Artificial intelligence (AI) in Banking Market Manufacturers, Type, Application, Regions and Forecast to 2027
The report’s authors have offered necessary details on the latest Artificial intelligence (AI) in Banking market trends and the crucial parameters impacting both short-term and long-term market growth. Its panoramic view of the Artificial intelligence (AI) in Banking market entails useful insights into the estimated Artificial intelligence (AI) in Banking market size, revenue share, and sales & distribution networks. Such helpful market insights are bound to help readers outline this industry’s key outcomes in the near future.
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.
The high cost of artificial intelligence-driven solutions is expected to hamper growth of the global artificial intelligence (AI) in banking market to a certain extent during the forecast period.
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Key market participants 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.
Geographical Segmentation:
The latest research report entails an in-depth analysis of the current growth opportunities for various regions of the Artificial intelligence (AI) in Banking market, gauging their revenue share over the forecast timeline. Furthermore, the report analysis the year-on-year growth rate of these regions over the forecast duration. The leading market regions profiled in the report are North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Market Overview:
The research report on the Artificial intelligence (AI) in Banking market is formulated through extensive primary and secondary research along with qualitative and quantitative analysis of vital aspects of the market. The insightful data is further validated and verified by the industry professionals. The report strives to offer deeper insights into the overall market scenario of the Artificial intelligence (AI) in Banking business sphere.
Key Highlights of 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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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
Solution Outlook (Revenue, USD Billion; 2020–2027)
Customer Behavior Analytics
Data Analytics & Visualization
Fraud Detection
Customer Relationship Management
Chatbot
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Objectives of the Report:
Industrial structure analysis of the AI in Banking market by identification of various sub-segments
Extensive analysis of key market players along with their SWOT analysis
Competitive landscape benchmarking
Analysis of AI in Banking market based on growth trends, futuristic outlook, and contribution to the total growth of the market
Analysis of drivers, constraints, opportunities, challenges, and risks in the global AI in Banking market
Comprehensive analysis of competitive developments such as expansions, agreements,
new product launches, and other strategic alliances
Study of the global AI in Banking market size by key regions, types, and applications with reference to historical data (2017-2018) and forecast (2020-2027)
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