Press release
AI Rides The Surge In Mobile Banking Demand: A Significant Driver Propelling The AI in Banking Market In 2025
AI in Banking
What Is the AI in Banking Market Size and Projected Growth Rate?
In recent times, the market size for AI in banking has been on a significant increase. It is projected to rise from $11.71 billion in 2024 to $15.37 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 31.3%. The strong growth during the historical period is due to factors such as increased data in banking, improved customer service, successful fraud detection and prevention, a reduction in costs via automation, and competitive stress.
In the coming years, the AI in banking market size is anticipated to witness significant expansion. The market's value is projected to reach $50.63 billion by 2029, with a compound annual growth rate (CAGR) of 34.7%. Factors fuelling this growth throughout the forecast period include the broadening applications of AI in areas such as credit scoring, multichannel support chatbots, AI-led wealth management, open banking endeavours, and the implementation of explainable AI for greater transparency. The upcoming period's key trends encompass voice and chatbot interfaces for customer communication, the use of predictive analytics to tailor banking services, AI solutions ensuring regulatory compliance, security and transparency reinforcement through blockchain incorporation, and the emergence of robo-advisors in the wealth management sector.
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What Are the Major Segments in the AI in Banking Market?
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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What Are The Driving AI in Banking Market Evolution?
The burgeoning need for mobile banking facilities is projected to be a catalyst for the advancement of AI in the banking ecosystem. Essentially, mobile banking, facilitated by financial bodies, permits customers to execute monetary transactions digitally via mobile gadgets such as tablets or smartphones. By capitalizing on mobile handsets and banking applications, individuals can manage their financial undertakings anytime and anywhere. This escalating interest in mobile banking platforms has spurred the assimilation of AI within banking infrastructures, a movement likely to persist. For instance, data from E-commerce Tips, a US-centric e-commerce analysis firm, from January 2024, exhibit an uptick in digital payment engagements from 51% in 2021 to 62% in 2022. Moreover, e-commerce, constituting the majority of the worldwide digital payments market, represented approximately $6.31 trillion in 2023 and is anticipated to reach $6.913 trillion in 2024. The emergence of digital wallets such as PayPal, Venomo, and ApplePay has not displaced the usage of credit cards and checks in B2B transactions in the US, still accounting for 39% and 26%, respectively. Consequently, the growing appeal for mobile banking facilities is propelling the development of AI in banking markets.
Which Firms Dominate The AI in Banking Market Segments?
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.
What Trends Are Expected to Dominate the AI in Banking Market in the Next 5 Years?
The adoption of cutting-edge technologies is a prominent trend emerging in the AI in banking industry. To maintain their market position, firms in this sector are incorporating novel technologies. As an illustration, the Jordan Ahli Bank, a financial firm based in Jordan, initiated a technology named ahliGPT, powered by AI in April 2023. This technology facilitates quick and precise responses to customer queries or problems related to banking and financial services, thereby saving time and effort for both the bank's customers and employees.
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Which Is The Largest Region 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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the AI in Banking Market?
2. What is the CAGR expected in the AI in Banking Market?
3. What Are the Key Innovations Transforming the AI in Banking Industry?
4. Which Region Is Leading the AI in Banking Market?
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