AI Rides The Surge In Mobile Banking Demand: A Key Catalyst Accelerating AI in Banking Market Growth in 2025

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What Is the Expected CAGR for the AI in Banking Market Through 2025?
The market size for AI in banking has seen immense growth recently, with projections showing an increase from $11.71 billion in 2024 to $15.37 billion in 2025, representing a compound annual growth rate (CAGR) of 31.3%. Factors contributing to this growth during the historical period include an increase in data within the banking sector, improved fraud detection and prevention measures, superior customer service, reductions in costs due to automation, and increased competition.

What's the Projected Size of the Global AI in Banking Market by 2029?
In the forthcoming years, the AI in banking market size will witness rapid expansion. By 2029, the market will escalate to a value of $50.63 billion, experiencing a compound annual growth rate (CAGR) of 34.7%. This growth during the prediction period can be ascribed to the broadening scope of AI in domains like credit scoring, multichannel support chatbots, AI-based wealth management, open banking agenda, and clear AI for transparency. The upcoming trends to watch for during the forecast duration constitute voice and chatbot interfaces for customer engagement, predictive analytics for tailoring of banking services, AI-enabled regulatory compliance, blockchain amalgamation for improved security and transparency, and the increasing popularity of robo-advisors in wealth management.

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Top Growth Drivers in the AI in Banking Industry: What's Accelerating the Market?
The surge in the need for mobile banking services is anticipated to fuel the advancement of AI in the banking sector. Mobile banking, which is a service provided by financial institutions, allows users to execute financial transactions digitally through handheld devices such as smartphones or tablets. By leveraging these mobile banking apps, customers can manage their finances and execute transactions anytime, anywhere. This escalating need for mobile banking is enhancing the adoption of AI in the banking sector, a trend predicted to persist going forward. As per the January 2024 report by E-commerce Tips, a US-established e-commerce insights company, the proportion of US citizens utilizing more than one digital payment method increased from 51% (2021) to 62% (2022). Additionally, e-commerce, the largest sector of the global digital payments market, represented $6.310 trillion in 2023, and is projected to reach $6.913 trillion in 2024. The proliferation of digital wallets like PayPal, Venomo, and ApplePay is noteworthy, but credit cards and checks continue to account for 39% and 26% of B2B payments in the US. Consequently, this heightened demand for mobile banking services is set to drive the expansion of the AI in banking market in the upcoming years.

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What Trends Will Shape the AI in Banking Market Through 2029 and Beyond?
The infiltration of technological innovations is an emerging trend in the AI in banking market. To maintain their market position, companies in the AI in banking sector are embracing new technologies. For example, in April 2023, Jordan Ahli Bank, a financial services organization based in Jordan, introduced an AI system technology known as ahliGPT. This technology enables customers with banking and financial services queries or problems to procure answers swiftly and precisely, thereby conserving time and effort for both bank customers and staff.

What Are the Main 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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Which Top Companies are Driving Growth in the AI in Banking Market?
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.

Which Regions Will Dominate the AI in Banking Market Through 2029?
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.

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