Machine Learning in Banking Market Size, Analysis, Key Segments, Share, Growth Status, and Forecast 2031

Global Machine Learning in Banking Market is valued approximately USD $$ million in 2021 and is anticipated to grow with a healthy growth rate of more than $$ % over the forecast period 2022-2028.
In Banking sector Machine Learning solutions are utilized for automating different applications such as fraud prevention, anomaly detection, credit scoring, anti-money laundering and kyc process, payment processing, onboarding & document processing, and process automation among others.

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The rising expansion of banking sector worldwide and increasing adoption of AI and ML based services as well as recent strategic partnership from leading market players are factors that are accelerating the global market demand. For instance, according to India Brand Equity Forum (IBEF) - during FY 2020, total deposits in banking were estimated at USD 1936.29 billion, and the deposits are projected to grow to USD 2101.93 billion by end of 2022.

Major market players included in this report are:

Affirm Inc.

Amazon Web Services, Inc.

Big ML, Inc.

Cisco Systems, Inc.

FICO

Google LLC

Mindtree

Microsoft

SAP SE

SPD-Group

Furthermore, leading market players are working towards strategic initiatives to leverage the growing adoption of Machine learning solutions in banking sector. For instance, in February 2022, Dubai, United Arab Emirates based Mashreq Bank announced a new partnership with Israel based ThetaRay, a fintech software and big data analytics solution provider.

Through this collaboration the bank would utilize ThetaRay's AI-driven solution. Moreover, in July 2022, Bentonville, Arkansas, United States based Arvest Bank entered in a five-year partnership with Google Cloud. Under this partnership the bank would leverage Google Cloud's artificial intelligence (AI) and machine learning (ML) tools to enhance customer experience and streamline its banking services. Also, growing digitization in BFSI sector coupled with increasing emergence of neo banks are anticipated to act as a catalyzing factor for the market demand during the forecast period. However, a high deployment cost associated with AI and ML solutions impedes the growth of the market over the forecast period of 2022-2028.

The key regions considered for the global Machine Learning in Banking Market study include Asia Pacific, North America, Europe, Latin America, and the Rest of the World. North America is the leading region across the world in terms of market share owing to the growing number of governance and regulatory compliances and presence of leading financial institutions in the region.

Whereas, Asia Pacific is anticipated to exhibit a significant growth rate over the forecast period 2022-2028. Factors such as the thriving growth of BFSI industry and increasing penetration of leading market players in the region, would create lucrative growth prospects for the global Machine Learning in Banking Market across the Asia Pacific region.

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The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Component

Solution

Service

By Enterprise Size

Large Enterprises

Small and Medium-sized Enterprises (SMEs)

By Application

Credit Scoring

Risk Management Compliance and Security

Payments and Transactions

Customer Service

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By Region:

North America

U.S.

Canada

Europe

UK

Germany

France

Spain

Italy

ROE

Asia Pacific

China

India

Japan

Australia

South Korea

RoAPAC

Latin America

Brazil

Mexico

Rest of the World

Table of Content:

Report Overview
Global Growth Trends
Competition Landscape by Key Players
Data Segments
North America Market Analysis
Europe Market Analysis
Asia-Pacific Market Analysis
Latin America Market Analysis
Middle East & Africa Market Analysis
Key Players Profiles Market Analysis
Analysts Viewpoints/Conclusions
Appendix

Here is an overview of the different factual statements covered by the study:

The learn about consists of an area that breaks down strategic traits for the primary gamers in present and upcoming R&D, new product launches, collaborations, regional expansion, and mergers & acquisitions.
The lookup focuses on essential market traits such as revenue, product cost, potential and utilization rates, import/export rates, supply/demand figures, market share and CAGR.
The learn about is a series of analyzed records and a variety of barrels of house bought via a mixture of analytical equipment and an inside look up process.
The Market can be divided into 4 areas in accordance to the regional breakdown: North American Markets, European Markets, Asian Markets and Rest of the World.

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