Artificial Intelligence In Banking Market - Global Industry Analysis

Artificial Intelligence In Banking Market – By Technology (Deep Learning, Machine Learning, NLP, and Computer Vision), By Application (Customer Service, Financial Advisory, Back Office, Risk Management, and Compliance & Security), and By Region - Global Industry Perspective, Comprehensive Analysis, and Forecast, 2020 – 2026

Published Date: 04-Jun-2021 Category: Technology & Media Report Format : PDF Pages: 130 Report Code: ZMR-6357 Status : Published

The global Artificial Intelligence In Banking market, which was estimated at about 7.91 (USD Billion) in 2019 and is predicted to accrue earnings worth 129.5 (USD Billion) by 2026, is set to record a CAGR of nearly over 43% during 2020-2026.

Description

The global Artificial Intelligence In Banking market, which was estimated at about 7.91 (USD Billion) in 2019 and is predicted to accrue earnings worth 129.5 (USD Billion) by 2026, is set to record a CAGR of nearly over 43% during 2020-2026. The report offers valuation and analysis of Artificial Intelligence In Banking market on a global as well as regional level. The study offers a comprehensive assessment of the industry competition, limitations, sales estimates, avenues, current & emerging trends, and industry-validated market data. The report offers historical data from 2016 to 2019 along with a forecast from 2020 to 2026 based on value (USD Billion).

Report Scope :

Report Attribute Details
Base Year 2020
Historic Years 2016 - 2020
Forecast Years 2021 - 2028
Segments Covered By Product Type, By Application, and By End Use
Forecast Units Value (USD Billion), and Volume (Units)
Quantitative Units Revenue in USD million/billion and CAGR from 2021 to 2028
Regions Covered North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World
Countries Covered U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others
Number of Companies Covered 10 companies with scope for including additional 15 companies upon request
Report Coverage Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.
Customization Scope Avail customized purchase options to meet your exact research needs.

Artificial Intelligence (AI) in Banking Market: Overview

With AI making inroads in banking operations and increasing the operational efficiency along with reducing the queues, the use of artificial intelligence in banking industry is going to accelerate over the forecast timespan. Reportedly, banks have started using AI tools for improving customer engagement as well as service personalization. The integration of AI with back-office operations will help the banks deliver high quality services at reduced costs. Apparently, need for customized fraud identification, effective risk management solutions, and compliance is likely to influence the use of AI in banking sector over the assessment period.

Artificial Intelligence (AI) in Banking Market: Growth Drivers

With digital disruption taking a front seat, various industries are trying to redefine their operations in line with technological breakthroughs influencing every sphere of business across the globe. Furthermore, banking industry is no exception to this and hence the utilization of artificial intelligence (AI) in banking industry is projected to increase exponentially over the years ahead. Private and public banks are focusing on improving their service delivery apart from holding a dominant position and this is only possible through use of new technologies such as AI. Furthermore, need for retaining customers, building customer loyalty, creating value for services, and getting new customers along with building effective customer relationship will drive the industry trends. COVID crises have brought a complete transformation in banking operations with banks focusing more on using new technologies such AI for promoting cashless transactions to avoid physical presence in banks. Apart from this, growing focus on improving CRM processes along with adoption of new business models is projected to translate into humungous demand for artificial intelligence (AI) in banking industry over the forthcoming years.  

In addition to this, need for improving customer experience will embellish the size of artificial intelligence (AI) in banking market over the forecast timeline. Nonetheless, huge costs of AI-based solutions are predicted to restrict the expansion of artificial intelligence (AI) in banking industry during the projected timeframe. However, AI tools helps in increasing the revenues of banks by bringing an improvement in personalization of banking services, reducing rate of errors, optimizing resource utilization, and generating insights into huge volumes of data. This, in turn, will not only offset the negative impact of hindrances on market growth but will constantly add to the market profitability in the years ahead. Need for reinforcing core technology in financial institutions coupled with building of strong data infrastructure will create ripples of growth for artificial intelligence (AI) in banking market over the forecasting period.       

Regional Landscape

North America To Make Notable Contributions Towards Market Size By 2026

The growth of artificial intelligence (AI) in banking industry in North America over the assessment period is attributed to high focus of banking sector on use of new technologies. Apart from this, rise in the need for proficient risk management solutions will further drive the regional market surge over the predicted timeline.

Competitive Landscape

Key players profiled in the study and leveraging business growth are Google LLC, Amazon Web Services, Inc., Intel Corporation, Baidu, Inc., SAP SE, Microsoft Corporation, and Interactions LLC.

