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AI In Banking Market Potential Analysis, Key Drivers, Emerging Growth, Trends And Forecast To 2033
AI In Banking Market
AI In Banking Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $37.15 billion In 2028 At A CAGR Of 32.8% :
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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AI In Banking Market Major Segments
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
Key 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.
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Prominent Trend - Embracing AI Advancements For Enhanced Customer Experience
Technological advancements are a key trend gaining popularity in the AI in banking market. 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 ahliGPT. 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.
AI In Banking Market Players
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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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the AI in banking market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global AI in banking market report during the forecast period. The regions covered in the ai in banking market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. AI In Banking Market Report Structure
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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