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Artificial intelligence (AI) in Banking Market to Witness Robust Growth by 2027 at a CAGR of 42.9%


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Market Trends – Rise in capital venture investment in artificial intelligence (AI) companies.

Market Size – USD 8.30 Billion in 2019, Market Growth – at a CAGR of 42.9%, Market Trends – Rise in capital venture investment in artificial intelligence (AI) companies.

— Emergen Research

VANCOUVER, BC, UNITED STATES, September 26, 2022 /EINPresswire.com/ — 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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At Emergen Research, we believe in advancing with technology. We are a growing market research and strategy consulting company with an exhaustive knowledge base of cutting-edge and potentially market-disrupting technologies that are predicted to become more prevalent in the coming decade.

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Emergen Research
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