AI in Banking Market Emerging Technological Trends, Future Growth and Business Opportunities
According to the most recent analysis by Emergen Research, the global artificial intelligence (AI) in banking market is anticipated to reach a market size of USD 130.00 billion by 2027 and register a high revenue CAGR. Growing desire for cutting-edge solutions to improve customer experience in the banking industry is a significant motivator. Increasing demand for solutions to streamline banking procedures is likely to further fuel growth of the worldwide artificial intelligence (AI) market growth during the forecast period. Rising venture capital investments in artificial intelligence (AI) startups are also anticipated to fuel the expansion of the worldwide AI in banking market.
Artificial Intelligence enables banks to manage record-level high-speed data to gain useful insights. Furthermore, the use of biometric fraud detection systems, AI bots, and digital payments all contribute to high-quality services for a larger clientele. A wide range of technologies, including but not limited to Machine Learning, Natural Language Processing, Expert Systems, Vision, Speech, Planning, Robotics, etc., are included in artificial intelligence.
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Key Highlights of Report
- Due to the increasing usage of deep learning & machine learning technique for risk assessment in banks, the deep learning & machine learning sector is predicted to lead among the other technology categories in the worldwide AI in the banking market in terms of market share during the forecast period.
- During the forecast period, the growing requirement to improve customer engagement by using AI-driven virtual assistance, offering 24/7 customer services, and resolving customer complaints is anticipated to support revenue growth of the customer service sector in the worldwide AI in banking market.
- The chatbot segment is anticipated to dominate the global AI in the banking market in terms of revenue share due to the growing demand to provide better customer service in the banking sector.
- 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.
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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; 2020–2027)
Technology Outlook (Revenue, USD Billion; 2020–2027)
- Natural Language Processing
- Deep Learning & Machine Learning
- Computer Vision
Application Outlook (Revenue, USD Billion; 2020–2027)
- Customer Service
- Back Office
- Financial Advisory
- Compliance & Security
- Risk Management
Solution Outlook (Revenue, USD Billion; 2020–2027)
- Customer Behavior Analytics
- Data Analytics & Visualization
- Fraud Detection
- Customer Relationship Management
Regional Outlook (Revenue, USD Billion; 2020–2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- Rest of MEA
About Emergen Research
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trend’s existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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