2025-2034 Generative Artificial Intelligence (AI) In Banking Market Outlook: Key Drivers, Emerging Challenges, and Strategic Insights

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What Will the Generative Artificial Intelligence (AI) In Banking Industry Market Size Be by 2025?
The market for generative artificial intelligence (AI) in banking has seen exponential growth recently. The market size, which was valued at $1.16 billion in 2024, is projected to reach $1.43 billion in 2025, projecting a compound annual growth rate (CAGR) of 23.4%. The surge in growth during the historic period is due to various factors such as enhanced data access, increased adoption of cloud computing, growing demand for customer personalization, increased regulatory mandates for compliance, and the emergence of disruptive fintech players.

What's the Long-Term Growth Forecast for the Generative Artificial Intelligence (AI) In Banking Market Size Through 2029?
Expectations for the generative artificial intelligence (ai) in the banking sector market predict a significant surge over the coming years. The market size is predicted to reach $3.33 billion in 2029, growing at a compound annual growth rate (CAGR) of 23.5%. This projected growth during the forecast period is largely due to factors such as the automation of banking operations, the increased demand for fraud detection, advancements in digital banking, a pressing need for higher operational efficiency, and an intensified focus on customer experience. Key market trends forecasted for this period encompass the utilization of AI-driven chatbots, AI-assisted risk management strategies, personalized finance services, AI-enhanced investment tools, and the integration of AI into mobile banking applications.

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What Are the Key Growth Drivers Fueling the Generative Artificial Intelligence (AI) In Banking Market Expansion?
The growing need for fraud detection and prevention is anticipated to boost the development of the generative artificial intelligence (AI) in banking market. Fraud detection and prevention deal with the techniques and strategies used to spot, avert, and manage fraudulent actions. There is a surging demand for these strategies due to escalating levels of fraud sophistication and increasing volumes in financial transactions. Generative AI in banking plays a role in countering fraud and improving detection by examining expansive data patterns, which enables it to notice irregular transactions and stop fraudulent activities in real time. For example, the Australian Bureau of Statistics, a government agency in Australia, reported that around 8.7% of individuals (1.8 million) were victims of card fraud in 2022-23, an increase from the 8.1% rate seen in 2021-22. Consequently, the escalating demand for fraud detection and prevention is fueling the expansion of the generative artificial intelligence (AI) in banking market.

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What Are the Key Trends Driving Generative Artificial Intelligence (AI) In Banking Market Growth?
Leading firms in the generative artificial intelligence (AI) banking market are introducing novel solutions like responsible generative AI, aiming to ensure ethical, transparent, and secure financial operations, and elevating customer service and fraud detection simultaneously. Responsible generative AI system development emphasises the importance of ethical standards, transparency, fairness and accountability. For example, Temenos AG, a software company based in Switzerland, launched its Responsible Generative AI initiative for core banking in May 2024 marking a notable evolution in AI integration within the realm of financial services. These innovative solutions are a component of the AI-infused banking platform of Temenos', engineered to augment how banks manage data, thus heightening productivity and profitability alongside ensuring compliance and security. Through natural language interactions with the system, users can promptly generate exceptional insights and reports, cutting down time required for business stakeholders to access vital data, such as identifying demographic-based profitable customer segments.

How Is the Generative Artificial Intelligence (AI) In Banking Market Segmented?
The generative artificial intelligence (ai) in bankingmarket 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 Companies Are Leading the Charge in Generative Artificial Intelligence (AI) In Banking Market Innovation?
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.

Which Regions Are Leading the Global Generative Artificial Intelligence (AI) In Banking Market in Revenue?
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.

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