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Enhanced Financial Accessibility On AI In Financial Wellness: Powering Innovation and Expansion in the Artificial Intelligence (AI) In Financial Wellness Market by 2025
Artificial Intelligence (AI) In Financial Wellness Market Size
What Is the Expected CAGR for the Artificial Intelligence (AI) In Financial Wellness Market Through 2025?
In recent times, the dimensions of the artificial intelligence (AI) market in the financial wellness sector have demonstrated significant expansion. It is anticipated to escalate from a market size of $17.73 billion in 2024 and reach $23.74 billion by 2025, with a compound annual growth rate (CAGR) of 33.9%. This hefty growth rate in the historical period could be credited to the evolution of fintech companies, an upsurge in the digital transformation of financial services, mounting demand for tailor-made financial solutions among consumers, the rising consciousness of financial wellness, and economic uncertainty.
What's the Projected Size of the Global Artificial Intelligence (AI) In Financial Wellness Market by 2029?
Anticipations are high for a significant expansion of the artificial intelligence (AI) in financial wellness market in the coming years, with estimates showing it could reach $75.72 billion by 2029, expanding at a compound annual growth rate (CAGR) of 33.6%. This predicted growth in the forecast period is due to a surge in demand for automated financial services, broader financial wellness schemes by employers, a heightened emphasis on financial education, increased attention to mental health and financial wellness, as well as the infiltration of AI into new financial service segments. Key trends expected to propel the market during the forecast period are the amalgamation of AI with blockchain technology, the use of AI in wealth management platforms, the uptake of mobile banking, the implementation of AI-based customer assistance solutions, and AI-powered fraud detection systems.
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Top Growth Drivers in the Artificial Intelligence (AI) In Financial Wellness Industry: What's Accelerating the Market?
The rise in financial accessibility is projected to fuel the expansion of the artificial intelligence (AI) in the financial wellness market. Financial accessibility broadly pertains to the convenience and possibility for individuals to reach and exploit financial services and goods, without their economic condition, location, or financial history being a hindrance. The enrichment of financial accessibility is vital to guarantee that a larger fraction of individuals can take advantage of financial services, amass wealth, and attain financial stability, ultimately driving economic inclusion and mitigating financial disparity. Artificial Intelligence facilitates financial accessibility by delivering personalized, automated financial guidance and services that benefit the unaddressed demographics, simplifies intricate financial activities, and presents economical solutions personalised to individual demands. As an example, in October 2023, as per the statement released by the International Monetary Fund, a financial institution based in the US, Europe and the Western Hemisphere observed considerable progress in mobile and internet banking, with online banking transactions per 1,000 adults augmenting by over 20% in 2022. Moreover, in the Asia and Pacific section, the count of deposit accounts increased by 13% in 2022, primarily driven by the surge in China, Nepal, and Indonesia. Hence, the amplification of financial accessibility will catalyse the progression of artificial intelligence (AI) in the financial wellness market.
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What Trends Will Shape the Artificial Intelligence (AI) In Financial Wellness Market Through 2029 and Beyond?
Leading firms in the artificial intelligence (AI) financial wellness market are concentrating on virtual tools like AI advisors in order to boost customized finance guidance for improved finance decisions. AI advisors are AI-powered virtual assistants offering personalized financial advice, support, and guidance based on user data and real-time analytics. For instance, a prominent fintech firm in the US, EarnUp Inc., that specializes in offering creative financial wellness solutions for individuals and financial establishments, launched AI Advisor in July 2024 - a groundbreaking product designed to transform the way financial institutions interact with customers. It is tailored to oversee consumer financial wellness in a comprehensive manner, offering expert advice along with seamless execution, thus serving as an essential tool for augmenting customer engagement. AI Advisor uses cutting-edge artificial intelligence to present ultra-personalized insights and guidance, helping users make informed choices to achieve their financial objectives. This innovative product scrutinizes real-time banking and credit data to furnish personalized solutions and product recommendations, thereby improving user experience and fostering financial comprehension.
What Are the Main Segments in the Artificial Intelligence (AI) In Financial Wellness Market?
The artificial intelligence (AI) in financial wellness market covered in this report is segmented -
1) By Type: Software, Service
2) By Deployment Type: Cloud-Based, On-Premises
3) By Application: Wealth Management, Fraud Detection And Prevention, Risk Management And Compliance, Customer Service And Support, Other Applications
4) By End-User Type: Financial Institutions, Enterprises, Individuals
Subsegments:
1) By Software: AI-Powered Financial Planning Software, Personal Finance Management Tools, AI-Based Budgeting And Expense Tracking Software, Credit Scoring And Risk Assessment Tools, AI-Driven Investment Advisory Software, Financial Forecasting And Analytics Software, Automated Tax Filing And Optimization Software, Debt Management And Consolidation Software
2) By Service: AI Integration And Implementation Services, Financial Wellness Consultation And Advisory Services, Personalized Financial Coaching Services, AI-Based Financial Education Services, Data Analytics And Insights For Financial Wellness, Post-Implementation Support And Maintenance Services, AI-Driven Risk Management And Fraud Prevention Services
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Which Top Companies are Driving Growth in the Artificial Intelligence (AI) In Financial Wellness Market?
Major companies operating in the artificial intelligence (AI) in financial wellness market are Prudential Financial Inc., Fidelity National Financial, Transamerica Corporation, Nu Pagamentos S.A. (Nubank), Mercer LLC, Ayco a Goldman Sachs Company, Ramsey Solutions LLC, Purchasing Power LLC, Personetics Technologies Inc., Wealthfront Corporation, Aduro Inc., Health Advocate Inc., PayActiv Inc., HealthCheck360 a division of Cottingham & Butler, Fyle Technologies Private Limited, Ellevest Inc., Financial Fitness Group, EarnUp Inc., Brigit, BrightDime Inc., Edukate Inc., Enrich Financial Wellness, Money Starts Here, SUM180 Inc., Best Money Moves LLC
Which Regions Will Dominate the Artificial Intelligence (AI) In Financial Wellness Market Through 2029?
North America was the largest region in the artificial intelligence (AI) in financial wellness market in 2024. The regions covered in the artificial intelligence (AI) in financial wellness market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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