| Source: Polaris Market Research & Consulting LLP
New York, NY, Feb. 07, 2024 (GLOBE NEWSWIRE) — The latest research report [115+] pages with 360-degree visibility, titled “Artificial Intelligence in Banking Market Share, Size, Trends, Industry Analysis Report, By Component (Service, Solution); By Technology; By Enterprise Size; By Application; By Region; Segment Forecast, 2024 – 2032″ published by Polaris Market Research in its research repository.
The global artificial intelligence (AI) in banking market size and share is currently valued at USD 19.84 billion in 2023. It is anticipated to generate an estimated revenue of USD 236.70 billion by 2032, according to the latest study by Polaris Market Research. Besides, the report notes that the market exhibits a robust 31.7% Compound Annual Growth Rate (CAGR) over the forecasted timeframe, 2024-2032.
Artificial Intelligence, generally referred to as AI, stands as a powerful catalyst compelling transformative transformations across different industries. And one of the industries undergoing a profound AI-driven revolution is the domain of banking. Banks can now handle record-level high-speed data and gain insightful information due to artificial intelligence. A wide range of technologies are included in artificial intelligence, such as robotics, natural language processing, machine learning, expert systems, speech, vision, planning, and more.
Moreover, digital payment advisors, Artificial intelligence (AI) bots, and biometric fraud detection systems are some of the features that help provide more customers with higher-quality services. The combined effect of these developments results in higher income, lower expenses, and a notable increase in profits. As a result, the demand for artificial intelligence in banking market is increasing.
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Continuous developments in AI technology are leading to more accurate and efficient solutions that are more precisely customized to meet particular banking needs. Additionally, there is a growing trend of investment in AI-based solutions as banks seek to modernize their processes. The goal of this effort is to enhance decision-making skills, optimize workflows, and deliver better customer experiences. The rise of the solution sector in the artificial intelligence in banking market is being driven by the broad application of AI solutions across different banking operations.
Moreover, the service sector witnessed the fastest growth during the forecast period. Banks are realizing more and more how important it is to have expert advice and support when integrating AI technologies into their existing systems.
Providing customers with efficient and customized experiences is becoming more and more important to the banking sector. Customized chatbots, virtual assistants, and speech recognition systems are just a few of the AI-powered technologies that provide automated yet highly personalized customer care. This approach successfully takes into account the unique needs of each customer. Rapid inquiry resolution and round-the-clock help are increasingly necessary due to shifting consumer expectations, and AI-powered customer care solutions are well-suited to address these needs effectively.
Artificial Intelligence (AI) in Banking Market: Report Scope & Dynamics
Browse Detail Press Release: Artificial Intelligence in Banking Market Size Worth USD 236.70 Billion By 2032 | CAGR: 31.7%
North America: North America is ideally positioned to see the broad use of artificial intelligence (AI) technology due to its robust technological infrastructure and considerable digitization of banking processes. When it comes to implementing AI solutions, banks have set the standard. They use them to enhance client experiences, offer customized services, and carry out advanced analytics. The early adoption of AI in the North American banking sector has been expedited by the involvement of key AI technology suppliers, which has also sped up its integration and expansion.
Asia Pacific: The fintech sector is growing, digitization initiatives are accelerating, and a significant portion of the population is gaining access to digital financial services, all of which are driving the expansion of artificial intelligence in banking market in Asia-Pacific. The two main rising economies in the region that are incorporating AI into their banking systems at a rapid pace are India and China. This expansion is being driven by strategic investments from well-established financial institutions and the efforts of creative fintech startups.
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Key Questions Addressed in the Report:
Ans: The artificial intelligence in banking market size is currently valued at USD 19.84 billion in 2023 and is anticipated to generate an estimated revenue of USD 236.70 billion by 2032.
Ans: The market exhibits a robust 31.7% CAGR over the forecasted timeframe, 2024-2032.
Ans: The artificial intelligence in banking industry segmentation is primarily based on technology, components, application, enterprise size, and region.
Ans: North America dominated the artificial intelligence in banking share in 2023.
Polaris Market Research has segmented the artificial intelligence in banking market report based on component, technology, enterprise size, application, and country:
By Component Outlook
By Technology Outlook
By Enterprise Size Outlook
By Application Outlook
By Region Outlook
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