Tender for Market Research on Application of Ai and Ml in the...

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The financial services sector in India has undergonesubstantial digital transformation in the past two decades, enhancingconvenience, efficiency, and security. And AI, ML are now catalyzing asignificant shift and playing a transformative role in customer servicing, automating processes for cost reduction, and for efficient regulatory compliance/reportingfor Financial Institutions (FIs) in India. And with the evolution of big data, cloud computing, innovative hardware, and faster special-purpose systems, thegrowth of AI, ML has been faster in the last few years. The market for AI infintech is also expanding, with its value estimated at USD $42.83 billion in2023 and projected to grow to USD $44.08 billion in 2024 (Statista, 2024). Thisgrowth represents a compound annual growth rate (CAGR) of 2.91%, with forecastssuggesting the market will exceed USD $50 billion by 2029 (Statista, 2024).Alongside this sector-specific growth, the International Monetary Fund predictsthat overall financial sector spending on AI will more than double to $97billion by 2027, showcasing a 29% CAGR—the fastest among five major industries. At the same time, the rapid adoption of AI also introducessignificant risks that financial institutions must carefully manage. Theserisks include ethical concerns such as AI bias, challenges in data privacy, andthe potential for regulatory non-compliance. Without robust strategies tomitigate these risks, financial institutions are vulnerable to operationaldisruptions, legal liabilities, and reputational damage. The urgency to addressAI-related risks is compounded by the fact that only 39% of financialinstitutions have advanced from AI/Machine Learning (ML) pilots to fullproduction, as highlighted by a 2023 Gartner survey.The study under this ToR would produce a current stateassessment of the existing AI, ML applications (use cases); analyze the driversand inhibitors of successful AI, ML adoptions in Indian FIs; highlight potential, emerging areas/use cases for u...