New York, Aug. 01, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "AI In Banking Global Market Report 2023" - https://www.reportlinker.com/p06479968/?utm_source=GNW
, SAS Institute Inc., Intel Corporation, Harman International Industries, ABB Limited, IBM Corporation, Nuance Corporation, Google LLC, Accenture, IPsoft Inc., Bsh Hausgeräte, Hanson Robotics, Blue Frog Robotics, Fanuc, HighRadius Corporation, Lingxi, Infosys Ltd., Oracle Corporation and Kreditech.
The global AI in banking market is expected to grow from $6.82 billion in 2022 to $9.00 billion in 2023 at a compound annual growth rate (CAGR) of 32.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The AI in banking market is expected to reach $27.76 billion in 2027 at a CAGR of 32.5%.
The AI in banking market includes revenues earned by entities by maintaining tabs on consumer behavior, keeping track of transactions, and auditing and logging data to different compliance and regulatory systems.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.The AI in banking market consists of sales of AI chatbots, facial recognition banking apps, and systems and software for fraud detection.
Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
AI in banking refers to artificial intelligence used in banks. Banks can analyze huge amounts of data and forecast the most recent market movements, currencies, and equities thanks to artificial intelligence in financial services.
Asia-Pacific was the largest region in the AI in banking market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main components of AI in banking are solutions and service.Solution refers to the networking of bank branches, which enables users to access various financial services and manage their accounts from anywhere in the globe.
Simply said, Person doesn’t need to go to their own branch to conduct banking business.The technologies include machine learning and deep learning, natural language processing (NLP), computer vision, and other technologies that are suitable for small and medium-sized banks and large overseas banks.
The AI in banking is applicable in risk management compliance and security, customer service, back office or operations, financial advisory, and other applications.
The increasing demand for mobile banking services is expected to propel the growth of AI in banking market going forward.Mobile banking is a service offered by a bank or other financial institution that enables its customers to carry out financial transactions remotely using a mobile device such as a smartphone or tablet.
Using a mobile smartphone and mobile banking applications, one may access financial accounts and carry out financial transactions at any time and from any location.The increasing demand for mobile banking services is driving the adoption of AI in banking, and this trend is expected to continue in the future.
For instance, in March 2021, according to ACI Worldwide Inc., a US-based payment systems company, in 2020, there were 102.7 billion mobile wallet transactions. By 2025, that number is predicted to rise to 2,582.8 billion. Therefore, the increasing demand for mobile banking services is driving the growth of the AI in banking market going forward.
Technological advancements are a key trend gaining popularity in the AI in banking market.Companies operating in the AI in banking market are adopting new technologies to sustain their position in the market.
For instance, in April 2023, Jordan Ahli Bank, a Jordan-based financial services company launched an AI system technology named "ahilGPT". Customers who have questions or issues with banking and financial services may quickly and accurately obtain answers through ahliGPT, saving both bank customers and personnel time and effort.
In January 2023, McKinsey & Company, a US-based management consulting firm acquired Iguazio for an undisclosed amount.With this acquisition, McKinsey will be able to significantly speed up and scale AI implementations, resulting in more impact for clients, Iguazio’s technology and a team of more than 70 data and AI professionals.
Iguazio is an Israel-based MLOps Platform. Iguazio is an Israel-based technology firm that offers real-time and archived data, including NoSQL, SQL, time series, and files, with quick, safe, and shared access.
The countries covered in the AI in banking market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The AI in banking software market research report is one of a series of new reports that provides AI in banking software market statistics, including AI in banking software industry global market size, regional shares, competitors with a AI in banking software market share, detailed AI in banking software market segments, market trends and opportunities, and any further data you may need to thrive in the AI in banking software industry. This AI in banking software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06479968/?utm_source=GNW
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