AI in Banking Market Forecasted to Achieve $64.03 Billion by 2030, Reflecting a Remarkable 32.6% CAGR

Allied Market Research published a report, titled, "AI in Banking Market by Component (Solution and Service), Enterprise Size (Large Enterprise and SMEs), Applications (Risk Management Compliance & Security, Customer Service, Back Office/Operations, Financial Advisory and Others) and Technology (Machine Learning & Deep Learning, Natural Language Processing (NLP), Computer Vision and Others): Global Opportunity Analysis and Industry Forecast, 2021-2030."According to the report published by Allied Market Research, the global AI in banking market was estimated at $3.88 billion in 2020 and is expected to hit $64.03 billion by 2030, registering a CAGR of 32.6% from 2021 to 2030.

Drivers, restraints, and opportunities-

Rise in investment by banking companies in AI and machine learning, surge in preference for personalized financial services, and increase in collaboration between financial institutes and AI & machine learning solution companies drive the growth of the global AI in banking market. On the other hand, higher deployment cost of AI and machine learning and lack of skilled labor restrain the growth to some extent. However, upsurge in government initiatives and growing investments to leverage the AI technology are expected to create lucrative opportunities in the industry.

𝑹𝒆𝒒𝒖𝒆𝒔𝒕 𝑺𝒂𝒎𝒑𝒍𝒆 𝑪𝒐𝒑𝒚 𝒐𝒇 𝑹𝒆𝒑𝒐𝒓𝒕- https://www.alliedmarketresearch.com/request-sample/12236

COVID-19 scenario-

The outbreak of COVID-19 is anticipated to have a positive impact on growth of AI in banking market. This is attributed to rise in demand for anti-money laundering (AML) and fraud detection solutions during the pandemic situation.

At the same time, with the significant rise in digitization among both the financial institutes and end users, the demand for AI technology has been increased so as to reduce the load on the banking servers, thereby easing up transaction delays throughout this unprecedented time.

The Customer Relationship Management (CRM) segment to retain the lion's share-

On the basis of solution type, the Customer Relationship Management (CRM) segment held the major share in 2020, garnering nearly one-fifth of the global AI in banking market. The same segment is also projected to cite the fastest CAGR of 34.0% throughout the forecast period. Growing need for CRM solution to gain deeper insights into customer's habits and personal preferences drives the segment growth.

𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐘𝐨𝐮𝐫 𝐄𝐯𝐞𝐫𝐲 𝐃𝐨𝐮𝐛𝐭 𝐇𝐞𝐫𝐞: https://www.alliedmarketresearch.com/purchase-enquiry/12236

The machine learning & deep learning segment to dominate by 2030-

On the basis of technology, the machine learning & deep learning segment contributed to the lion's share in 2020, holding around one-third of the global AI in banking market share. However, the same segment is also expected to cite the fastest CAGR of 33.5% from 2021 to 2030. This is attributed to increase in adoption of machine learning among banking institutes to support artificial intelligence software developed by various companies to improve their bias decisions while doing critical jobs.

North America held the major share in 2020-

By region, the market across North America dominated in 2020, garnering more than two-fifths of the global AI in banking market, owing to increase in demand for advanced analytics in this province. Simultaneously, the Asia-Pacific region is expected to cite the fastest CAGR of 34.3% throughout the forecast period. This is due to increase in investment by banks across China, Japan, and India for analyzing loan sanction patterns.

Key players in the industry-

BigML, Inc.

Cisco Systems, Inc.

Fair Isaac Corporation

SAP SE

Hewlett Packard Enterprise Development LP

SAS Institute Inc.

International Business Machines Corporation

Amazon Web Services Inc.

Microsoft Corporation

RapidMiner, Inc.

Key Market Segments

Component

Solution

Chatbot

Customer Behavior Analytics

Customer Relationship Management (CRM)

Data Analytics and Visualization

Fraud Detection

Others

Service

By Enterprise Size

Large Enterprise

SMEs

By Application

Risk Management Compliance & Security

Customer Service

Back Office/Operations

Financial Advisory

Others

By Technology

Machine Learning & Deep Learning

Natural Language Processing (NLP)

Computer Vision

Others

By Region

North America

U.S.

Canada

Europe

UK

Germany

France

Italy

Spain

Netherlands

Rest of Europe

Asia-Pacific

China

Japan

India

Australia

South Korea

Rest of Asia-Pacific

LAMEA

Latin America

Middle East

Africa

𝐎𝐭𝐡𝐞𝐫 𝐓𝐨𝐩 𝐓𝐫𝐞𝐧𝐝𝐢𝐧𝐠 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐢𝐧 𝗕𝗙𝗦𝗜 𝐃𝐨𝐦𝐚𝐢𝐧 -

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