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Generative Artificial Intelligence (AI) In Financial Services Market Size, Share, Trend Analysis, Segmentation And Forecast To 2033
Generative Artificial Intelligence (AI) In Financial Services Market
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According to The Business Research Company's, The generative artificial intelligence (AI) in financial services market size has grown exponentially in recent years. It will grow from $1.10 billion in 2023 to $1.44 billion in 2024 at a compound annual growth rate (CAGR) of 30.7%. The growth in the historic period can be attributed to rising digital transformation, increased data availability, demand for personalization, operational efficiency, and investment in technology.
The generative artificial intelligence (AI) in financial services market size is expected to see exponential growth in the next few years. It will grow to $4.24 billion in 2028 at a compound annual growth rate (CAGR) of 31.0%. The growth in the forecast period can be attributed to growing application of generative AI in fraud detection and prevention, enhanced reporting capabilities, globalization of financial services, collaboration with fintech, and rising AI literacy. Major trends in the forecast period include collaborative AI solutions, personalized financial products, adoption of AI solutions, AI-driven investment strategies, and integration with blockchain technology.
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Market Drivers and Trends:
The growing financial fraud is expected to propel the growth of the generative artificial intelligence (AI) in financial services market going forward. Financial fraud involves deceitful practices to gain an unfair financial advantage or cause financial loss to individuals or organizations. The growing financial fraud is due to the rise of digital financial services and online transactions, increased use of digital platforms, and sophistication of fraud techniques. Generative AI can create synthetic datasets that simulate real-world scenarios, including fraud. These datasets can be used to train and test fraud detection algorithms, improving their ability to recognize new and evolving fraud tactics without compromising accurate customer data. For instance, in February 2024 according to the Federal Trade Commission, a US-based independent agency, there were $10.0 billion in financial losses due to fraudulent activities in the US, representing an increase of $1.2 billion compared to 2022. Therefore, growing financial fraud is driving the growth of the generative artificial intelligence (AI) in financial services market.
Major companies operating in the generative artificial intelligence (AI) in financial services market are focused on developing advanced technologies, such as generative AI tools, to produce highly accurate, creative, and data-driven outputs while automating complex tasks and adapting to new information in real-time. A generative AI tool is a software application that uses advanced algorithms to create new, realistic content or data by learning from existing patterns in large datasets. For instance, in April 2024, Hapax, a US-based financial service startup, launched the Generative AI Tool for the Financial Services Industry. The platform is intended to use generative AI to provide industry-specific knowledge, decision-making capabilities, and valuable assets to banks and other comparable businesses. Hapax's generative AI tool addresses the information-access disparities between large and smaller banks by offering a cost-effective, efficient solution for small and midsize banks and credit unions. These institutions often need more resources for skilled employees and technology, relying on consultants and educated guesses to manage their complex operations and ensure compliance. Hapax's tool simplifies access to accurate, validated information, making it faster and more affordable for these organizations to meet their needs effectively.
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Major Key Players of the Market:
Google LLC, Microsoft Corporation, JPMorgan Chase & Co., Amazon Web Services Inc., Wells Fargo, Citigroup Inc., Intel Corporation, IBM Corporation, American Express Banking Corp., Morgan Stanley, Goldman Sachs, Salesforce Inc., Fidelity Investments, Capgemini, Mastercard International Inc., Charles Schwab Corp., Cognizant, Infosys Ltd., HSBC Holdings Plc, Broadridge Financial Solutions Inc., Zeta Global, Simform Solutions, Narrative Science, Miquido, Zapata Computing Inc.
Generative Artificial Intelligence (AI) In Financial Services Market 2024 Key Insights:
• The generative artificial intelligence (AI) in financial services market size is expected to see exponential growth in the next few years. It will grow to $4.24 billion in 2028 at a compound annual growth rate (CAGR) of 31.0%.
• Impact Of Rising Financial Fraud On The Growth Of Generative AI in Financial Services
• Innovative Generative AI Tool Enhances Financial Services With Real-Time Insights And Efficiency
• North America was the largest region in the generative artificial intelligence (AI) in financial services market in 2023
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