Generative Artificial Intelligence (AI) In Banking And Finance Market : Technology Advancements, Industry Insights, Trends And Forecast 2033

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The generative artificial intelligence (ai) in banking and finance global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.

Generative Artificial Intelligence (AI) In Banking And Finance Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.

Market Size –
The generative artificial intelligence (AI) in the banking and finance market size has grown exponentially in recent years. It will grow from $0.97 billion in 2023 to $1.3 billion in 2024 at a compound annual growth rate (CAGR) of 34.5%. The growth in the historic period can be attributed to the digital transformation of financial services, the need for enhanced customer experiences, the rise of data analytics capabilities, increasing regulatory compliance demands, the necessity for fraud detection and risk management, growing importance of operational efficiency and cost reduction.
The generative artificial intelligence (AI) in the banking and finance market size is expected to see exponential growth in the next few years. It will grow to $4.27 billion in 2028 at a compound annual growth rate (CAGR) of 34.7%. The growth in the forecast period can be attributed to the demand for personalized financial services, integration of AI with existing banking systems for streamlined operations, need for predictive analytics in risk management, focus on enhancing customer trust and transparency, urgency to address data privacy concerns, rapid evolution of workforce skills to support AI initiatives, competitive pressure to leverage advanced AI technologies for maintaining market advantage. Major trends in the forecast period include the integration of generative AI into risk management and fraud detection systems, expansion of AI capabilities in algorithmic trading and investment strategies, enhancement of regulatory compliance through automated reporting, the rise of AI-powered virtual assistants for customer service, development of advanced predictive analytics for market forecasting, growing emphasis on ethical AI practices to ensure transparency and fairness in AI applications.

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The Business Research Company’s reports encompass a wide range of information, including:

1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.

2. Drivers: Examination of the key factors propelling market growth.

3. Trends: Identification of emerging trends and patterns shaping the market landscape.

4. Key Segments: Breakdown of the market into its primary segments and their respective performance.

5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.

6. Macro Economic Factors: Assessment of broader economic elements impacting the market.

Market Drivers –
The increasing focus on data security is expected to propel the growth of generative artificial intelligence (AI) in banking and finance. Data security refers to the practice of protecting digital information from unauthorized access, corruption, or theft throughout its lifecycle. It involves implementing measures and controls to ensure the confidentiality, integrity, and availability of data. The rising focus on data security is due to increasing cyber threats, regulatory requirements, and the need to protect sensitive information from breaches and loss. Generative AI helps improve data security in banking and finance by detecting unusual patterns, predicting potential threats, and automating security protocols to better safeguard sensitive financial data. For instance, in March 2022, according to the 2021 Internet crime report published by the Federal Bureau of Investigation, a US-based law enforcement agency, the number of victims of personal data breaches was 51,829 in 2021. Furthermore, in March 2023, according to the Federal Bureau of Investigation, a law enforcement agency, the number of victims of personal data breaches was 58,859. Therefore, increasing focus on data security is driving the growth of generative artificial intelligence (AI) in the banking and finance markets.

Market Trends –
Major companies operating in generative artificial intelligence (AI) in the banking and finance markets are focusing on advanced technologies, such as cloud-based artificial intelligence (AI) platforms, to enhance operational efficiency, automate complex financial processes, improve customer service through personalized interactions, and provide advanced analytics for better decision-making and risk management. Cloud-based artificial intelligence (AI) platforms are integrated cloud services that provide AI capabilities through online platforms. They allow organizations and developers to build, deploy, and manage AI models and applications without needing to invest in and maintain physical hardware or manage complex infrastructure. For instance, in September 2023, Ally Financial Inc., a US-based financial services company, launched Ally.ai. It is a proprietary, cloud-based artificial intelligence (AI) platform designed to enhance the company’s financial services through advanced machine-learning algorithms and natural language processing. The platform aims to improve customer interactions by providing personalized financial advice, automating routine tasks, and offering predictive analytics to optimize financial decision-making and operational efficiency.

The generative artificial intelligence (AI) in banking and finance market 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: On-Premises, Cloud-Based
3) By Application: Fraud Detection, Customer Service, Risk Assessment, Compliance, Trading And Portfolio Management
4) By End-User: Banks, Insurance Companies, Investment Firms, Fintech Companies

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Regional Insights –
North America was the largest region in the generative artificial intelligence (AI) in banking and finance market in 2023.Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the generative artificial intelligence (AI) in banking and finance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Key Companies –
Major companies operating in the generative artificial intelligence (AI) in banking and finance market are Microsoft Corporation, Wells Fargo & Co, Amazon Web Services Inc., HSBC Holdings plc, International Business Machines Corporation, American Express, Morgan Stanley & Co LLC, Goldman Sachs Group Inc., ING Group, Oracle Corporation, SAP SE, Nvidia Corporation, Salesforce Inc., NatWest Group plc., Lloyds Banking Group, Oversea-Chinese Banking, SAS Institute Inc., SymphonyAI LLC, DataRobot Inc., Rasa Technologies Inc.

Table of Contents
1. Executive Summary
2. Generative Artificial Intelligence (AI) In Banking And Finance Market Report Structure
3. Generative Artificial Intelligence (AI) In Banking And Finance Market Trends And Strategies
4. Generative Artificial Intelligence (AI) In Banking And Finance Market – Macro Economic Scenario
5. Generative Artificial Intelligence (AI) In Banking And Finance Market Size And Growth
…..
27. Generative Artificial Intelligence (AI) In Banking And Finance Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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