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AI in banking market Size – USD 8.30 Billion in 2019, Market Growth – at a CAGR of 42.9%,
VANCOUVER, BC, CANADA, May 4, 2022 /EINPresswire.com / -- 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 Global AI in Banking Market Report offers extensive knowledge and information about the AI in Banking market pertaining to market size, market share, growth influencing factors, opportunities, and current and emerging trends.
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Key Highlights of 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.
Due to growing need to offer improved customer service in the banking industry, the Chatbot segment is projected to lead in terms of revenue share in the global AI in the banking market during the forecast period.
Factors such as growing emphasis of banks in countries in North America on enhancing banking operations with the use of advanced technologies are resulting in the market in the region accounting for comparatively larger revenue share than other regional markets.
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The report discusses in detail the growth opportunities, challenges, market drivers and restraints, limitations, threats, and demands of the AI in Banking market. The study further assesses the regional market as well as the international market to garner an insight into the scope of the market. The report also offers estimations and predictions about the market segment and sub-segments exhibiting promising growth in the forecast timeline. The report also provides deeper insights into the technological advancements, industrial landscape, and emerging product and technological developments in the AI in Banking market. It offers fruitful insights into the business sphere to help businesses capitalize on the lucrative growth opportunities.
The report, additionally, offers a comprehensive SWOT analysis and Porter's Five Forces analysis to offer a better understanding of the competitive landscape of the industry. It also covers strategies adopted by prominent players such as mergers and acquisitions, collaborations, joint ventures, product launches, and brand promotions, among others. The report aims to offer the readers a holistic understanding of the relevant features of the industry.
Key Players Profiled in the Report are: 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.
Furthermore, the report provides a comprehensive overview of the AI in Banking market along with product portfolio and market performance. The report offers key insights into market share, supply chain analysis, demand and supply ratio, import/export details, and product and consumption patterns. To gain a better understanding, the report is further segmented into sections such as product types offered by the market, application spectrum, companies, and key geographical regions where the market has established its presence.
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Analysis of the segments and their growth projection is carried out by extensive historical and current analysis of the market scenario. Further, the report offers details about the factors and features of the AI in Banking market expected to boost the growth of the industry in the coming years.
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)
Service
Hardware
Software
Technology Outlook (Revenue, USD Billion; 2020–2027)
Natural Language Processing
Deep Learning & Machine Learning
Computer Vision
Others
Application Outlook (Revenue, USD Billion; 2020–2027)
Customer Service
Back Office
Financial Advisory
Compliance & Security
Risk Management
Others
Solution Outlook (Revenue, USD Billion; 2020–2027)
Customer Behavior Analytics
Data Analytics & Visualization
Fraud Detection
Customer Relationship Management
Chatbot
Others
Key Questions Answered in the Report:
What is the growth rate of the AI in Banking market? What is the anticipated market valuation of AI in Banking industry by 2028?
What are the key growth driving and restraining factors of the AI in Banking market?
Who are the prominent players operating in the market? What are the key strategies adopted by these companies?
What are the key opportunities and growth prospects of the AI in Banking industry over the forecast period?
Which region is expected to show significant growth in the coming years?
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Regional Outlook
North America (US, Canada, Mexico, etc.)
Europe (Germany, UK, France, Italy, Russia, Spain, etc.)
Asia Pacific (China, Japan, South Korea, India, Australia, Southeast Asia, etc.)
South America (Brazil, Argentina, Colombia, Chile, etc.)
Middle East and Africa (South Africa, Egypt, Nigeria, Saudi Arabia, etc.)
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At Emergen Research, we believe in advancing with technology. We are a growing market research and strategy consulting company with an exhaustive knowledge base of cutting-edge and potentially market-disrupting technologies that are predicted to become more prevalent in the coming decade.
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Emergen Research
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