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PUBLISHER: Grand View Research | PRODUCT CODE: 1433717
PUBLISHER: Grand View Research | PRODUCT CODE: 1433717
Artificial Intelligence In Banking Market Size, Share & Trends Analysis Report By Component (Service, Solution), By Application (Risk Management, Customer Service), By Technology, By Enterprise Size, By Region, And Segment Forecasts, 2024 - 2030
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Artificial Intelligence In Banking Market Growth & Trends:
The global artificial intelligence in banking market size is expected to reach USD 143.56 billion by 2030, growing at a CAGR of 31.8% from 2024 to 2030, according to a new report by Grand View Research, Inc. AI's integration in banking offers personalized financial guidance, customized product suggestions, and customized services based on individual behaviors and preferences. By analyzing extensive data sets, AI enables banks to understand customers on a deeper level, enhancing the overall experience. This technology optimizes risk assessment, drives operational efficiency, strengthens security measures against fraud, and empowers data-driven decision-making, ultimately propelling the banking market forward through improved customer satisfaction, cost savings, and innovative service offerings.
Technological advancements serve as the engine propelling the banking market into new frontiers. Innovations such as artificial intelligence, machine learning, blockchain, and advanced analytics redefine traditional banking paradigms. Machine learning refines algorithms, enhancing accuracy in decision-making and customer service. Blockchain ensures secure, transparent, and efficient transactions. Moreover, mobile banking, contactless payments, and biometric authentication optimize convenience and accessibility. These advancements streamline operations, reduce costs, and also strengthen a more inclusive banking environment, satisfying diverse customer needs. As technology evolves, it continually transforms the banking landscape, driving efficiency, security, and customer-centricity.
Digital transformation in banking transcends mere technology adoption; it's a holistic transformation of the banking ecosystem towards agility, customer-centricity, and technological prowess. Its core objective is aligning with evolving customer needs enhancing operational efficiency and fortifying security standards. For instance, in June 2023, Infosys Limited signed a deal with Danske Bank, a Danish multinational banking and financial services corporation, to expedite its digital transformation endeavors and generate increased value for its customers through artificial intelligence (AI). The company has entered a five-year agreement valued at $454 million, with the option for renewal for an additional year, up to three times.
Artificial Intelligence In Banking Market Report Highlights:
- The Risk Management segment is dominated the market with a significant market share in 2023. Effective risk management systems help prevent financial losses due to market fluctuations, credit defaults, operational failures, or cyber threats. This motivates financial institutions to invest significantly in robust risk management infrastructure
- The Natural Language Processing (NLP) segment has seized a substantial market share, asserting dominance in the industry as of 2023. NLP algorithms process vast amounts of financial news, reports, and social media data to predict market trends and sentiment analysis for investment decisions
- Banks in North America have access to vast amounts of consumer data, providing a rich source for AI algorithms to analyze and derive insights. This data abundance fuels the development of robust AI models for various banking applications
- The large Enterprise segment is dominated the market with a significant market share in 2023. Having extensive and diverse datasets enables large enterprises to train more accurate and sophisticated AI models. These models can better understand customer behaviors, predict trends, identify potential risks, and offer personalized services.
