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Artificial Intelligence (AI) in banking market
Stay up to date with Artificial Intelligence (AI) in Banking market research by HTF MI. Check how key trends and drivers are shaping this industry growth.
The Artificial Intelligence (AI) in Banking market size is estimated to reach by USD 66.24 Billion at a CAGR of 33.61% by 2030. The Current market value is pegged at USD 15.7 Billion.” - Nidhi BhawsarPUNE, MAHARASHTRA, INDIA, August 21, 2024 /EINPresswire / -- According to HTF Market Intelligence, the Global Artificial Intelligence (AI) in Banking market to witness a CAGR of 33.61% during the forecast period (2024-2030). The Latest Released Artificial Intelligence (AI) in Banking Market Research assesses the future growth potential of the Artificial Intelligence (AI) in Banking market and provides information and useful statistics on market structure and size.
This report aims to provide market intelligence and strategic insights to help decision-makers make sound investment decisions and identify potential gaps and growth opportunities. Additionally, the report identifies and analyses the changing dynamics and emerging trends along with the key drivers, challenges, opportunities and constraints in the Artificial Intelligence (AI) in Banking market. The Artificial Intelligence (AI) in Banking market size is estimated to reach by USD 66.24 Billion at a CAGR of 33.61% by 2030. The report includes historic market data from 2019 to 2023. The Current market value is pegged at USD 15.7 Billion.
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The Major Players Covered in this Report: JPMorgan Chase & Co. (United States), Bank of America Corporation (United States), Citigroup Inc. (United States), HSBC Holdings plc (United Kingdom), Industrial and Commercial Bank of China Limited (China), Wells Fargo & Company (United States), Barclays PLC (United Kingdom), Royal Bank of Scotland Group plc (United Kingdom), Banco Santander S.A. (Spain), Deutsche Bank AG (Germany), Goldman Sachs Group, Inc. (United States), BNP Paribas SA (France)
Definition:
The Artificial Intelligence (AI) in Banking market refers to the application and integration of artificial intelligence technologies and solutions within the banking and financial services sector. AI is employed to enhance various aspects of banking operations, customer interactions, risk management, fraud detection, and decision-making processes. It leverages machine learning, data analytics, natural language processing, and other AI techniques to streamline operations, improve customer experiences, and make more informed and efficient financial decisions. AI-powered chatbots, virtual assistants, and personalized recommendations are used to provide real-time customer support, answer inquiries, and enhance customer engagement through digital channels. AI algorithms analyze transaction data, user behavior, and patterns to detect fraudulent activities, including credit card fraud, identity theft, and cyberattacks. AI models assess credit risk, investment risk, and market risk, helping banks make informed lending and investment decisions while minimizing potential losses.
Market Trends:
.The use of AI-powered chatbots and virtual assistants for customer service and support is growing. These chatbots can handle routine inquiries, assist with account management, and provide personalized recommendations.
.AI enables banks to offer highly personalized banking experiences. Through data analysis, AI systems can tailor financial products and services to individual customer needs, improving customer satisfaction and loyalty.
Market Drivers:
.The proliferation of data in the banking industry provides ample opportunities for AI-driven insights and decision-making.
.Regulatory requirements and the need for compliance are driving the adoption of AI for risk management and fraud detection.
.Customers increasingly expect personalized, convenient, and responsive banking services, which AI can provide.
Market Opportunities:
.AI can automate routine tasks and processes, reducing operational costs and increasing efficiency.
.AI-driven personalization and chatbots can significantly improve customer experiences, leading to increased customer satisfaction and retention.
.AI can identify opportunities for cross-selling and upselling financial products, creating new revenue streams for banks.
.AI-powered fraud detection can help banks minimize financial losses due to fraudulent activities.
Market Challenges:
.Handling sensitive financial data requires strict adherence to data privacy regulations, which can be a challenge.
.As AI systems become more integral to banking operations, they become attractive targets for cyberattacks.
.Integrating AI systems with existing banking infrastructure and legacy systems can be complex and costly.
Market Restraints:
.There is a shortage of professionals with AI expertise in the banking industry, making it challenging to implement AI initiatives effectively.
.The use of AI in banking raises ethical questions, particularly regarding the fairness and transparency of AI-driven decisions.
.Banks must build and maintain customer trust in AI systems to ensure successful adoption.
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The titled segments and sub-sections of the market are illuminated below:
In-depth analysis of Artificial Intelligence (AI) in Banking market segments by Types: Solution, Service
Detailed analysis of Artificial Intelligence (AI) in Banking market segments by Applications: Customer service/engagement (Chatbot), Robo Advice, General Purpose / Predictive Analytics, Cybersecurity, Credit Scoring / Direct Lending
Major Key Players of the Market: JPMorgan Chase & Co. (United States), Bank of America Corporation (United States), Citigroup Inc. (United States), HSBC Holdings plc (United Kingdom), Industrial and Commercial Bank of China Limited (China), Wells Fargo & Company (United States), Barclays PLC (United Kingdom), Royal Bank of Scotland Group plc (United Kingdom), Banco Santander S.A. (Spain), Deutsche Bank AG (Germany), Goldman Sachs Group, Inc. (United States), BNP Paribas SA (France)
Geographically, the detailed analysis of consumption, revenue, market share, and growth rate of the following regions:
- The Middle East and Africa (South Africa, Saudi Arabia, UAE, Israel, Egypt, etc.)
