Press release
Global AI in Banking Market to Reach $50.63 Billion by 2029, Growing at 34.7% CAGR
AI In Banking Market Size
The growing necessity for mobile banking services is predicted to spur the expansion of the AI in banking market in the future. This service, afforded by banks or other fiscal institutions, empowers customers to manage financial matters virtually through mobile gadgets such as smartphones or tablets. Leveraging smartphones and banking applications enables individuals to gain access to their financial accounts and complete transactions anytime, anywhere. This surge in mobile banking demand is bolstering the uptake of AI in banking, a trend forecasted to persist. For example, E-commerce Tips, an American company specializing in e-commerce advice and insights, reported in January 2024 that the proportion of people utilizing at least two types of digital payments in the States raised from 51% in 2021 to 62% in 2022. Additionally, e-commerce, which constitutes the lion's share of the universal digital payment market, stepped on $6.310 trillion in 2023 and is projected to escalate to $6.913 trillion by 2024. Prominently, even as digital wallets like PayPal, Venomo, and ApplePay ascend, in the B2B payment landscape in the US, credit cards and checks still represent 39% and 26%, correspondingly. Therefore, the surging demand for mobile banking services is propelling the trajectory of the AI in banking market in the future.
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How will the growth rate of the ai in banking market shape industry trends by 2034?
In the past few years, the market size of AI in banking has witnessed a substantial expansion. Its growth is projected to increase from $11.71 billion in 2024 to $15.37 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 31.3%. The surge in growth during the historic period is due to numerous factors including an increase in data in banking, improved capabilities for fraud detection and prevention, superior customer service, cost-cutting via automation, and competitive tension.
Anticipations of a substantial escalation in the AI in banking market are high over the next few years. A growth surge to $50.63 billion by 2029 is expected, boasting an impressive CAGR of 34.7%. This upward trend in the forecast period largely owes to the integration of AI in several areas such as credit scoring, multichannel support via chatbots, AI-centric wealth management, open banking strategies, and explainable AI for improved transparency. The forecast period will see key trends such as the incorporation of voice and chatbot interfaces for customer interactions, employing predictive analytics for customized banking services, meeting regulatory compliance with the help of AI solutions, the introduction of blockchain technology for increased security and transparency, and the rising prominence of wealth management robo-advisors.
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What are the most significant trends transforming the ai in banking market today?
Rapid advancements in technology are gaining traction as a major trend in the AI in banking sector. Firms in this market are embracing innovative technologies to maintain their market foothold. Case in point, Jordan Ahli Bank, a Jordanian finance services provider, unveiled an AI system technology named ahliGPT in April 2023. With ahliGPT, clients facing queries or challenges in banking and financial services can efficiently secure accurate solutions, resulting in time and effort savings for both bank consumers and staff.
Which primary segments of the ai in banking market are driving growth and industry transformations?
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
Subsegments:
1) By Solution: Chatbots and Virtual Assistants, Fraud Detection and Prevention Solutions, Risk Management Solutions, Customer Analytics Solutions, Automated Wealth Management Solutions
2) By Service: Consulting Services, Implementation Services, Maintenance and Support Services, Training and Education Services, Managed Services
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Which geographical regions are pioneering growth in the ai in banking market?
Asia-Pacific was the largest region in the AI in banking market in 2024. Asia-Pacific is expected to be the fastest-growing region in the global AI in banking market report during the forecast period. The regions covered in the AI in banking market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the influential players reshaping the ai in banking market landscape?
Major companies operating in the AI in banking market include Google LLC, Intel Corporation, Hewlett Packard Enterprise Development LP, accenture* plc, International Business Machines Corporation., Cisco Systems Inc., Oracle Corporation, SAP SE, Infosys Limited, Ally Financial Inc., Fair Isaac Corporation, 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., RapidMiner Inc., BigML Inc., Lingxi Technology Co. Ltd.
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What Is Covered In The AI in Banking Global Market Report?
• Market Size Forecast: Examine the ai in banking market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the ai in banking market for a structured understanding.
• Key Players Overview: Analyze major players in the ai in banking market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the ai in banking market.
• Segment Contributions: Evaluate how different segments drive overall growth in the ai in banking market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the ai in banking market.
• Industry Challenges: Identify potential risks and obstacles affecting the ai in banking market.
• Competitive Landscape: Review strategic developments in the ai in banking market, including expansions, agreements, and new product launches.
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