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Allied Market Research

AI in Banking Market by Component (Hardware, Software and Service), Technology (Natural Language Processing, Deep Learning & Machine Learning, Computer Vision, and Others), Application (Customer Services, Back Office, Financial Advisory, Compliance & Security, Risk Management, and Others), Solution Type (Customer Behavior Analytics, Data Analytics & Visualization, Fraud Detection, Customer Relationship Management, Chatbot, and Others), and Enterprise Size (Large Enterprise and Small & Medium Enterprises): Global Opportunity Analysis and Industry Forecast, 2021–2030

A11871
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Sep 2021 | 121 Views
   
Author(s) : Vijay Poola
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COVID-19

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Artificial intelligence (AI) infusion is one of the most recent trends in the banking industry. By incorporating artificial intelligence (AI) into the contact list, organizations can improve the customer experience. Banks have a lot of data, and AI will connect the dots between those data points and change how businesses interact with their customers. Banks are also using AI in middle-office functions to detect, assess risks, and prevent payment fraud as well as to improve anti-money laundering (AML) processes and conduct know-your-customer (KYC) regulatory checks. Moreover, front office (conversational banking), middle office (anti-fraud), and back office are the three main applications where artificial intelligence can help banks save money (underwriting). Many banks utilize artificial intelligence to improve the customer experience by enabling frictionless, 24/7 interactions. Therefore, the demand for artificial intelligence in the banking sector is expected to boost the market growth in future.

The AI in banking market share is segmented on the basis of component, technology, application, solution type, enterprise size, and region. Based on component, the market is bifurcated into hardware, software and service. By technology, it is categorized into natural language processing, deep learning & machine learning, computer vision, and others. By application, it is categorized into customer services, back office, financial advisory, compliance & security, risk management, and others. By solution type, it is divided into customer behavior analytics, data analytics & visualization, fraud detection, customer relationship management, chatbot, and others. By enterprise size, it is categorized into large enterprise and small & medium enterprises. Based on region, the market is analyzed across North America (the U.S. and Canada), Europe (Germany, the UK, France, and Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).

Key players operating in the AI in banking market include Microsoft Corporation, Google LLC, Intel Corporation, Oracle Corporation, Amazon Web Services Inc., Salesforce.com, Inc., SAP SE, Zest AI, IBM, DataRobot Inc., and Accenture. These players adopt collaboration, partnership, and agreement as their key developmental strategies to increase revenue of the AI in banking industry and develop new products for enhancing product portfolio.

COVID-19 Impact Analysis

  • During the COVID-19 outbreak, lockdown was imposed across various sectors to prevent the spread of COVID-19, which stopped the economic activity. For instance, the banking sector has been indirectly affected. Nevertheless, banking operations took place swiftly and they did not entirely depend on customer contact.
  • Attributed to the sector's connection to the real sector as a provider of payment, credit savings, and risk management services, the COVID-19 crisis has a negative impact on banks and other financial institutions. Despite this, it has been discovered that half of the consumers used digital products for transactions as a result of the pandemic. For instance, digital wallet can be used to send money from one person to another. Since social distancing is the only solution developed for minimizing COVID-19 exposure, the COVID-19 pandemic provides more opportunities for AI adoption in the banking industry.

Top Impacting Factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis

Increase in use of AI-enabled chatbots and rise in adoption of digitalization across global banking are driving the growth of the market. In addition, increase in collaboration between banks & rising funding by government propels the growth of the market. However, lack of required infrastructure and skilled AI professionals hampers the growth of the market. Contrarily, the adoption of technological advancements and growing awareness of innovative cloud technologies may open up a plethora of opportunities for players in the AI in banking market.

The global AI in banking market trends are as follows:

Increase in use of AI enabled chatbots:

The high requirement for chatbots in the banking industry for reducing training cost of agents, providing personalizing experience for the customers, improving customer service, and resolving customer queries quickly are the key factors for AI in banking market growth. Furthermore, chatbots are a great solution for busiest banks and they will make a significant contribution in improving the bank’s support system. Moreover, surge in demand for real-time information regarding the stock market is also fastening the market growth. Therefore, increase in usage of AI-enabled chatbots for banking services is expected to foster the growth of the global AI in banking market during the forecast period.

The rise in adoption of digitalization across global banking:

The introduction of AI-based platforms for business transformation in financial institutions will help in speeding up their digital transformation initiatives. Many firms have already introduced chatbots supported with artificial intelligence, which has garnered many positive results. In addition, increasing collaboration between banks and funding by government also foster the growth of the market. Since many people have switched to digital transactions & digital services these days, financial institutions are also planning to increase its access to emerging technologies, especially artificial intelligence (AI). Moreover, governments invested heavily in developing their own homegrown AI capabilities by financing research, development, and deployment efforts. Therefore, increase in adoption of digitalization across the banking industry will boost the growth of the global AI in banking market revenue during the forecast period.  

Market Scope and Structure Analysis

Report Metric

Details

  Market Size Available for Years

  2020–2030

  Base Year Considered

  2020

  Forecast Period

  2021–2030

  Forecast Unit

  Value (USD)

  Segments Covered

Component, Technology, Application, Solution Type, Enterprise Size, and Region

  Regions Covered

North America (the U.S. and Canada), Europe (Germany, the UK, France, and Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa)

  Companies Covered

Microsoft Corporation, Google LLC, Intel Corporation, Oracle Corporation, Amazon Web Services Inc., Salesforce.com, Inc., SAP SE, Zest AI, IBM, DataRobot Inc., and Accenture.

 

Key Benefits of the Report

  • This study presents analytical depiction of the global AI in banking market along with the current trends and future estimations to determine the imminent investment pockets.        
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the market share.      
  • The current market is quantitatively analyzed from 2021 to 2030 to highlight the global AI in banking market growth scenario.                             
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.  
  • The report provides a detailed market analysis on the basis of present and future competitive intensity of the market.

Key Segments Covered

Segment

Sub-segment

  Component

  • Hardware
  • Software
  • Service

 

  Technology

  • Natural Language Processing
  • Deep Learning & Machine Learning
  • Computer Vision
  • Others

  Application

  • Customer Service
  • Back Office
  • Financial Advisory
  • Compliance & Security
  • Risk Management
  • Others

  Solution Type

  • Customer Behavior Analytics
  • Data Analytics & Visualization
  • Fraud Detection
  • Customer Relationship Management
  • Chatbot
  • Others

  Enterprise Size

  • Large Enterprise
  • Small & Medium Enterprises

 

Questions Answered in the AI in Banking Market Research Report:        

  • Which are the leading market players active in the global AI in banking market?
  • What are the detailed impacts of COVID-19 on the market?
  • What current trends will influence the market in the next few years?
  • What are the driving factors, restraints, and opportunities in the market?
  • What future projections would help in taking further strategic steps?
 
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