significant impact on GPU as a service industry trends, on account of which numerous companies have been striving to improve their AI-based programs and products for learning institutions. The robustly increasing adoption of AI-based technologies across scientific and industrial disciplines is thus anticipated to play a key role in the growth of GPU as a service market.

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In recent times, the role of graphics in the automotive domain has increased to quite an appreciable extent, given the massive deployment of electronic content in vehicles. In-car electronics have moved beyond fancy HMI and entertainment displays to passenger protection and safety monitoring systems. Automotive OEMs that implement consumer-centric infotainment and innovative safety features are now attracting more consumers, stimulating the demand for GPUs. Thus, the surging deployment of 3D graphics and safety applications in automobiles would heavily drive GPU as a service market share in the forthcoming years.

Numerous automakers, as on today, have been deploying advanced automotive safety features such as advanced driving assistance systems in vehicles to comply with regulatory norms for occupant and automobile safety. Consumers have also been observed to give more preference for safety features while purchasing the vehicles. It goes without saying that on account of the aforementioned fact, the demand for GPU based built-in computational units that effectively work on safety monitoring would increase by several notches, thereby augmenting the revenue graph of GPU as a service market.

In addition, some automakers are looking forward to speed-up real-time response by reducing the time required for parallel algorithm execution in ADAS with the help of parallel processing power of graphical process units (GPU), further boosting this business vertical. In essence, the shifting trends toward the development of autonomous cars is likely to boost GPU as a service industry share in the future.

The latest trend proliferating GPU as a service industry is the growing utilization of 3D graphics in the expanding iOS and Android mobile applications. Undeniably, 3D gameplay, UI, and visual captive content are mandatorily being implemented in every mobile operating system. Each one of these implementations demands the deployment of a graphics card for improved functionality, that would commendably impact GPU as a service market share.

Effectively, the escalating usage of 3D graphics in mobile devices and the development of fancy UIs incorporating 3D graphics will stimulate GPU as a service market size, forecast to cross a revenue of USD 7 billion by 2025.

Author Name : Sunil Hebbalkar