Press release
AI In Banking Market Analysis, Trends, Growth, Research And Forecast 2032
AI In Banking Market
The Business Research Company's AI In Banking Global Market Report 2023 identifies the increasing demand for mobile banking services as the major driver for the AI in banking market's growth in the forecast period. Mobile banking is a service offered by a bank or other financial institution that enables its customers to carry out financial transactions remotely using a mobile device such as a smartphone or tablet. Using a mobile smartphone and mobile banking applications, one may access financial accounts and carry out financial transactions at any time and from any location. The increasing demand for mobile banking services is driving the adoption of AI in banking, and this trend is expected to continue in the future.
The global AI in banking market size is expected to grow from $6.82 billion in 2022 to $9.00 billion in 2023 at a compound annual growth rate (CAGR) of 32.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global AI in banking market size is expected to reach $27.76 billion in 2027 at a CAGR of 32.5%.
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Major competitors in the AI in banking market are Amazon Web Services Inc., Cisco Systems Inc., Microsoft Corporation, SAP SE, BigML Inc., Fair Isaac Corporation, Hewlett Packard Enterprise Development LP, International Business Machines Corporation, RapidMiner Inc., SAS Institute Inc., Intel Corporation, Harman International Industries, ABB Limited, IBM Corporation, Nuance Corporation, Google LLC, IPsoft Inc., Bsh Hausgeräte, Hanson Robotics, Blue Frog Robotics, Fanuc, HighRadius Corporation, Lingxi, Infosys Ltd., Oracle Corporation and Kreditech.
A key trend in the AI in banking market includes technological advancement. Companies operating in the AI in banking market are adopting new technologies to sustain their position in the market. For instance, in April 2023, Jordan Ahli Bank, a Jordan-based financial services company launched an AI system technology named "ahilGPT". Customers who have questions or issues with banking and financial services may quickly and accurately obtain answers through ahliGPT, saving both bank customers and personnel time and effort.
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The AI in banking market is segmented -
• By Component: Solution, Service
• By Technology: Machine Learning And Deep Learning, Natural Language Processing (NLP), Computer Vision, Other Technologies
• By Organization Size: Small And Medium Sized Banks, Large Overseas Banks
• By Application: Risk Management Compliance And Security, Customer Service, Back Office or Operations, Financial Advisory, Other Applications
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Asia-Pacific was the largest region in the AI in banking market.
The Business Research Company's "Global AI In Banking Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The AI In Banking Market Include:
1. Executive Summary
2. AI In Banking Market Characteristics
3. AI In Banking Market Trends And Strategies
4. AI In Banking Market - Macro Economic Scenario
5. AI In Banking Market Size And Growth
……
26. Africa AI In Banking Market
27. AI In Banking Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The AI In Banking Market
29. AI In Banking Market Future Outlook and Potential Analysis
30. Appendix
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