Growing demand for data-driven decision-making solution and increasing demand for better fraud detection solution is driving Artificial Intelligence in banking market growth.
Vancouver, Nov. 06, 2023 (GLOBE NEWSWIRE) -- The global artificial intelligence (AI) in Banking market is expected to reach a market size of USD 774.65 Billion by 2032 and register a substantially high revenue CAGR, according to latest analysis by Emergen Research. Due to growing demand for data-driven decision-making solutions in banks, the global AI in banking market is expected to grow substantially over the forecast period.
Increasing demand for better fraud detection solutions for early detection of fraudulent activities in the banking sector is expected to further propel global AI in banking market growth during the forecast period. Increasing demand for risk analysis in the banking sector, resulting in a rise in application of risk management solutions, is expected to drive global AI in banking market growth over the forecast period.
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However, artificial intelligence-enabled solutions are vulnerable to cyber-attacks, which is expected to hamper growth of the global AI in banking market to some extent during the forecast period.
Segments Covered in the report.
| Report Details | Outcome |
| The market size in 2019 | USD 8.30 Billion |
| CAGR (2023–2032) | 42.9% |
| The revenue forecast in 2032 | USD 774.65 Billion |
| Base year for estimation | 2019 |
| Historical data | 2016–2018 |
| Forecast period | 2023–2032 |
| Quantitative units | Volume in tons, revenue in USD Billion, and CAGR from 2023 to 2032 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Component, Technology, Application, Solution, and Region |
| Regional scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
| Country scope | U.S.; Canada; Mexico; U.K.; Germany; France; BENELUX; Italy; Spain; China; India; Japan; South Korea; Brazil; Saudi Arabia; South Africa; Turkey |
| Key companies profiled | 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 |
| Customization scope | 10 hours of free customization and expert consultation |
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MAJOR COMPANIES and Market Share Analysis
The AI in banking market is fragmented, with a substantial number of large- and medium-sized players accounting for a significant share in the global market revenue. Some of the top players are:
-
- Amazon Web Services, Inc.
- Microsoft Corporation
- Google LLC
- Intel Corporation
- Oracle Corporation
- Salesforce.com, Inc.
- SAP SE
- Baidu, Inc.
- Comply Advantage Ltd.
- Interactions LLC
Strategic Development
- In November 2020, Cnvrg.io was acquired by Intel Corporation. This acquisition will strengthen Intel’s capabilities to develop machine learning models and boost its artificial intelligence business.
- In October 2018, Onward Technologies Limited was acquired by Google LLC. The acquisition enhances Google’s expertise to develop natural language processing built and artificial intelligence (AI) driven enterprise chatbot.
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Key Highlights of Report
- Due to substantial implementation of AI accelerators, including microchips and microprocessors, to increase the processing speed of AI-driven applications, the hardware segment revenue is projected to register a significant CAGR of 43.0% during the forecast period.
- Due to growing usage of natural language processing technology to optimize customers’ experience through implementation of chatbots to resolve customer queries and address their concerns, the natural language processing segment is expected to register substantial growth in terms of revenue during the forecast period.
- Due to rising implementation of artificial intelligence technology to offer efficient and reliable financial advice to customers, the financial advisory segment is expected to register substantial growth in terms of revenue during the forecast period.
- The fraud detection segment is expected to register substantial growth in terms of market share during the forecast period due to the increasing need to more efficiently detect fraudulent activity in banks.
- Due to increasing demand for artificial intelligence-enabled advanced platforms that offer algorithm-driven financial and investment management advice in banks in European countries, the market in the region is expected to register substantial revenue growth during the forecast period.
- In December 2019, Habana Labs Ltd. – a pioneer in artificial intelligence chipmaking – was acquired by Intel Corporation. Through this acquisition, Intel will strengthen its artificial intelligence (AI) accelerator portfolio.
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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; 2023–2032)
- Service
- Hardware
- Software
- Technology Outlook (Revenue, USD Billion; 2023–2032)
- Natural Language Processing
- Deep Learning & Machine Learning
- Computer Vision
- Others
- Application Outlook (Revenue, USD Billion; 2023–2032)
- Customer Service
- Back Office
- Financial Advisory
- Compliance & Security
- Risk Management
- Others
- Solution Outlook (Revenue, USD Billion; 2023–2032)
- Customer Behavior Analytics
- Data Analytics & Visualization
- Fraud Detection
- Customer Relationship Management
- Chatbot
- Others
- Regional Outlook (Revenue, USD Billion; 2023–2032)
- 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
- UAE
- Rest of MEA
- North America
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