AI in Banking Market Drivers, Demand, Trends with Report Data 2027
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.
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Key Highlights from the 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.
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The report further divides the AI in Banking market into key segments
such as types, applications, end-user industries, technologies, and key regions
of the market. The report also sheds light on the segment and region exhibiting
promising growth in the AI in Banking market.
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
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The report also
studies the key companies of the AI in Banking market along with analysis of
their business strategies, M&A activities, investment plans, product
portfolio, financial standing, gross profit margin, and production and
manufacturing capacities.
Some major companies in the global market report include 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.
On the basis of regional analysis, the market is segmented into the
following regions: North America, Latin America, Europe, Asia Pacific, and
Middle East & Africa. The market is expected to be dominated by North
American nations closely followed by European countries. Asia Pacific is
expected to show a significant growth owing to recent advancements and rising
investments in the R&D sector.
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The report
addresses the following key points:
The report estimates the expected market size from 2020-2027
The report provides a forecast of market drivers, restraints, and future
opportunities for the AI in Banking market
The report further analyses the changing market dynamics
Regional analysis and segmentation of the market with analysis of the
regions and segments expected to dominate the market growth
Extensive competitive landscape mapping with profiles of the key
competitors
In-depth analysis of business strategies and collaborations such as
mergers and acquisitions adopted by the key companies
Revenue forecast, country scope, application insights, and product
insights
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