The report talks about the shift in demands and emerging trends that are expected to drive the growth of the Artificial intelligence (AI) in Banking Market. The rising demand for the Artificial intelligence (AI) in Banking Market is expected to drive the demand for Artificial intelligence (AI) in Banking Market, thereby bolstering the growth of the industry. Moreover, the report also studies the impact of the COVID-19 pandemic on the market.
The global artificial intelligence (AI) in Banking market is expected to reach a market size of USD 130.00 Billion by 2027 and register a high revenue CAGR, according to latest analysis by Emergen Research. A key driving factor includes growing demand for advanced tools to enhance customer experience in the banking sector. Increasing demand for solutions to simplify banking operations is expected to further fuel growth of the global artificial intelligence (AI) market growth during the forecast period. Rising capital venture investment in artificial intelligence (AI) companies is also expected to propel global AI in banking market growth. The high cost of artificial intelligence-driven solutions is expected to hamper growth of the global artificial intelligence (AI) in banking market to a certain extent during the forecast period.
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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.
The latest research report entails an in-depth analysis of the current growth opportunities for various regions of the Artificial intelligence (AI) in Banking market, gauging their revenue share over the forecast timeline. Furthermore, the report analysis the year-on-year growth rate of these regions over the forecast duration. The leading market regions profiled in the report are North America, Europe, Asia Pacific, Latin America, and Middle East Africa.
The research report on the Artificial intelligence (AI) in Banking market is formulated through extensive primary and secondary research along with qualitative and quantitative analysis of vital aspects of the market. The insightful data is further validated and verified by the industry professionals. The report strives to offer deeper insights into the overall market scenario of the Artificial intelligence (AI) in Banking business sphere.
Key Highlights of the Report
- Due to increasing implementation of AI-driven applications in the banks, including customer relationship management (CRM), data analytics visualization, and chatbot to enhance customer experience and back-office activities, the software segment is projected to register a significant revenue CAGR of 43.1% during the forecast period.
- In terms of market share, the deep learning machine learning segment is expected to lead among the other technology segments in the global AI in the banking market during the forecast period due to growing adoption of deep learning machine learning approach for risk assessment in banks.
- Increasing need to optimize customer engagement by introducing AI-driven virtual assistance and provide 24/7 customer services and answer customer queries and grievances is expected to contribute to revenue growth of the customer service segment in the global AI in the banking market during the forecast period.
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
The report addresses the following key points:
- The report provides a forecast of AI in banking market drivers, restraints, and future opportunities for the AI in banking market
- The report further analyses the changing market dynamics
- Regional analysis and segmentation of the AI in banking market with analysis of the regions and segments expected to dominate the market growth
- Extensive competitive landscape mapping with profiles of the key competitors
- In-depth analysis of business strategies and collaborations such as mergers and acquisitions adopted by the key companies
- Revenue forecast, country scope, application insights, and product insights
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