Press release
AI for Financial Services: Transforming Banking, Risk, and Customer Experience
According to the report, the ai for financial services market was valued at $13.7 billion in 2023, and is estimated to reach $123.2 billion by 2032, growing at a CAGR of 27.3% from 2024 to 2032.
๐๐๐ช๐ฎ๐๐ฌ๐ญ ๐๐๐ฆ๐ฉ๐ฅ๐ ๐๐๐ฉ๐จ๐ซ๐ญ (๐๐๐ญ ๐ ๐ฎ๐ฅ๐ฅ ๐๐ง๐ฌ๐ข๐ ๐ก๐ญ๐ฌ ๐ข๐ง ๐๐๐ - 216 ๐๐๐ ๐๐ฌ) ๐๐ญ: https://www.alliedmarketresearch.com/request-sample/A324176
Rise in need of data utilization and analysis and increase in demand of operational efficiency are the factors expected to propel the growth of the global AI in financial services market. However, increase in complexity of integration is anticipated to hamper the growth of the global market. On the contrary, expanding need for enhanced customer experience is further likely to create lucrative opportunities for the growth of the global market.
The AI in financial services market is segmented into component, application and region. On the basis of component, the market is divided into solutions and services. On the basis of application, the market is divided into fraud detection, virtual assistants, business analytics and reporting, quantitative and asset management, customer behavioral analytics and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA
๐๐ ๐ฒ๐จ๐ฎ ๐ก๐๐ฏ๐ ๐๐ง๐ฒ ๐ช๐ฎ๐๐ฌ๐ญ๐ข๐จ๐ง๐ฌ, ๐๐ฅ๐๐๐ฌ๐ ๐๐๐๐ฅ ๐๐ซ๐๐ ๐ญ๐จ ๐๐จ๐ง๐ญ๐๐๐ญ ๐จ๐ฎ๐ซ ๐๐ง๐๐ฅ๐ฒ๐ฌ๐ญ ๐๐ญ: https://www.alliedmarketresearch.com/connect-to-analyst/A324176
By component, the solution segment accounted for the largest share in 2023. The solution segment includes the core technologies and tools, such as software and algorithms, that power AI applications. These solutions are essential for automating tasks, analyzing data, and delivering advanced features like fraud detection and personalized recommendations, which are further expected to propel the overall market growth.
By application, the customer behavioral analytics segment is expected to attain the largest CAGR from 2024 to 2032 and is projected to maintain its lead position during the forecast period, owing to reduced capital expenditure, enhanced agility, and improved data security. SMEs can leverage AI in financial services solutions to access enterprise-grade IT capabilities without the need for significant upfront investments, enabling them to compete more effectively in the digital economy and drive innovation within their organizations. Thereby, driving the growth of the segment in the global AI in financial services market.
๐๐๐๐๐ฌ๐ฌ ๐ญ๐ก๐ ๐๐ฎ๐ฅ๐ฅ ๐ฌ๐ฎ๐ฆ๐ฆ๐๐ซ๐ฒ ๐๐ญ: https://www.alliedmarketresearch.com/ai-for-financial-services-market-A324176
By region, the Asia-Pacific segment is projected to attain the highest CAGR from 2024 to 2032, owing to rapid economic development, increasing digitization, and a growing number of fintech startups in the region. As financial institutions in Asia-Pacific seek to enhance their services and compete on a global scale, they are investing more in AI technologies to improve efficiency and customer engagement, further expected to contribute to the growth of the market in this region.
Leading Market Players: -
โข FICO
โข SAS Institute
โข IBM
โข Microsoft
โข Google
โข Salesforce
โข NVIDIA
โข Palantir Technologies
โข TIBCO Software
โข Amazon Web Services
The report provides a detailed analysis of these key players in the AI in financial services market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different countries. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
๐๐ง๐ช๐ฎ๐ข๐ซ๐ฒ ๐๐๐๐จ๐ซ๐ ๐๐ฎ๐ฒ๐ข๐ง๐ : https://www.alliedmarketresearch.com/purchase-enquiry/A324176
Recent Development:
โข On June 2024, VeriPark, a global provider of innovative digital solutions, and FICO, a renowned analytics software company, have embarked on a partnership. This partnership aims to revolutionize the financial services sector through advanced AI-driven decision making and comprehensive digital transformation. The partnership between VeriPark and FICO is designed to enhance decision-making and promote financial inclusion across diverse regions including Turkey, the Middle East, Africa, Asia, and CIS.
โข On June 2021, Financial technology leader FISยฎ lunched the first in a new series of solutions developed in partnership with C3 AI to help capital markets firms tap into the power of their organizational data to increase efficiency and better manage regulatory compliance and risk. The AML Compliance Hub leverages C3 AI's advanced machine learning technology, combined with the deep financial industry domain expertise of FIS, to dramatically improve the efficiency of financial crime detection. Designed to help capital markets firms fight the increasing threat of financial crime, the machine learning-based platform aggregates and analyzes client data across disparate systems to enhance AML and KYC processes, improving decision-making and reducing false positive alerts.
๐๐ฎ๐ฒ ๐๐จ๐ฐ & ๐๐๐ญ ๐๐ฑ๐๐ฅ๐ฎ๐ฌ๐ข๐ฏ๐ ๐๐ข๐ฌ๐๐จ๐ฎ๐ง๐ญ ๐จ๐ง ๐ญ๐ก๐ข๐ฌ ๐๐๐ฉ๐จ๐ซ๐ญ (216 ๐๐๐ ๐๐ฌ ๐๐๐ ๐ฐ๐ข๐ญ๐ก ๐๐ง๐ฌ๐ข๐ ๐ก๐ญ๐ฌ, ๐๐ก๐๐ซ๐ญ๐ฌ, ๐๐๐๐ฅ๐๐ฌ, ๐๐ง๐ ๐ ๐ข๐ ๐ฎ๐ซ๐๐ฌ) ๐๐ญ: https://www.alliedmarketresearch.com/ai-for-financial-services-market/purchase-options
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๐ถ๐๐๐๐ ๐ป๐๐๐๐ ๐๐๐ ๐น๐๐๐๐๐๐:
1. Adaptive Security Market : https://www.alliedmarketresearch.com/adaptive-security-market-A107607
2. AIoT Platform Market : https://www.alliedmarketresearch.com/aiot-platform-market-A74838
3. Communication Software Market : https://www.alliedmarketresearch.com/communication-software-market-A14622
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