The global Artificial Intelligence In Banking Market is segmented as follows:

By Application:

  • CUSTOMER SERVICE
  • FINANCIAL ADVISORY
  • Back Office
  • Risk Management
  • Compliance & Security

By Technology:

  • Machine Learning
  • Computer Vision
  • NLP
  • Deep Learning

By Region

  • North America
    • The U.S.
    • Canada
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

Table Of Content

List of Figures

1. Market research process
2. Market research methodology
3. Global Artificial Intelligence In Banking Market, 2016–2026 (USD Billion)
4. Porter’s Five Forces Analysis
5. Global Artificial Intelligence In Banking Market attractiveness, By Application
6. Global Artificial Intelligence In Banking Market attractiveness, By Technology
7. Global Artificial Intelligence In Banking Market Share by Application ,2019 and 2026 (USD Billion)
8. Global Artificial Intelligence In Banking Market by CUSTOMER SERVICE ,2016–2026 (USD Billion)
9. Global Artificial Intelligence In Banking Market by FINANCIAL ADVISORY,2016–2026 (USD Billion)
10. Global Artificial Intelligence In Banking Market by Back Office, 2016–2026 (USD Billion)
11. Global Artificial Intelligence In Banking Market by Risk Management, 2016–2026 (USD Billion)
12. Global Artificial Intelligence In Banking Market by Compliance & Security,2016–2026 (USD Billion)
13. Global Artificial Intelligence In Banking Market Share by Technology ,2019 and 2026 (USD Billion)
14. Global Artificial Intelligence In Banking Market by Machine Learning , and,2016–2026 (USD Billion)
15. Global Artificial Intelligence In Banking Market by Computer Vision,2016–2026 (USD Billion)
16. Global Artificial Intelligence In Banking Market by NLP,2016–2026 (USD Billion)
17. Global Artificial Intelligence In Banking Market by Deep Learning,2016–2026 (USD Billion)
18. Global Artificial Intelligence In Banking Market share, by Region, 2019 and 2026
19. North America Artificial Intelligence In Banking Market, 2016–2026 (USD Billion)
20. Europe Artificial Intelligence In Banking Market, 2016–2026 (USD Billion)
21. Asia Pacific Artificial Intelligence In Banking Market, 2016–2026 (USD Billion)
22. Latin America Artificial Intelligence In Banking Market, 2016–2026 (USD Billion)
23. The Middle East and Africa Artificial Intelligence In Banking Market, 2016–2026 (USD Billion)

Methodology


Frequently Asked Questions

With digital disruption taking a front seat, various industries are trying to redefine their operations in line with technological breakthroughs influencing every sphere of business across the globe. Furthermore, banking industry is no exception to this and hence the utilization of artificial intelligence (AI) in banking industry is projected to increase exponentially over the years ahead. Private and public banks are focusing on improving their service delivery apart from holding a dominant position and this is only possible through use of new technologies such as AI. Furthermore, need for retaining customers, building customer loyalty, creating value for services, and getting new customers along with building effective customer relationship will drive the industry trends. COVID crises have brought a complete transformation in banking operations with banks focusing more on using new technologies such AI for promoting cashless transactions to avoid physical presence in banks. Apart from this, growing focus on improving CRM processes along with adoption of new business models is projected to translate into humungous demand for artificial intelligence (AI) in banking industry over the forthcoming years. 

In addition to this, need for improving customer experience will embellish the size of artificial intelligence (AI) in banking market over the forecast timeline. However, AI tools helps in increasing the revenues of banks by bringing an improvement in personalization of banking services, reducing rate of errors, optimizing resource utilization, and generating insights into huge volumes of data. This, in turn, will not only offset the negative impact of hindrances on market growth but will constantly add to the market profitability in the years ahead. Need for reinforcing core technology in financial institutions coupled with building of strong data infrastructure will create ripples of growth for artificial intelligence (AI) in banking market over the forecasting period.      

According to Zion Market Research report, the global Artificial Intelligence In Banking market, which was estimated at about 7.91 (USD Billion) in 2019 and is predicted to accrue earnings worth 129.5 (USD Billion) by 2026, is set to record a CAGR of nearly over 43% during 2020-2026.    

North America is likely to make noteworthy contributions towards overall market revenue. The growth of the industry in the sub-continent over the estimated timespan is attributed high focus of banking sector on use of new technologies. Apart from this, rise in the need for proficient risk management solutions will further drive the regional market surge over the predicted timeline.

The key players profiled in the report include are Google LLC, Amazon Web Services, Inc., Intel Corporation, Baidu, Inc., SAP SE, Microsoft Corporation, and Interactions LLC.

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