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AI In Banking Market Growth, Outlook, Trends And Report 2033
AI In Banking Market Growth
As per the report, 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 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%.
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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.
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.
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
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Major companies operating in the AI in banking market report are Google LLC, Intel Corporation, Hewlett Packard Enterprise Development LP, Accentur*e plc, 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.
Contents of the report:
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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