AI Rides The Surge In Mobile Banking Demand: Powering Innovation and Expansion in the Global AI In Banking Market by 2025

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What Is the Expected CAGR for the AI In Banking Market Through 2025?
The growth of the AI in banking market size has been substantial in the past few years, and it shows no signs of stopping. It is projected to increase from $11.71 billion in 2024 to $15.32 billion in 2025, with a Compound Annual Growth Rate (CAGR) of 30.8%. Factors such as an increase in data within banking, the ability to detect and prevent fraud, improved customer service, cost savings from automation, and competitive pressures contributed to the growth during the historical period.

What's the Projected Size of the Global AI In Banking Market by 2029?
In the upcoming years, the ai in banking market is predicted to witness tremendous expansion, surging to $50.23 billion in 2029 with a compound annual growth rate (CAGR) of 34.6%. The surge during the speculated period is majorly due to the widespread use of AI in credit scoring, multichannel-supporting chatbots, AI-powered wealth management, open banking strategies, and transparent AI. The forecast period is set to observe certain trends such as the utilization of voice and chatbot interfaces for client interaction, predictive analytics for tailoring banking services, ensuring regulatory compliance via AI solutions, integration of blockchain for improved security and transparency, and the emergence 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 AI in banking market is anticipated to see significant growth due to the rising need for mobile banking services. Mobile banking, a service that banks or other financial institutions provide, allows users to make financial transactions from their mobile devices like smartphones or tablets. Since users can make financial transactions at any time and from anywhere with these mobile banking applications, the application of AI in banking is increasing. This trend is expected to persist as mobile banking demand increases. For instance, E-commerce Tips, a US-based e-commerce analytics company, stated in January 2024 that the total number of individuals utilizing two or more forms of digital payments in the United States grew from 51% in 2021 to 62% in 2022. Furthermore, e-commerce accounted for $6.310 trillion of the global digital payments market in 2023, the largest segment, and is projected to grow to $6.913 trillion in 2024. Digital wallets such as PayPal, Venomo, and ApplePay are gaining popularity, but credit cards and checks still make up 39% and 26% of B2B payments in the US. As a result, as mobile banking services demand increases, the AI in banking market growth is expected to correspondingly rise.

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What Trends Will Shape the AI In Banking Market Through 2029 and Beyond?
The rise of technological advancements is a prominent trend emerging in the AI in banking market. In order to maintain their market standing, organizations in this sector are integrating new technologies. A case in point is Jordan Ahli Bank, a financial services provider based in Jordan, which debuted an AI system known as ahliGPT in April 2023. This technology enables users with questions or problems related to banking and financial services to quickly and accurately find solutions, thereby reducing time and effort for both customers and bank staff.

What Are the Main Segments in the AI In Banking Market?
The ai in bankingmarket 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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