Generative Artificial Intelligence (AI) In Banking Market Anticipated To Witness Robust Growth, Surpassing 3.39 Billion By 2029

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What Is the Current Generative Artificial Intelligence (AI) In Banking Market Size and Its Estimated Growth Rate?
The market size for generative artificial intelligence (AI) in the banking sector has experienced a steep growth trajectory in the last several years. The market is projected to expand from $1.16 billion in 2024 to $1.44 billion in 2025, indicating a compound annual growth rate (CAGR) of 24.1%. This significant growth during the historic period can be attributed to factors such as the surge in data accessibility, increasing adoption of cloud computing, demand for customer personalization, regulatory compliance pressures, and the emergence of fintech disruptors.

Anticipated to experience significant escalation in the TH*Coming years, the generative artificial intelligence (AI) market in the banking sector is projected to expand to $3.39 billion by 2029, boasting a compound annual growth rate (CAGR) of 23.9%. This predicted surge over the forecast period can be credited to several dynamics such as the automation of banking operations, the need to detect fraud, the burgeoning digital banking expansion, the rising demand for operational efficiency, and the sharpened focus on customer experience enhancement. The forecasting period is also expected to witness trends like the usage of AI-driven chatbots, adoption of AI for risk management, customization in financial services, the introduction of AI-empowered investment tools, and the amalgamation of AI into mobile banking applications.

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How Are Emerging Segments Shaping the Generative Artificial Intelligence (AI) In Banking Market Landscape?
The generative artificial intelligence (AI) in banking market covered in this report is segmented -

1) By Technology: Natural Language Processing; Deep Learning; Reinforcement Learning; Generative Adversarial Networks; Computer Vision; Predictive Analytics
2) By Deployment Model: Cloud Deployment; On-Premises Deployment; Hybrid Deployment
3) By End-User: Retail Banking Customers; Small And Medium Enterprises; Investment Professionals; Compliance And Risk Management Teams; Operations And Process Optimization; Executives And Decision Makers

Subsegments:
1) By Natural Language Processing (NLP): Chatbots And Virtual Assistants; Sentiment Analysis For Financial Markets; Document And Contract Analysis; Speech Recognition For Customer Service
2) By Deep Learning: Fraud Detection And Prevention; Credit Scoring And Risk Assessment; Predictive Analytics For Investment; Customer Behavior Analysis
3) By Reinforcement Learning: Algorithmic Trading; Portfolio Management And Optimization; Dynamic Pricing Models; Personalized Financial Services
4) By Generative Adversarial Networks (GANs): Synthetic Data Generation For Training Models; Fraud Detection And Risk Management; Customer Data Augmentation For Personalization; Market Simulation And Analysis
5) By Computer Vision: Document Verification And Processing; ATM Surveillance And Security; Image-Based Fraud Detection; Visual Data Extraction For Financial Analysis
6) By Predictive Analytics: Risk Assessment And Management; Credit Scoring And Loan Default Prediction; Customer Churn Prediction; Market Trend Forecasting

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Which Growth Factors Are Influencing Generative Artificial Intelligence (AI) In Banking Market Expansion?
The generative artificial intelligence (AI) in banking market is anticipated to grow due to the increasing need for fraud detection and prevention. This refers to the methods and technologies used to detect, avoid, and handle fraudulent actions. The need for these measures is escalating due to the escalating complexity of fraud strategies and the increasing volume of financial transactions. Generative AI in banking aids in fraud reduction and improves detection by examining extensive data patterns to identify odd transactions and stop fraudulent behavior in real-time. For example, the Australian Bureau of Statistics, a government agency based in Australia, reported in March 2024 that approximately 8.7% of individuals (1.8 million) were victims of card fraud in 2022-23, an increase from the 8.1% rate witnessed in 2021-22. Therefore, the growing need for fraud detection and prevention is fueling the expansion of the generative artificial intelligence (AI) in banking market.

Who Are the Dominant Players Across Different Generative Artificial Intelligence (AI) In Banking Market Segments?
Major companies operating in the generative artificial intelligence (AI) in banking market are Google LLC, Microsoft Corporation, Amazon Web Services (AWS) Inc., accenture* plc, International Business Machines Corporation (IBM), Oracle Corporation, SAP SE, Tata Consultancy Services (TCS) Ltd., Nvidia Corporation, Salesforce Inc., Capgemini SE, Cognizant Technology Solutions Corporation, Infosys Limited, Finastra Group Holdings Limited, Pegasystems Inc., Temenos AG, C3.ai Inc., Clari Inc, DataRobot Inc., Aisera, Kasisto Inc.

What Are the Latest Developing Trends in the Acne Treatment Devices Market?
Leading entities in the generative artificial intelligence (AI) banking market are crafting cutting-edge solutions like responsible generative AI to guarantee ethical, clear, and secure financial dealings whilst improving fraud detection and client service. Responsible generative AI is about creating and utilizing generative AI systems that lay emphasis on ethical norms, fairness, transparency, and accountability. For example, in May 2024, Temenos AG, a software firm based out of Switzerland, introduced Responsible Generative AI solutions for core banking, marking a major breakthrough in AI integration within the finance services industry. These solutions are a key part of Temenos' AI-powered banking platform, designed with an aim to enhance the way banks manage their data, thereby escalating productivity and profitability, while also ensuring compliance and security. Users can interface with the system using natural language queries and generate unique insights and reports swiftly minimizing the time required for business stakeholders to obtain crucial data. This can help in identifying the most lucrative customer segments based on demographics.

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Which Geographic Regions Are Expected to Dominate the Generative Artificial Intelligence (AI) In Banking Market in the Coming Years?
North America was the largest region in the generative artificial intelligence (AI) in banking market in 2024. The regions covered in the generative artificial intelligence (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 Generative Artificial Intelligence (AI) In Banking Market?
2. What is the CAGR expected in the Generative Artificial Intelligence (AI) In Banking Market?
3. What Are the Key Innovations Transforming the Generative Artificial Intelligence (AI) In Banking Industry?
4. Which Region Is Leading the Generative Artificial Intelligence (AI) In Banking Market?

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