- Customers increasingly prefer digital and self-service options. AI-powered assistants fulfill this need, encouraging the adoption of technological advancements and positioning banks as innovative and customer-centric institutions
- The integration of AI-driven personalized recommendations and services in banking fundamentally transforms customer relationships, propelling market growth. Using individual spending behaviors, investment tendencies, and financial objectives, banks create customized solutions that perfectly match each customer's preferences and requirements
Product Code: GVR-4-68040-185-9
Table of Contents
Chapter 1. Methodology and Scope
- 1.1. Market Segmentation and Scope
- 1.2. Research Methodology
- 1.2.1. Information Procurement
- 1.3. Information or Data Analysis
- 1.4. Methodology
- 1.5. Research Scope and Assumptions
- 1.6. Market Formulation & Validation
- 1.7. Country Based Segment Share Calculation
- 1.8. List of Data Sources
Chapter 2. Executive Summary
- 2.1. Market Outlook
- 2.2. Segment Outlook
- 2.3. Competitive Insights
Chapter 3. AI in Banking Market Variables, Trends, & Scope
- 3.1. Market Lineage Outlook
- 3.2. Market Dynamics
- 3.2.1. Market Driver Analysis
- 3.2.2. Market Restraint Analysis
- 3.2.3. Industry Challenge
- 3.3. AI in Banking Market Analysis Tools
- 3.3.1. Industry Analysis - Porter's
- 3.3.1.1. Bargaining power of the suppliers
- 3.3.1.2. Bargaining power of the buyers
- 3.3.1.3. Threats of substitution
- 3.3.1.4. Threats from new entrants
- 3.3.1.5. Competitive rivalry
- 3.3.2. PESTEL Analysis
- 3.3.2.1. Political landscape
- 3.3.2.2. Economic and Social landscape
- 3.3.2.3. Technological landscape
- 3.3.1. Industry Analysis - Porter's
Chapter 4. AI in Banking Market: Component Estimates & Trend Analysis
- 4.1. Segment Dashboard
- 4.2. AI in Banking Market: Component Movement Analysis, 2023 & 2030 (USD Million)
- 4.3. Service
- 4.3.1. Service AI in Banking Market Revenue Estimates and Forecasts, 2017 - 2030 (USD Million)
- 4.4. Solution
- 4.4.1. Solution AI in Banking Market Revenue Estimates and Forecasts, 2017 - 2030 (USD Million)
Chapter 5. AI in Banking Market: Application Estimates & Trend Analysis
- 5.1. Segment Dashboard
- 5.2. AI in Banking Market: Application Movement Analysis, 2023 & 2030 (USD Million)
- 5.3. Risk Management
- 5.3.1. Risk Management AI in Banking Market Revenue Estimates and Forecasts, 2017 - 2030 (USD Million)
- 5.4. Customer Service
- 5.4.1. Customer Service AI in Banking Market Revenue Estimates and Forecasts, 2017 - 2030 (USD Million)
- 5.5. Virtual Assistant
- 5.5.1. Virtual Assistant AI in Banking Market Revenue Estimates and Forecasts, 2017 - 2030 (USD Million)
- 5.6. Financial Advisory
- 5.6.1. Financial Advisory AI in Banking Market Revenue Estimates and Forecasts, 2017 - 2030 (USD Million)
- 5.7. Others
- 5.7.1. Others AI in Banking Market Revenue Estimates and Forecasts, 2017 - 2030 (USD Million)
Chapter 6. AI in Banking Market: Technology Estimates & Trend Analysis
- 6.1. Segment Dashboard
- 6.2. AI in Banking Market: Technology Movement Analysis, 2023 & 2030 (USD Million)
- 6.3. Natural Language Processing (NLP)
- 6.3.1. Natural Language Processing (NLP) AI in Banking Market Revenue Estimates and Forecasts, 2017 - 2030 (USD Million)
- 6.4. Machine Learning & Deep Learning
- 6.4.1. Machine Learning & Deep Learning AI in Banking Market Revenue Estimates and Forecasts, 2017 - 2030 (USD Million)
- 6.5. Computer vision
- 6.5.1. Computer vision AI in Banking Market Revenue Estimates and Forecasts, 2017 - 2030 (USD Million)
- 6.6. Others
- 6.6.1. Others AI in Banking Market Revenue Estimates and Forecasts, 2017 - 2030 (USD Million)
Chapter 7. AI in Banking Market: Component Estimates & Trend Analysis
- 7.1. Segment Dashboard
- 7.2. AI in Banking Market: Component Movement Analysis, 2023 & 2030 (USD Million)
- 7.3. Large Enterprise
- 7.3.1. Large Enterprise AI in Banking Market Revenue Estimates and Forecasts, 2017 - 2030 (USD Million)
- 7.4. SMEs
- 7.4.1. SMEs AI in Banking Market Revenue Estimates and Forecasts, 2017 - 2030 (USD Million)
Chapter 8. AI in Banking Market: Regional Estimates & Trend Analysis
- 8.1. AI in Banking Market Share, By Region, 2023 & 2030, USD Million
- 8.2. North America
- 8.2.1. North America AI in Banking Market Estimates and Forecasts, 2017 - 2030 (USD Million)
- 8.2.2. U.S.
