The AI In Banking Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s AI In Banking Global Market Report 2024, The AI in banking market size has grown exponentially in recent years. It will grow from $9 billion in 2023 to $11.93 billion in 2024 at a compound annual growth rate (CAGR) of 32.5%. The growth in the historic period can be attributed to data proliferation in banking, fraud detection and prevention, enhanced customer service, cost reduction through automation, competitive pressure.
The AI in banking market size is expected to see exponential growth in the next few years. It will grow to $37.15 billion in 2028 at a compound annual growth rate (CAGR) of 32.8%. The growth in the forecast period can be attributed to expansion of AI in credit scoring, chatbots for multichannel support, AI-driven wealth management, open banking initiatives, explainable AI for transparency. Major trends in the forecast period include voice and chatbot interfaces for customer interaction, predictive analytics for personalized banking services, regulatory compliance through AI solutions, blockchain integration for enhanced security and transparency, rise of robo-advisors in wealth management.
The increasing demand for mobile banking services is expected to propel the growth of AI in banking market going forward. Mobile banking is a service offered by a bank or other financial institution that enables its customers to carry out financial transactions remotely using a mobile device such as a smartphone or tablet. Using a mobile smartphone and mobile banking applications, one may access financial accounts and carry out financial transactions at any time and from any location. The increasing demand for mobile banking services is driving the adoption of AI in banking, and this trend is expected to continue in the future. For instance, in March 2021, according to ACI Worldwide Inc., a US-based payment systems company, in 2020, there were 102.7 billion mobile wallet transactions. By 2025, that number is predicted to rise to 2,582.8 billion. Therefore, the increasing demand for mobile banking services is driving the growth of the AI in banking market going forward.
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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
Major companies operating in the AI banking market are developing innovative products with advanced technologies, such as machine learning, to provide reliable services to customers. Machine learning refers to a subfield of artificial intelligence that uses algorithms to automatically learn insights and recognize patterns from data, enabling software to improve its performance over time. For instance, in December 2022, Nasdaq, a US-based stock exchange company, and Trackinsight, a France-based financial technology company, launched an innovative solution for financial advisors called Fundinsight, a free online platform designed to enhance fund discovery, research, and portfolio management. which allows financial advisors to compare more than 38,000 ETFs and mutual funds.
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