The Latin America, Middle East, and Africa Artificial Intelligence in BFSI Market would witness market growth of 34.7% CAGR during the forecast period (2024-2031).
The Brazil market dominated the LAMEA 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 $6,447.6 million by 2031. The Argentina market is showcasing a CAGR of 35.5% during (2024 - 2031). Additionally, The UAE market would register a CAGR of 34.3% during (2024 - 2031).
AI-driven predictive analytics models help BFSI institutions assess credit risk, detect fraudulent activities, and monitor compliance with regulatory requirements. AI algorithms are increasingly utilized in algorithmic trading, and investment decision-making. These algorithms analyze market trends, news sentiment, and macroeconomic indicators to generate trading signals and optimize investment strategies, enhancing portfolio performance and mitigating market risks.
The landscape of AI in BFSI is continually evolving, driven by emerging trends, technological innovations, and evolving customer demands. As AI systems become more sophisticated, there is a growing emphasis on explainability and transparency in AI decision-making processes. Explainable AI (XAI) techniques enable BFSI institutions to understand, interpret, and communicate the rationale behind AI-driven decisions, enhancing trust and accountability.
The rising banking sector in the UAE is driving increased adoption of AI technologies within the BFSI industry, enabling banks to enhance operational efficiency, improve risk management practices, and deliver more personalized services to their customers. According to data from the Government of UAE, at the end of the fourth quarter of 2021, the total assets of banks operating in the UAE increased by 2.3% (q-o-q), reaching AED 3,321.5 billion. During the period between December 2020 and December 2021, the total assets of banks operating in the UAE increased by 4.2% (y-o-y). Gross credit increased by 1.0% (q-o-q), reaching 1,794.0 billion at the end of December 2021. On an annual basis, gross credit increased by 0.8%. Therefore, the growing banking sector in LAMEA will assist in the growth of the regional 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 Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
The Brazil market dominated the LAMEA 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 $6,447.6 million by 2031. The Argentina market is showcasing a CAGR of 35.5% during (2024 - 2031). Additionally, The UAE market would register a CAGR of 34.3% during (2024 - 2031).
AI-driven predictive analytics models help BFSI institutions assess credit risk, detect fraudulent activities, and monitor compliance with regulatory requirements. AI algorithms are increasingly utilized in algorithmic trading, and investment decision-making. These algorithms analyze market trends, news sentiment, and macroeconomic indicators to generate trading signals and optimize investment strategies, enhancing portfolio performance and mitigating market risks.
The landscape of AI in BFSI is continually evolving, driven by emerging trends, technological innovations, and evolving customer demands. As AI systems become more sophisticated, there is a growing emphasis on explainability and transparency in AI decision-making processes. Explainable AI (XAI) techniques enable BFSI institutions to understand, interpret, and communicate the rationale behind AI-driven decisions, enhancing trust and accountability.
The rising banking sector in the UAE is driving increased adoption of AI technologies within the BFSI industry, enabling banks to enhance operational efficiency, improve risk management practices, and deliver more personalized services to their customers. According to data from the Government of UAE, at the end of the fourth quarter of 2021, the total assets of banks operating in the UAE increased by 2.3% (q-o-q), reaching AED 3,321.5 billion. During the period between December 2020 and December 2021, the total assets of banks operating in the UAE increased by 4.2% (y-o-y). Gross credit increased by 1.0% (q-o-q), reaching 1,794.0 billion at the end of December 2021. On an annual basis, gross credit increased by 0.8%. Therefore, the growing banking sector in LAMEA will assist in the growth of the regional 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 Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
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
Market Report Segmentation
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
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market at a Glance
Chapter 3. Market Overview
Chapter 4. Competition Analysis - Global
Chapter 5. LAMEA Artificial Intelligence in BFSI Market by Offering
Chapter 6. LAMEA Artificial Intelligence in BFSI Market by Technology
Chapter 7. LAMEA Artificial Intelligence in BFSI Market by Solution
Chapter 8. LAMEA Artificial Intelligence in BFSI Market by Country
Chapter 9. Company Profiles
Companies Mentioned
- 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
Methodology
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