- North America (United States, Mexico & Canada)
- South America (Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, etc.)
- Europe (Turkey, Spain, Turkey, Netherlands Denmark, Belgium, Switzerland, Germany, Russia UK, Italy, France, etc.)
- Asia-Pacific (Taiwan, Hong Kong, Singapore, Vietnam, China, Malaysia, Japan, Philippines, Korea, Thailand, India, Indonesia, and Australia).
Objectives of the Report:
- -To carefully analyse and forecast the size of the Artificial Intelligence (AI) in Banking market by value and volume.
- -To estimate the market shares of major segments of the Artificial Intelligence (AI) in Banking market.
- -To showcase the development of the Artificial Intelligence (AI) in Banking market in different parts of the world.
- -To analyse and study micro-markets in terms of their contributions to the Artificial Intelligence (AI) in Banking market, their prospects, and individual growth trends.
- -To offer precise and useful details about factors affecting the growth of the Artificial Intelligence (AI) in Banking market.
- -To provide a meticulous assessment of crucial business strategies used by leading companies operating in the Artificial Intelligence (AI) in Banking market, which include research and development, collaborations, agreements, partnerships, acquisitions, mergers, new developments, and product launches.
Global Artificial Intelligence (AI) in Banking Market Breakdown by Application (Customer service/engagement (Chatbot), Robo Advice, General Purpose / Predictive Analytics, Cybersecurity, Credit Scoring / Direct Lending) by Component (Solution, Service) and by Geography (North America, South America, Europe, Asia Pacific, MEA)
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Key takeaways from the Artificial Intelligence (AI) in Banking market report:
– Detailed consideration of Artificial Intelligence (AI) in Banking market-particular drivers, Trends, constraints, Restraints, Opportunities, and major micro markets.
– Comprehensive valuation of all prospects and threats in the
– In-depth study of industry strategies for growth of the Artificial Intelligence (AI) in Banking market-leading players.
– Artificial Intelligence (AI) in Banking market latest innovations and major procedures.
– Favourable dip inside Vigorous high-tech and market latest trends remarkable the Market.
– Conclusive study about the growth conspiracy of Artificial Intelligence (AI) in Banking market for forthcoming years.
Major questions answered:
- What are influencing factors driving the demand for Artificial Intelligence (AI) in Banking near future?
- What is the impact analysis of various factors in the Global Artificial Intelligence (AI) in Banking market growth?
- What are the recent trends in the regional market and how successful they are?
- How feasible is Artificial Intelligence (AI) in Banking market for long-term investment?
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Major highlights from Table of Contents:
Artificial Intelligence (AI) in Banking Market Study Coverage:
- It includes major manufacturers, emerging player's growth story, and major business segments of Artificial Intelligence (AI) in Banking Market Size, Changing Dynamics and Future Growth Trend 2024-2030 market, years considered, and research objectives. Additionally, segmentation on the basis of the type of product, application, and technology.
- Artificial Intelligence (AI) in Banking Market Size, Changing Dynamics and Future Growth Trend 2024-2030 Market Executive Summary: It gives a summary of overall studies, growth rate, available market, competitive landscape, market drivers, trends, and issues, and macroscopic indicators.
- Artificial Intelligence (AI) in Banking Market Production by Region Artificial Intelligence (AI) in Banking Market Profile of Manufacturers-players are studied on the basis of SWOT, their products, production, value, financials, and other vital factors.
Key Points Covered in Artificial Intelligence (AI) in Banking Market Report:
- Artificial Intelligence (AI) in Banking Overview, Definition and Classification Market drivers and barriers
- Artificial Intelligence (AI) in Banking Market Competition by Manufacturers
- Artificial Intelligence (AI) in Banking Capacity, Production, Revenue (Value) by Region (2024-2030)
- Artificial Intelligence (AI) in Banking Supply (Production), Consumption, Export, Import by Region (2024-2030)
- Artificial Intelligence (AI) in Banking Production, Revenue (Value), Price Trend by Type {Solution, Service}
- Artificial Intelligence (AI) in Banking Market Analysis by Application {Customer service/engagement (Chatbot), Robo Advice, General Purpose / Predictive Analytics, Cybersecurity, Credit Scoring / Direct Lending}
- Artificial Intelligence (AI) in Banking Manufacturers Profiles/Analysis Artificial Intelligence (AI) in Banking Manufacturing Cost Analysis, Industrial/Supply Chain Analysis, Sourcing Strategy and Downstream Buyers, Marketing
- Strategy by Key Manufacturers/Players, Connected Distributors/Traders Standardization, Regulatory and collaborative initiatives, Industry road map and value chain Market Effect Factors Analysis.
Thanks for reading this article; you can also get individual chapter-wise sections or region-wise report versions like North America, MINT, BRICS, G7, Western / Eastern Europe, or Southeast Asia. Also, we can serve you with customized research services as HTF MI holds a database repository that includes public organizations and Millions of Privately held companies with expertise across various Industry domains.
About Author:
HTF Market Intelligence Consulting is uniquely positioned to empower and inspire with research and consulting services to empower businesses with growth strategies, by offering services with extraordinary depth and breadth of thought leadership, research, tools, events, and experience that assist in decision-making.
Nidhi Bhawsar
HTF Market Intelligence Consulting Private Limited
+ 1 507-556-2445
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