AI and Automation in Banking to Hit US$182 Billion Amid Growing Adoption of Advanced Financial Techniques

– AI and automation in the banking market will register a CAGR of 22.8% as the tilt towards personalized financial services increases

– Fact.MR offers an unbiased analysis on the Global AI and Automation in Banking Market for the forecast period 2022 to 2032. This study also provides in-depth insights into key trends and factors influencing the sales across different segmentations including component, technology and solution. , application and regions.

NEW YORK, May 10, 2022 /PRNewswire/ — Sales in the banking AI and automation market are expected to reach $182 billiongrowing at a CAGR of 22.8% over the forecast period (2022-2032).

According to the study, the global market for AI and automation in banking is expected to reach a valuation of US$23.3 billion in 2022, from US$16.5 billion in 2021. The growing preference for personalized financial services is increasing the adoption of advanced services in banking.

Consequently, leading financial institutions such as JP Morgan, Morgan Stanley and others are integrating technologies such as artificial intelligence (AI) and big data analytics into their systems. This is driving the adoption of AI and automation in the banking industry over the next few years.

In addition to this, the requirement for real-time data for the stock market and identification of money laundering techniques in the banking sector will drive the demand for automated AI banking systems over the next decade.

Subsequently, the proliferation of the work-from-home trend increases the implementation of technological advancements such as AL and ML in financial institutions. The adoption of such technologies is expected to drive sales in the market.

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In addition, the increasing use of mobile banking activities simplifies transaction processes. However, the massive generation of data in the process is encouraging the use of AI and automation in banking.

In addition, funding offered by financial institutions and governments for improving security systems and data management services is likely to create lucrative opportunities for the market.

According to the Australian Government Productivity Commission, approximately 5 terabytes of digital data was generated worldwide in 2002, but it is now generated in almost 2 days. Thus, nearly 90% of global data is generated in just 2 years.

Thus, according to the Institute for Development and Communication (IDC), almost 44 trillion gigabytes of data were generated in 2020. The generation of such an amount of data in the financial sector is expected to fuel the demand for AI and automation in banking.

Report attributes

Details

Base year value (2021A)

US$16.5 billion

Estimated annual value (2022E)

US$23.3 billion

Projected year value (2032F)

$182 billion

World growth rate (2022-2032)

CAGR 22.8%

Key points to remember:

  • On the basis of technology, natural language processing AI and automation in the banking segment is expected to grow at a CAGR of 21.8% during the forecast period.
  • In terms of components, the hardware segment is expected to grow at 22.6% CAGR over the assessment period.
  • It is estimated that AI and automation of the banking market in China will reach nearly US$12.6 billion end of 2032.
  • The United States is estimated to dominate the global market for AI and automation in the banking market, surpassing US$64.6 billion during the forecast period.
  • Japanese banking market AI and automation is expected to grow at a CAGR of 21.1% through 2032.

Growth drivers:

  • Favorable government policies regarding the implementation of AI and automation in the banking sector will support the growth of the market.
  • Adoption of AI microchips and microprocessors to improve the processing speed of AI-based software in banking, propelling the demand in the market.

Constraints:

  • Growing concerns about privacy and data management are likely to hamper the use of AI and automation in banking.
  • Lack of qualified professionals to handle AI-based software could limit the demand in the market.
  • The high installation cost of AI and automation in the banking sector will hamper market sales in the coming years.

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Competitive Landscape:

Leading manufacturers operating in AI and automation in banking market are developing innovative and cost-effective products to increase their revenue and gain a strong foothold in the market. Some of the players are adopting inorganic growth strategies such as mergers and acquisitions to expand their businesses across the globe.

For example,

  • March 2020: Scotiabank has partnered with MaRS and C100 to upgrade its product portfolio and improve accessibility to these technologies, especially artificial intelligence.
  • In 2022, Intel has released version 2022.1 of the Intel® Distribution of OpenVINO™ Toolkit. Application of this technology is expected to add audience analytics to kiosks and digital signage.

Top Companies Featured by Fact.MR

  • Microsoft Corporation
  • Amazon Web Services Inc.
  • Google LLC
  • Oracle Corporation
  • intel company

More Valuable Insights on AI and Automation in the Banking Market

In the latest study, Fact.MR provides a 360 degree view of the global AI and Automation in Banking market for the forecast period 2022 to 2032. This report also provides key factors such as recent developments and growth drivers influencing AI sales. and automation of the banking market through detailed segmentation as follows:

By component

  • AI and automation in banking
  • AI and Automation in Banking Hardware
  • AI and automation in banking software

By technology

  • Deep Learning and Machine Learning AI and Automation in Banking
  • Natural Language Processing AI and Automation in Banking
  • Computer Vision AI and automation in banking
  • Other AI and Automation in Banking Technologies

By app

  • Customer service
  • Back office
  • Financial advice
  • Compliance and Security
  • Risk management
  • Other Apps

By solutions

  • AI and Automation in Banking Customer Service Analytics
  • AI and automation in banking data analysis and visualization
  • AI and Automation in Bank Fraud Detection
  • AI and automation in banking customer relationship management
  • Other AI and automation in banking solutions

By region:

  • North America
  • Europe
  • Asia Pacific
  • Middle East & Africa
  • Latin America

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Key Questions Answered in the AI ​​and Automation in Banking Market Report

  • What will be the outlook for the demand for AI and automation in the banking market in 2022?
  • What will be the growth rate of the global AI and automation in banking market in 2022-2032?
  • What are the key drivers for the growth of AI and automation in the banking market?
  • What are the factors hindering the growth of the AI ​​and Automation in Banking Market?
  • Which region is expected to show the fastest growth in the global AI and automation in banking market during the period 2022-2032?

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