The AI in Banking Market is expected to be valued at USD 130.00 billion by 2027 from USD 8.30 Billion in 2019, registering a CAGR of 42.9% through the forecast period, according to the latest report by Emergen Research. The rising demand for innovative tools to boost customer service in the banking sector is a key driving force. During the forecast period, the growing demand for solutions to simplify banking operations is expected to further fuel the growth of the global artificial intelligence (AI) market. Growing investment in capital ventures in artificial intelligence (AI) businesses is also expected to fuel global AI in the banking industry growth.
During the forecast period, the high cost of AI-driven solutions is expected to hamper the growth of global artificial intelligence (AI) in the banking industry to some extent.
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Key Report Highlights
- Due to the growing implementation of banks’ AI-driven applications, including Customer Relationship Management (CRM), Data Analytics & Visualization, and Chatbot to boost customer experience and back-office operations, during the forecast period, the software sub-segment is projected to report a significant CAGR of 43.1%.
- In terms of market share, due to the rising adoption of the deep learning & machine learning approach for risk assessment in banks, the deep learning & machine learning sub-segment is expected to lead the technology segment of the global AI in the banking market during the forecast period.
- The growing need to improve customer engagement by incorporating AI-driven virtual assistance and delivering 24/7 customer services, and responding to customer requests and complaints is expected to contribute to customer service sub-segment revenue growth in the global AI in banking market during the forecast period.
- The Chatbot sub-segment is projected to lead in terms of revenue share in the global AI in the banking market during the forecast period due to the increasing need to provide better customer support in the banking industry.
- Factors such as the rising focus on improving banking operations through the use of advanced technology by banks in North American countries result in the region accounting for a comparatively higher revenue share than other regional markets.
- Key market participants include Amazon Web Services Inc., Microsoft Corporation, Google LLC, Intel Corporation, Oracle Corporation, Salesforce.com, Inc., SAP SE, Baidu, Inc., Comply Advantage Ltd, and Interactions LLC.
- In October 2020, SigOpt, Inc. was acquired by Intel Corporation. Intel will expand artificial intelligence (AI) software solution offerings through the acquisition and enhance AI performance and productivity.
Emergen Research has segmented the global AI in banking market on the basis of component, technology, application, solution, and region.
- Component Outlook (Revenue, USD Billion; 2017–2027)
- Service
- Hardware
- Software
- Technology Outlook (Revenue, USD Billion; 2017–2027)
- Natural Language Processing
- Deep Learning & Machine Learning
- Computer Vision
- Others
- Application Outlook (Revenue, USD Billion; 2017–2027)
- Customer Service
- Back Office
- Financial Advisory
- Compliance & Security
- Risk Management
- Others
- Solution Outlook (Revenue, USD Billion; 2017–2027)
- Customer Behavior Analytics
- Data Analytics & Visualization
- Fraud Detection
- Customer Relationship Management
- Chatbot
- Others
- Regional Outlook (Revenue, USD Billion; 2017–2027)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- India
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- Rest of MEA
- North America
To get leading market solutions, visit the link below:
https://www.emergenresearch.com/industry-report/ai-in-banking-market