- 8.2.2.1. U.S. AI in Banking Market Estimates and Forecasts, 2017 - 2030 (USD Million)
- 8.2.3. Canada
- 8.2.3.1. Canada AI in Banking Market Estimates and Forecasts, 2017 - 2030 (USD Million)
- 8.3. Europe
- 8.3.1. Europe AI in Banking Market Estimates and Forecasts, 2017 - 2030 (USD Million)
- 8.3.2. U.K.
- 8.3.2.1. U.K. AI in Banking Market Estimates and Forecasts, 2017 - 2030 (USD Million)
- 8.3.3. Germany
- 8.3.3.1. Germany AI in Banking Market Estimates and Forecasts, 2017 - 2030 (USD Million)
- 8.3.4. France
- 8.3.4.1. France AI in Banking Market Estimates and Forecasts, 2017 - 2030 (USD Million)
- 8.4. Asia Pacific
- 8.4.1. Asia Pacific AI in Banking Market Estimates and Forecasts, 2017 - 2030 (USD Million)
- 8.4.2. China
- 8.4.2.1. China AI in Banking Market Estimates and Forecasts, 2017 - 2030 (USD Million)
- 8.4.3. Japan
- 8.4.3.1. Japan AI in Banking Market Estimates and Forecasts, 2017 - 2030 (USD Million)
- 8.4.4. India
- 8.4.4.1. India AI in Banking Market Estimates and Forecasts, 2017 - 2030 (USD Million)
- 8.4.5. South Korea
- 8.4.5.1. South Korea AI in Banking Market Estimates and Forecasts, 2017 - 2030 (USD Million)
- 8.4.6. Australia
- 8.4.6.1. Australia AI in Banking Market Estimates and Forecasts, 2017 - 2030 (USD Million)
- 8.5. Latin America
- 8.5.1. Latin America AI in Banking Market Estimates and Forecasts, 2017 - 2030 (USD Million)
- 8.5.2. Brazil
- 8.5.2.1. Brazil AI in Banking Market Estimates and Forecasts, 2017 - 2030 (USD Million)
- 8.5.3. Mexico
- 8.5.3.1. Mexico AI in Banking Market Estimates and Forecasts, 2017 - 2030 (USD Million)
- 8.6. Middle East and Africa
- 8.6.1. Middle East and Africa AI in Banking Market Estimates and Forecasts, 2017 - 2030 (USD Million)
- 8.6.2. KSA
- 8.6.2.1. KSA AI in Banking Market Estimates and Forecasts, 2017 - 2030 (USD Million)
- 8.6.3. UAE
- 8.6.3.1. UAE AI in Banking Market Estimates and Forecasts, 2017 - 2030 (USD Million)
- 8.6.4. South Africa
- 8.6.4.1. South Africa AI in Banking Market Estimates and Forecasts, 2017 - 2030 (USD Million)
Chapter 9. Competitive Landscape
- 9.1. Company Categorization
- 9.2. Company Market Positioning
- 9.3. Participant's Overview
- 9.4. Financial Performance
- 9.5. Product Benchmarking
- 9.6. Company Heat Map Analysis
- 9.7. Strategy Mapping
- 9.7.1. Expansion
- 9.7.2. Mergers & Acquisition
- 9.7.3. Partnerships & Collaborations
- 9.7.4. New Product Launches
- 9.7.5. Research And Development
- 9.8. Company Profiles
- 9.8.1. Amazon Web Services, Inc.
- 9.8.1.1. Participant's Overview
- 9.8.1.2. Financial Performance
- 9.8.1.3. Product Benchmarking
- 9.8.1.4. Recent Developments
- 9.8.2. Capital One
- 9.8.2.1. Participant's Overview
- 9.8.2.2. Financial Performance
- 9.8.2.3. Product Benchmarking
- 9.8.2.4. Recent Developments
- 9.8.3. Cisco Systems, Inc.
