Artificial Intelligence In Banking Market Size, Share Report, Analysis, Trends, Growth, 2030

Artificial Intelligence In Banking Market

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

Category: Technology & Media Report Format : PDF Pages: 130 Report Code: ZMR-6357 Published Date: Jun-2021 Status : Published
Market Size in 2019 Market Forecast in 2026 CAGR (in %) Base Year
USD 7.91 Billion USD 129.5 Billion 43% 2019

Artificial Intelligence In Banking Market

Artificial Intelligence (AI) in Banking Industry Perspective:

The global Artificial Intelligence In Banking market size 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 during 2020-2026.

The report offers a 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).

Artificial Intelligence (AI) in Banking Market: Overview

With AI making inroads in banking operations and increasing 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 banks deliver high-quality services at reduced costs. Apparently, the need for customized fraud identification, effective risk management solutions, and compliance are likely to influence the use of AI in the banking sector over the assessment period.

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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, the 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 the use of new technologies such as AI.

Furthermore, the need for retaining customers, building customer loyalty, creating value for services, and getting new customers along with building effective customer relationships will drive the industry trends. COVID crises have brought a complete transformation in banking operations with banks focusing more on using new technologies such as AI for promoting cashless transactions to avoid physical presence in banks. Apart from this, the growing focus on improving CRM processes along with the 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, the 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 help in increasing the revenues of banks by bringing an improvement in the personalization of banking services, reducing the 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. The need for reinforcing core technology in financial institutions coupled with the building of strong data infrastructure will create ripples of growth for artificial intelligence (AI) in banking market over the forecasting period.  

Artificial Intelligence In Banking Market: Report Scope

Report Attributes Report Details
Report Name Artificial Intelligence In Banking Market Research Report
Market Size in 2019 USD 7.91 Billion
Market Forecast in 2026 USD 129.5 Billion
Growth Rate CAGR of 43%
Number of Pages 255
Forecast Units Value (USD Billion), and Volume (Units)
Key Companies Covered Google LLC, Amazon Web Services, Inc., Intel Corporation, Baidu, Inc., SAP SE, Microsoft Corporation, and Interactions LLC.
Segments Covered By Application, By Technology, And By Region
Regions Covered North America, Europe, Asia Pacific (APAC), Latin America, Middle East and Africa (MEA)
Base Year 2019
Historical Year 2016 to 2019
Forecast Year 2020 - 2026
Customization Scope Avail customized purchase options to meet your exact research needs. Request For Customization

Artificial Intelligence In Banking Market: 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 the high focus of the banking sector on the use of new technologies. Apart from this, the rise in the need for proficient risk management solutions will further drive the regional market surge over the predicted timeline.

Artificial Intelligence In Banking Market: 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
  • 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:

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

Methodology

FrequentlyAsked 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. 

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 toward overall market revenue. The growth of the industry in the sub-continent over the estimated timespan is attributed high focus of the 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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