Press release
Shaping the Artificial Intelligence (AI) In Financial Wellness Market in 2025: Revolutionizing Financial Engagement With AI-Powered Advisors
Artificial Intelligence (AI) In Financial Wellness Market Size
In recent times, the market size for artificial intelligence (AI) in financial wellness has seen an exponential increase. It is projected to expand from $17.73 billion in 2024 to $23.74 billion in 2025, reflecting a compound annual growth rate (CAGR) of 33.9%. This substantial growth during the historic period is due to several factors such as the emergence of fintech companies, the growing digitalization in the financial sector, a rising demand from consumers for personalized financial solutions, heightened awareness about financial wellness, and economic instability.
The market for artificial intelligence (AI) in financial wellness is predicted to experience steep growth in the coming years. The market size is anticipated to reach $75.72 billion by 2029, increasing at a compound annual growth rate (CAGR) of 33.6%. Several factors account for this growth in the projected period, such as the surging demand for automated financial services, the proliferation of financial wellness programs by employers, an increased emphasis on financial education and wellness, a heightened focus on mental health, and AI's expansion into new areas of financial service. Key trends within this projected period include the merging of AI and blockchain technology, the use of AI in wealth management platforms, the embrace of mobile banking, the deployment of AI-based customer support solutions, and the adoption of AI-enabled fraud detection systems.
What Are the Primary Growth Drivers for the Artificial Intelligence (AI) In Financial Wellness Market?
The surge in financial accessibility is anticipated to drive the artificial intelligence (AI) in financial wellness market's expansion. Financial accessibility denotes the simplicity and convenience with which individuals can engage with and utilise financial products and services, regardless of their social economic status, geographic position, or financial history. It is critical to augmenting financial accessibility in order to allow a greater number of people to avail financial services, generate wealth, and secure financial stability, all of which help in expanding financial inclusivity and diminishing economic inequality. AI improves financial accessibility by delivering customised, automated financial guidance and services that cater to underserved communities, making complex financial tasks easier, and providing low-cost solutions designed to meet individual requirements. For example, the International Monetary Fund, a US-based global financial corporation, reported a marked increase in mobile and internet banking in Europe and the Western Hemisphere in October 2023, with the number of online banking transactions per 1,000 adults increasing by over 20% in 2022. Furthermore, the Asia and Pacific region saw a 13% rise in the number of deposit accounts in 2022, mostly due to expansion in China, Nepal, and Indonesia. Consequently, the upward trend in financial accessibility is set to boost the artificial intelligence (AI) in financial wellness market.
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Who Are the Dominant Companies Influencing Artificial Intelligence (AI) In Financial Wellness Market Trends?
Major companies operating in the artificial intelligence (AI) in financial wellness market are Prudential Financial Inc., Fidelity National Financial, Transamerica Corporation, Nu Pagamentos S.A. (Nubank), Mercer LLC, Ayco a Goldman Sachs Company, Ramsey Solutions LLC, Purchasing Power LLC, Personetics Technologies Inc., Wealthfront Corporation, Aduro Inc., Health Advocate Inc., PayActiv Inc., HealthCheck360 a division of Cottingham & Butler, Fyle Technologies Private Limited, Ellevest Inc., Financial Fitness Group, EarnUp Inc., Brigit, BrightDime Inc., Edukate Inc., Enrich Financial Wellness, Money Starts Here, SUM180 Inc., Best Money Moves LLC
How Is the Artificial Intelligence (AI) In Financial Wellness Market Evolving?
Key businesses in the AI financial wellness sector are turning to virtual assistance technologies, like AI advisors, in order to improve personalized financial counseling for more effective financial decision-making. Using user data and real-time analytics, AI advisors are AI-backed virtual aids that offer personalized financial counseling, guidance, and assistance. For example, in July 2024, EarnUp Inc., a US-based fintech firm committed to delivering innovative financial wellness solutions for individuals and financial institutions, launched AI Advisor. This ground-breaking product is set to transform the way financial institutions interact with customers. This financial guide is designed to comprehensively manage consumer financial wellness, providing expert counsel along with seamless implementation, making it the ultimate tool for boosting client engagement. The AI Advisor employs sophisticated artificial intelligence to produce highly personalized advice and guidance, empowering users to make well-informed decisions towards their financial aspirations. This breakthrough solution analyses up-to-the-minute banking and credit information to provide tailored responses and product suggestions, thus improving the user experience and deepening their financial comprehension.
What Are the Different Segmentations in the Artificial Intelligence (AI) In Financial Wellness Market?
The artificial intelligence (AI) in financial wellness market covered in this report is segmented -
1) By Type: Software, Service
2) By Deployment Type: Cloud-Based, On-Premises
3) By Application: Wealth Management, Fraud Detection And Prevention, Risk Management And Compliance, Customer Service And Support, Other Applications
4) By End-User Type: Financial Institutions, Enterprises, Individuals
Subsegments:
1) By Software: AI-Powered Financial Planning Software, Personal Finance Management Tools, AI-Based Budgeting And Expense Tracking Software, Credit Scoring And Risk Assessment Tools, AI-Driven Investment Advisory Software, Financial Forecasting And Analytics Software, Automated Tax Filing And Optimization Software, Debt Management And Consolidation Software
2) By Service: AI Integration And Implementation Services, Financial Wellness Consultation And Advisory Services, Personalized Financial Coaching Services, AI-Based Financial Education Services, Data Analytics And Insights For Financial Wellness, Post-Implementation Support And Maintenance Services, AI-Driven Risk Management And Fraud Prevention Services
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Which Region Is at the Forefront of the Artificial Intelligence (AI) In Financial Wellness Market?
North America was the largest region in the artificial intelligence (AI) in financial wellness market in 2024. The regions covered in the artificial intelligence (AI) in financial wellness market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is Covered In The Artificial Intelligence (AI) In Financial Wellness Global Market Report?
- Market Size Analysis: Analyze the Artificial Intelligence (AI) In Financial Wellness Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Artificial Intelligence (AI) In Financial Wellness Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Artificial Intelligence (AI) In Financial Wellness Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Artificial Intelligence (AI) In Financial Wellness Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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