- 9.8.3.1. Participant's Overview
- 9.8.3.2. Financial Performance
- 9.8.3.3. Product Benchmarking
- 9.8.3.4. Recent Developments
- 9.8.4. FAIR ISAAC CORPORATION (FICO)
- 9.8.4.1. Participant's Overview
- 9.8.4.2. Financial Performance
- 9.8.4.3. Product Benchmarking
- 9.8.4.4. Recent Developments
- 9.8.5. Goldman Sachs
- 9.8.5.1. Participant's Overview
- 9.8.5.2. Financial Performance
- 9.8.5.3. Product Benchmarking
- 9.8.5.4. Recent Developments
- 9.8.6. International Business Machines Corporation
- 9.8.6.1. Participant's Overview
- 9.8.6.2. Financial Performance
- 9.8.6.3. Product Benchmarking
- 9.8.6.4. Recent Developments
- 9.8.7. JPMorgan Chase & Co.
- 9.8.7.1. Participant's Overview
- 9.8.7.2. Financial Performance
- 9.8.7.3. Product Benchmarking
- 9.8.7.4. Recent Developments
- 9.8.8. NVIDIA Corporation
- 9.8.8.1. Participant's Overview
- 9.8.8.2. Financial Performance
- 9.8.8.3. Product Benchmarking
- 9.8.8.4. Recent Developments
- 9.8.9. RapidMiner
- 9.8.9.1. Participant's Overview
- 9.8.9.2. Financial Performance
- 9.8.9.3. Product Benchmarking
- 9.8.9.4. Recent Developments
- 9.8.10. SAP SE
- 9.8.10.1. Participant's Overview
- 9.8.10.2. Financial Performance
- 9.8.10.3. Product Benchmarking
- 9.8.10.4. Recent Developments
- 9.8.1. Amazon Web Services, Inc.
Product Code: GVR-4-68040-185-9
List of Tables
- Table 1 Global AI in Banking market by Component, 2017 - 2030 (USD Million)
- Table 2 Global AI in Banking market by Application, 2017 - 2030 (USD Million)
- Table 3 Global AI in Banking market by Technology, 2017 - 2030 (USD Million)
- Table 4 Global AI in Banking market by Enterprise Size, 2017 - 2030 (USD Million)
- Table 5 Global AI in Banking market by region, 2017 - 2030 (USD Million)
- Table 6 North America AI in Banking market by country, 2017 - 2030 (USD Million)
- Table 7 Europe AI in Banking market by country, 2017 - 2030 (USD Million)
- Table 8 Asia Pacific AI in Banking market by country, 2017 - 2030 (USD Million)
- Table 9 Latin America AI in Banking market by country, 2017 - 2030 (USD Million)
- Table 10 MEA AI in Banking market by country, 2017 - 2030 (USD Million)
- Table 11 Key companies launching new products/services.
- Table 12 Key companies engaged in mergers & acquisition.
- Table 13 Key companies engaged in Research & development.
- Table 14 Key Companies engaged in expansion.
List of Figures
- Fig. 1 Information procurement
- Fig. 2 Primary research pattern
- Fig. 3 Market research approaches
- Fig. 4 Value chain-based sizing & forecasting
- Fig. 5 QFD modelling for market share assessment.
