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Generative AI in BFSI Market Size to Grow at a CAGR of 26.90% with USD Value of USD 10,564.5 Million by 2032

Sep 29, 2023 10:00 PM ET

Generative AI in BFSI Market Size to Grow at a CAGR of 26.90% with USD Value of USD 10,564.5 Million by 2032

Market Analysis:

The global generative AI in BFSI market will touch USD 10,564.5 million at 26.90% CAGR by 2032, as per the latest Market Research Future report.

Generative AI simply put is a type of machine learning which is capable of producing images, video, text, and other forms of content. It has wide applications from data analytics to oil & gas and more.

Key Players:

Eminent industry players profiled in the global generative AI in BFSI market report include

  • Quantifind
  • OpenAI
  • Accenture
  • DataRobot
  • SAS
  • IBM
  • Microsoft
  • Adobe
  • Intel
  • Google

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Scope of the Report :-

  Report Metrics


  Market Size by 2032

  USD 10,564.5 Million

  CAGR during 2023-2032


  Base Year





Generative AI has multiple uses in the energy industry too. It is used for forecasting energy demand patterns as per historical data & different factors such as economic indicators, holidays, and weather. Generative AI can aid to optimize energy consumption in buildings, industrial processes, and smart grids too. It can recommend strategies for increasing efficiency and reducing energy waste. For grid stability, predicting the renewable energy sources’ such as wind and solar output is crucial. Generative models can augment such forecasts’ accuracy, helping in better renewable energy integration. It can also help in optimizing the energy storage systems usage like batteries via predicting how and when to charge as well as discharge these for utmost efficiency. Lastly, it can help in fault detection & maintenance.

Generative AI in Data Analytics Market:

Generative AI in data analytics is the usage of AI models for assisting in various facets of data analysis. Generative models have the capacity of creating synthetic data samples which are similar to the real data. With regards to handling missing data, the generative models are capable of predicting and filling missing valuables via creating plausible data points that are based on the data observed. Understanding language models such as GPT can aid to process and analyze unstructured text data like social media comments or customer reviews for extracting sentiment analysis or insights. In short, generative AI can augment different facets of data analytics via automating tasks, providing deeper insights to datasets, and improving data quality.

Generative AI in Fintech Market:

AI can help in analyzing financial data in vast amounts along with generating trading strategies as per market conditions and historical data. It can help in generating predictive models in assessing credit risk for investments, insurance, and loans, augmenting decision-making. Generative models can aid in identifying unusual transaction patterns and generating alerts for prospective fraudulent activity. Virtual assistants and chatbots powered through generative AI can offer personalized customer support, help with financial planning, and answer queries. NLP models can help in generating summaries of reports, financial news, and regulatory documents thus making it simpler for experts in staying informed. Finally, AI can help in generating credit scores via analyzing an array of data comprising non-traditional sources such as social media activity.

Generative AI in Gaming Market:

Creating game worlds, maps, levels & terrain procedurally, cutting down the requirement for manual design. It helps in generating models, textures, and animations, thus speeding up the game developers’ asset creation. AI can help in automating bug detection and game testing, augmenting game quality. Lastly it helps to adjust difficulty levels on fly for maintaining engagement and matching player skill.

Generative AI in Media and Entertainment Market:

Generative AI possesses a noteworthy effect on media & entertainment sector and is used in various ways. AI can help in generating images, text, and music too. AI for instance can write articles, news, compose background music, or create visual effects. Streaming platforms utilize AI for recommending content as per the viewing habits of the user. This boosts retention and user engagement. AI can help in generating synthetic characters for video games and films or realistic deepfake videos. There are again some AI systems that help to generate story or scripts by analyzing audience preferences and popular trends. Designers and artists use AI for assisting to generate ideas, create art, or design characters & worlds for the video games. Voices that are AI generated can be utilized in different applications from dubbing for international films to virtual assistants. Finally, AI aids to translate content in various languages accurately and quickly, making content available to a worldwide audience.

