Press release
Artificial Intelligence in Banking Market Size Value To Reach USD 236.70 Billion By 2032, Driven by Strong 31.7% CAGR
Global Artificial Intelligence in Banking Market size and share is currently valued at USD 26.10 billion in 2024 and is anticipated to generate an estimated revenue of USD 236.70 Billion by 2032, according to the latest study by Polaris Market Research. Besides, the report notes that the market exhibits a robust 31.7% Compound Annual Growth Rate (CAGR) over the forecasted timeframe, 2024 - 2032
๐๐ง๐ฅ๐จ๐๐ค ๐๐ง๐ฌ๐ข๐ ๐ก๐ญ๐ฌ, ๐๐๐ช๐ฎ๐๐ฌ๐ญ ๐๐จ๐ฎ๐ซ ๐๐ฑ๐๐ฅ๐ฎ๐ฌ๐ข๐ฏ๐ ๐๐๐ฆ๐ฉ๐ฅ๐ ๐๐๐ฉ๐จ๐ซ๐ญ ๐๐จ๐ฐ @ https://www.polarismarketresearch.com/industry-analysis/artificial-intelligence-in-banking-market/request-for-sample
Increasing demand for fraud detection AI software is playing an important role in driving the rapid growth of artificial intelligence (AI) in the banking industry. As the number of financial transactions and digital interactions grows, the banking industry must deal with increasingly sophisticated and diverse types of fraud. In response to the changing threat landscape, banks and financial institutions are relying on advanced AI solutions for fraud detection. These AI-powered systems use machine learning algorithms and predictive analytics to analyze massive amounts of data in real-time, detecting patterns and anomalies that could indicate fraudulent activity. The effectiveness and efficiency of AI-based fraud detection not only improve security measures but also significantly increase operational efficiency.
Artificial intelligence in the banking sector refers to the application of AI technologies within financial institutions. Banks can efficiently analyze large datasets using artificial intelligence, allowing them to predict the latest market trends, currency fluctuations, and equity movements in the financial services industry.
Banks are increasingly integrating AI-powered systems to improve the accuracy, safety, and profitability of their credit and loan assessment processes. Currently, many banks must rely on traditional factors such as credit scores, credit history, and customer references to determine the creditworthiness of both individuals and businesses. A loan and credit system powered by Artificial Intelligence can analyze the behaviors and patterns of customers with limited credit history, resulting in a more accurate assessment of their creditworthiness. Furthermore, the system can proactively notify banks of specific behaviors that may increase the risk of default. To summarize, these technologies will play a critical role in reshaping the consumer lending landscape.
Artificial intelligence is playing a crucial role in improving the security of banking systems. Previously, banks relied heavily on traditional rule-based Anti-Money Laundering (AML) transaction monitoring and name screening systems, which were frequently susceptible to errors. Given the growing number of fraud-related crimes and the dynamic nature of fraud patterns, advanced AI elements are being integrated into the existing systems.
Some of the major players operating in the global market include:
Amazon Web Services, Inc.
Capital One
Cisco Systems, Inc.
FAIR ISAAC CORPORATION (FICO)
Goldman Sachs
International Business Machines Corporation
JPMorgan Chase & Co.
NVIDIA Corporation
RapidMiner
SAP SE
๐๐จ๐ง๐ง๐๐๐ญ ๐ฐ๐ข๐ญ๐ก ๐จ๐ฎ๐ซ ๐๐๐ฉ๐ซ๐๐ฌ๐๐ง๐ญ๐๐ญ๐ข๐ฏ๐ ๐๐จ๐ซ ๐๐๐ฉ๐จ๐ซ๐ญ ๐๐ฎ๐ฌ๐ญ๐จ๐ฆ๐ข๐ณ๐๐ญ๐ข๐จ๐ง @ https://www.polarismarketresearch.com/industry-analysis/artificial-intelligence-in-banking-market/request-for-customization
Growth Drivers:
Increasing Customer Expectations: Customers demand personalized services, real-time support, and seamless experiences across various channels. AI enables banks to analyze customer data, understand preferences, and offer personalized recommendations and services.
Fraud Detection and Security: With the rise in cyber threats and financial fraud, banks are increasingly investing in AI-powered fraud detection systems that can analyze large volumes of data in real time to identify suspicious activities and prevent fraudulent transactions.
Operational Efficiency: AI automates routine tasks, streamlines processes, and reduces manual errors, leading to improved operational efficiency and cost savings for banks.
Regulatory Compliance: Banks are subject to stringent regulatory requirements and compliance standards. AI technologies help banks ensure compliance by automating regulatory reporting, monitoring transactions for suspicious activities, and enhancing risk management processes.
Applications:
Customer Service and Support: AI-powered chatbots and virtual assistants enable banks to provide 24/7 customer support, answer inquiries, resolve issues, and offer personalized recommendations.
Fraud Detection and Prevention: AI algorithms analyze transaction patterns, detect anomalies, identify fraudulent activities, and alert banks in real-time to prevent financial fraud.
Risk Management: AI models assess credit risk, market risk, and operational risk by analyzing historical data, market trends, and macroeconomic indicators, helping banks optimize their risk management strategies.
Artificial Intelligence in Banking Market Report Highlights
The large enterprise segment held the largest market share in 2023. They are witnessing growth in the AI banking market owing to their capacity to invest in refined AI technologies.
The services segment witnessed for the fastest market growth in 2023, due to the rising number of software installed in the small, mid, and large sized banks.
Asia-Pacific has witnessed the fastest growth in the artificial intelligence in banking market, due to the adoption of AI technology and rising digitization of the banking sector in region.
๐๐ฎ๐ซ๐๐ก๐๐ฌ๐ ๐๐ฑ๐๐ฅ๐ฎ๐ฌ๐ข๐ฏ๐ ๐๐๐๐๐ฌ๐ฌ ๐ญ๐จ ๐ญ๐ก๐ ๐๐๐ฉ๐จ๐ซ๐ญ @ https://www.polarismarketresearch.com/buy/3325/2
Polaris Market Research has segmented the artificial intelligence in banking market report based on component, technology, enterprise size, application, and country:
Artificial Intelligence in Banking, Component Outlook (Revenue - USD Billion, 2019 - 2032)
Service
Solution
Artificial Intelligence in Banking, Technology Outlook (Revenue - USD Billion, 2019 - 2032)
Natural Language Processing (NLP)
Machine Learning & Deep Learning
Computer vision
Others
Artificial Intelligence in Banking, Enterprise Size Outlook (Revenue - USD Billion, 2019 - 2032)
Large Enterprise
SMEs
Artificial Intelligence in Banking, Application Outlook (Revenue - USD Billion, 2019 - 2032)
Risk Management
Customer Service
Virtual Assistant
Financial Advisory
Others
Artificial Intelligence in Banking, Regional Outlook (Revenue - USD Billion, 2019 - 2032)
North America
Europe
Asia-Pacific
Latin America
Middle East Africa
Contact Us:
Polaris Market Research
Phone: +1-929-297-9727
Email: sales@polarismarketresearch.com
About Us:
Polaris Market Research is a worldwide market research and consulting organization. We give an unmatched nature of offering to our customers present all around the globe across industry verticals. Polaris Market Research has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings. We at Polaris are obliged to serve our different client base present over the enterprises of medicinal services, healthcare, innovation, next-gen technologies, semiconductors, chemicals, automotive, and aerospace & defense, among different ventures present globally.
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