Press release
Shaping the Generative Artificial Intelligence (AI) In Financial Services Market in 2025: Innovative Generative AI Tool Enhances Financial Services With Real-Time Insights And Efficiency
Generative Artificial Intelligence (AI) In Financial Services Global Market Report 2025
Over recent years, the market space for generative artificial intelligence (AI) in financial services has experienced significant expansion. The increase projects from $1.44 billion in 2024 and is set to rise up to $1.89 billion in 2025, presenting a compound annual growth rate (CAGR) of 31.2%. This notable growth within the historic period is accounted for by the mounting digital transformation, burgeoning data availability, the comprehensive need for personalization, enhancements in operational efficiency, and amplified investments in technology.
The market size of generative artificial intelligence (AI) in financial services is set to experience substantial growth in the upcoming years. By 2029, the value is expected to surge to $5.54 billion, representing a compound annual growth rate (CAGR) of 30.8%. The predicted growth can be linked to the increased application of generative AI in identifying and averting fraud, improved reporting functionalities, the worldwide expansion of financial services, partnerships with fintech firms, and the growth of AI proficiency. Notable trends forecasted for this period are synergistic AI solutions, bespoke financial services, the implementation of AI platforms, AI-guided investment tactics, and the amalgamation with blockchain technology.
What Are the Primary Growth Drivers for the Generative Artificial Intelligence (AI) In Financial Services Market?
The escalating occurrence of financial fraud is anticipated to boost the expansion of the generative artificial intelligence (AI) in the financial services industry. Financial fraud consists of deceptive tactics used to gain an unjust monetary advantage or inflict financial harm on people or entities. The escalation in financial fraud can be traced back to the increased prevalence of digital financial services and online transactions, the heightened use of digital platforms, and the advancement of fraud techniques. Generative AI has the potential to create synthetic datasets that mimic real-world situations, including fraud. These datasets can be utilized to train and test algorithms designed to detect fraud, thereby improving their efficiency in identifying new and constantly changing fraud strategies while also ensuring the protection of accurate customer data. For example, according to the Federal Trade Commission, an independent agency based in the U.S, in February 2024, the financial toll due to fraudulent activities in the U.S amounted to $10.0 billion, reflecting an increase of $1.2 billion from 2022. Thus, the increasing incidence of financial fraud is a key factor propelling the growth of the generative artificial intelligence (AI) in the financial services market.
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Who Are the Dominant Companies Influencing Generative Artificial Intelligence (AI) In Financial Services Market Trends?
Major companies operating in the generative artificial intelligence (AI) in financial services market are 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.
How Is the Generative Artificial Intelligence (AI) In Financial Services Market Evolving?
Major firms in the generative AI in financial services sector are shifting their focus towards the creation of advanced technologies such as generative AI tools, with an aim to deliver highly precise, innovative, and data-focused results. These tools add value by automating intricate jobs and flexibly adapting to new information instantly. A generative AI tool represents a software program capable of using sophisticated algorithms to generate new, realistic content or data by learning from existing trends in vast datasets. For example, Hapax, a financial service startup based in the US, launched a Generative AI Tool specifically for the Financial Services Industry in April 2024. This platform utilizes generative AI techniques to offer industry-specific knowledge, decision-making abilities, and vital resources to banks and similar businesses. Addressing the information accessibility gap between large and smaller banks, Hapax's generative AI tool offers a cost-efficient and effective solution to small and medium-sized banks and credit unions, which often require additional resources to hire skilled staff and incorporate technology. They usually depend on consultants and informed predictions to manage their operations efficiently and ensure legal compliance. Hapax's tool makes it simpler and more affordable for these organizations to gain access to precise and validated information, enabling them to meet their needs more efficiently.
What Are the Different Segmentations in the Generative Artificial Intelligence (AI) In Financial Services Market?
The generative artificial intelligence (AI) in financial services market covered in this report is segmented -
1) By Type: Solutions, Services
2) By Deployment Mode: Cloud, On-Premises
3) By Application: Credit Scoring, Fraud Detection, Risk Management, Forecasting And Reporting, Other Applications
Subsegments:
1) By Solutions: Fraud Detection And Prevention Solutions, Risk Assessment And Management Tools, Algorithmic Trading Systems, Customer Analytics And Insights Platforms, Automated Reporting And Compliance Solutions, Personalized Financial Advisory Tools, Chatbots For Customer Support
2) By Services: Consulting Services For AI Implementation, Integration Services For Existing Systems, Training And Development For Staff, Ongoing Support And Maintenance Services, Data Management And Analytics Services, Custom AI Model Development Services.
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Which Region Is at the Forefront of the Generative Artificial Intelligence (AI) In Financial Services Market?
North America was the largest region in the generative artificial intelligence (AI) in financial services market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the generative artificial intelligence (AI) in financial services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is Covered In The Generative Artificial Intelligence (AI) In Financial Services Global Market Report?
- Market Size Analysis: Analyze the Generative Artificial Intelligence (AI) In Financial Services Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Generative Artificial Intelligence (AI) In Financial Services 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 Generative Artificial Intelligence (AI) In Financial Services Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Generative Artificial Intelligence (AI) In Financial Services Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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