Generative AI in Oil & Gas Market:

Generative AI has multiple uses in the oil & gas industry as well. AI can aid to generate detailed geological models through analyzing well logs and seismic data, helping to identify prospective reservoirs accurately. AI can help in generating drilling plans via considering equipment capabilities, geological data, and safety constraints resulting in effective drilling operations. Generative models can help in forecasting equipment failures & maintenance needs, optimizing maintenance schedules and reducing downtime. Scenarios that are AI-generated can be utilized for stimulating safety incidents & assessing risks, aiding to develop robust safety protocols. Further, AI can help in analyzing huge amounts of textual data like reports and research papers for extracting valuable insights especially for decision making.

Market Segmentation:

The generative AI in BFSI market is bifurcated based on organization, application, and deployment.

By organization, banking will lead the market over the forecast period. Banks deal with ample amounts of data comprising market trends, customer profiles, transaction records, and much more.

By application, fraud detection will domineer the market over the forecast period. Fraud detection is vital and holds a vital potential to transform the manner in which fraudulent activities get identified and prevented. The generative AI models are generally trained for recognizing patterns in the normal financial transaction and behavior.

By deployment, on-premise will spearhead the market over the forecast period. It refers to deployment of the generative AI solutions in physical infrastructures of financial institutions as opposed to utilizing off-site or cloud-based solutions.

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Preference for Personalized Customer Experiences to Boost Market Growth:

The preference for personalized customer experiences will boost market growth over the forecast period. Customers in BFSI industry increasingly expect tailored and personalized experiences. Generative artificial intelligence allows financial institutions in analyzing customer data, generating insights, and offering personalized services, products, as well as financial planning recommendations. It enhances satisfaction of customers and loyalty & drives customer retention.


Increasing Use in Fraud Detection to offer Robust Opportunities:

The BFSI industry faces risk management challenges and constant fraud. Generative AI provides advanced techniques to detect fraudulent activities, identify pattern, and analyze anomalies in huge volumes of data. This allows financial institutions in enhancing fraud detection capabilities, mitigating risks, and protecting customer assets.

Restraints and Challenges:

Dearth of Skilled Workforce to act as Market Restraints:

The dearth of skilled workforce and security concerns & data privacy may act as market restraints over the forecast period.

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COVID-19 Analysis:

Generative AI models can help in analyzing huge databases for assessing credit risk accurately. At the time of the epidemic this was vital as the economic conditions changed rapidly and banks required in identifying high-risk borrowers. AI-powered generative models are capable of detecting fraudulent activities via analyzing transaction data & identifying unusual patterns. Following the rise in digital transactions at the time of the epidemic it turned even more crucial. Virtual assistants and chatbots powered via generative AI aided BFSI companies in handling the increase in the customer inquiries owing to COVID disruptions. Such AI-driven systems offered round the clock support while cutting operational costs. With the increased perils of cyberattack at the time of the epidemic, the generative AI indeed played an imperative part to develop advanced security systems for protecting sensitive financial data.

Financial institutions required adapting their operations to COVID-19 epidemic necessitating remote work arrangement and also social distancing measure. The generative AI has permitted remote operations through automating processes, improving customer service with AI-powered chatbots, & facilitating data analysis especially from remote locations. In fact the crisis brought about by the COVID-19 brought risk management at the forefront particularly for financial institutions. The ability of generative AI in analyzing anomalies, patterns, and huge quantities of data has turned increasingly vital to assess and mitigate risks. Financial institutions are using generative AI for the fraud detection, stress testing, and advanced risk management for navigating the uncertain market conditions.

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Regional Analysis:

North America to Head Generative AI in BFSI Market:

North America will lead the generative AI in BFSI market over the forecast period with 31.76% share. North America especially the US has an established tech ecosystem which fosters innovation. Besides, the accessibility of AI research institutions, the technology companies, & venture capital supports adoption and development of the generative AI solutions. The financial institutions within the region possess access to huge customer data owing to the market’s size and complexity. The ability of generative AI for processing and analyzing this data boosts its adoption for improved customer experience, fraud detection, and risk assessment.

Europe to Have Admirable Growth in Generative AI in BFSI Market:

Europe will have admirable growth in generative AI in BFSI market over the forecast period. The financial markets in Europe have observed noteworthy Fintech growth. The generative AI supports such Fintech companies via improving customer experience, create personalized service, and augment fraud prevention methods. The interconnected financial markets in Europe need fraud detection and advanced risk assessment. Its real-time analytics & cross-channel analysis capability are valuable to identify suspicious activities all across borders. The Germany market had the utmost market share while that in the UK was the fastest growing.

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