- Fig. 6 Parent market analysis
- Fig. 7 Market formulation & validation
- Fig. 8 AI in Banking market snapshot
- Fig. 9 AI in Banking market segment snapshot
- Fig. 10 AI in Banking market competitive landscape snapshot
- Fig. 11 Market research process
- Fig. 12 Market driver relevance analysis (Current & future impact)
- Fig. 13 Market restraint relevance analysis (Current & future impact)
- Fig. 14 AI in Banking Market: Component outlook key takeaways (USD Million)
- Fig. 15 AI in Banking Market: Component movement analysis 2023 & 2030 (USD Million)
- Fig. 16 Service AI in Banking market revenue estimates and forecasts, 2017 - 2030 (USD Million)
- Fig. 17 Solution AI in Banking market revenue estimates and forecasts, 2017 - 2030 (USD Million)
- Fig. 18 AI in Banking Market: Application outlook key takeaways (USD Million)
- Fig. 19 AI in Banking Market: Application movement analysis 2023 & 2030 (USD Million)
- Fig. 20 Risk Management AI in Banking market revenue estimates and forecasts, 2017 - 2030 (USD Million)
- Fig. 21 Customer Service AI in Banking market revenue estimates and forecasts, 2017 - 2030 (USD Million)
- Fig. 22 Virtual Assistant AI in Banking market revenue estimates and forecasts, 2017 - 2030 (USD Million)
- Fig. 23 Financial Advisory AI in Banking market revenue estimates and forecasts, 2017 - 2030 (USD Million)
- Fig. 24 Others AI in Banking market revenue estimates and forecasts, 2017 - 2030 (USD Million)
- Fig. 25 AI in Banking Market: Technology outlook key takeaways (USD Million)
- Fig. 26 AI in Banking Market: Technology movement analysis 2023 & 2030 (USD Million)
- Fig. 27 Natural Language Processing (NLP) AI in Banking market revenue estimates and forecasts, 2017 - 2030 (USD Million)
- Fig. 28 Machine Learning & Deep Learning AI in Banking market revenue estimates and forecasts, 2017 - 2030 (USD Million)
- Fig. 29 Computer vision AI in Banking market revenue estimates and forecasts, 2017 - 2030 (USD Million)
- Fig. 30 AI in Banking Market: Enterprise Size outlook key takeaways (USD Million)
- Fig. 31 AI in Banking Market: Enterprise Size movement analysis 2023 & 2030 (USD Million)
- Fig. 32 Large Enterprise AI in Banking market revenue estimates and forecasts, 2017 - 2030 (USD Million)
- Fig. 33 SMEs AI in Banking market revenue estimates and forecasts, 2017 - 2030 (USD Million)
- Fig. 34 Regional marketplace: Key takeaways
- Fig. 35 AI in Banking Market: Regional outlook, 2023 & 2030, USD Million
- Fig. 36 North America AI in Banking market estimates and forecasts, 2017 - 2030 (USD Million)
- Fig. 37 U.S. AI in Banking market estimates and forecasts, 2017 - 2030 (USD Million)
- Fig. 38 Canada AI in Banking market estimates and forecasts, 2017 - 2030 (USD Million)
- Fig. 39 Europe AI in Banking market estimates and forecasts, 2017 - 2030 (USD Million)
- Fig. 40 UK AI in Banking market estimates and forecasts, 2017 - 2030 (USD Million)
- Fig. 41 Germany AI in Banking market estimates and forecasts, 2017 - 2030 (USD Million)
- Fig. 42 France AI in Banking market estimates and forecasts, 2017 - 2030 (USD Million)
- Fig. 43 Asia Pacific AI in Banking market estimates and forecasts, 2017 - 2030 (USD Million)
- Fig. 44 Japan AI in Banking market estimates and forecasts, 2017 - 2030 (USD Million)
- Fig. 45 China AI in Banking market estimates and forecasts, 2017 - 2030 (USD Million)
- Fig. 46 India AI in Banking market estimates and forecasts, 2017 - 2030 (USD Million)
- Fig. 47 South Korea AI in Banking market estimates and forecasts, 2017 - 2030 (USD Million)
- Fig. 48 Australia AI in Banking market estimates and forecasts, 2017 - 2030 (USD Million)
- Fig. 49 Latin America AI in Banking market estimates and forecasts, 2017 - 2030 (USD Million)
- Fig. 50 Brazil AI in Banking market estimates and forecasts, 2017 - 2030 (USD Million)
- Fig. 51 Mexico AI in Banking market estimates and forecasts, 2017 - 2030 (USD Million)
- Fig. 52 MEA AI in Banking market estimates and forecasts, 2017 - 2030 (USD Million)
- Fig. 53 KSA AI in Banking market estimates and forecasts, 2017 - 2030 (USD Million)
- Fig. 54 UAE AI in Banking market estimates and forecasts, 2017 - 2030 (USD Million)
- Fig. 55 South Africa AI in Banking market estimates and forecasts, 2017 - 2030 (USD Million)
- Fig. 56 Strategy framework
- Fig. 57 Company Categorization
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