Press release
AI In Banking Market Research 2024-2033 - Size, Outlook, Overview And Competitor Analysis
AI In Banking Market
The Business Research Company offers in-depth market insights through AI In Banking Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The AI in banking market size has grown exponentially in recent years. It will grow from $9 billion in 2023 to $11.93 billion in 2024 at a compound annual growth rate (CAGR) of 32.5%. The growth in the historic period can be attributed to data proliferation in banking, fraud detection and prevention, enhanced customer service, cost reduction through automation, competitive pressure.
The AI in banking market size is expected to see exponential growth in the next few years. It will grow to $37.15 billion in 2028 at a compound annual growth rate (CAGR) of 32.8%. The growth in the forecast period can be attributed to expansion of AI in credit scoring, chatbots for multichannel support, AI-driven wealth management, open banking initiatives, explainable AI for transparency. Major trends in the forecast period include voice and chatbot interfaces for customer interaction, predictive analytics for personalized banking services, regulatory compliance through AI solutions, blockchain integration for enhanced security and transparency, rise of robo-advisors in wealth management.
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Market Segmentation:
The AI in banking market covered in this report is segmented -
1) By Component: Solution, Service
2) By Technology: Machine Learning And Deep Learning, Natural Language Processing (NLP), Computer Vision, Other Technologies
3) By Organization Size: Small And Medium Sized Banks, Large Overseas Banks
4) By Application: Risk Management Compliance And Security, Customer Service, Back Office or Operations, Financial Advisory, Other Applications
Major Driver - AI Rides The Surge In Mobile Banking Demand
The increasing demand for mobile banking services is expected to propel the growth of AI in banking market going forward. 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. For instance, in March 2021, according to ACI Worldwide Inc., a US-based payment systems company, in 2020, there were 102.7 billion mobile wallet transactions. By 2025, that number is predicted to rise to 2,582.8 billion. Therefore, the increasing demand for mobile banking services is driving the growth of the AI in banking market going forward.
Competitive Landscape:
Major companies operating in the AI in banking market report are Google LLC, Intel Corporation, Hewlett Packard Enterprise Development LP, International Business Machines Corporation., Cisco Systems Inc., Oracle Corporation, SAP SE, Asea Brown Boveri Ltd, Infosys Limited, BSH Hausgeräte GmbH, Ally Financial Inc., Fair Isaac Corporation, Harman International Industries, SAS Institute Inc., International Business Machines Corporation, IPsoft Inc., Nuance Communications, Inc., HighRadius Corporation, Vectra AI, Inc., Amazon Web Services Inc., Kreditech Holding SSL GmbH, Kensho Technologies, Inc., Hanson Robotics Limited, RapidMiner Inc., Blue Frog Robotics, BigML Inc., FANUC Corporation , Lingxi Technology Co. Ltd.
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Top Trend - Revolutionizing Financial Insights With Ai-Powered Tools Redefining Fund Management
Major companies operating in the AI banking market are developing innovative products with advanced technologies, such as machine learning, to provide reliable services to customers. Machine learning refers to a subfield of artificial intelligence that uses algorithms to automatically learn insights and recognize patterns from data, enabling software to improve its performance over time. For instance, in December 2022, Nasdaq, a US-based stock exchange company, and Trackinsight, a France-based financial technology company, launched an innovative solution for financial advisors called Fundinsight, a free online platform designed to enhance fund discovery, research, and portfolio management. which allows financial advisors to compare more than 38,000 ETFs and mutual funds.
The Table Of Content For The Market Report 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
…..
27. AI In Banking Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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