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AI in Banking Market (Component - Solution, and Services; Technology - Machine Learning & Deep Learning, Natural Language Processing (NLP), Computer Vision, and Others; Enterprise Size - Large Enterprise, and SMEs; Application - Risk Management Compliance & Security, Customer Service, Back Office/operations, Financial Advisory, and Others): Global Industry Analysis, Trends, Size, Share and Forecasts to 2027

  • Published : December, 2021

  • Rep Id : ICT003037

  • Category : Electronics, ICT and Semiconductors

  • Status : Published

A recent report published by Infinium Global Research on AI in banking market provides in-depth analysis of segments and sub-segments in the global as well as regional AI in Banking Market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional AI in in banking market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global AI in banking market. According to the report, the global AI in banking market is projected to grow at a CAGR of 50% over the forecast period of 2021-2027.


Market Insight

Artificial intelligence plays an important role in the banking industry as it provides a more secure and faster work process compared to the human workforce. The AI technology is anticipated to strengthen the efficiency of the banking sector with improved productivity. In addition, artificial intelligence include features such as speech recognition, learning, planning, and problem-solving that enable the banking companies to deliver secure banking operations that helps to improve the customer experience and satisfaction. On the other side, hesitancy towards the adoption of artificial intelligence among banking and financial firms is likely to hamper market growth over the forecast period.

The COVID-19 pandemic caused disruptions in the economy. Several sectors including manufacturing, hospitality, and construction decreased or stopped their operations, which damaged the growth of these industries. The industries started to restructure their business models during the pandemic, and many financial firms started to adopt new technologies to recover from the losses caused by the global lockdown and economic slowdown. Nonetheless, the internet banking field is expected to witness a moderate impact as customers are inclining more towards online banking during the pandemic. Moreover, the growing adoption of online banking services by consumers augmented the growth of AI in banking market during the pandemic. Many internet banking platforms leverage AI technology to boost the customer experience and improve the security, and efficiency of the platforms.


The growing investment in artificial intelligence across the world is majorly driving global AI in the banking market. Furthermore, the rising adoption of internet banking platforms and solutions is propelling the demand for AI in banking. These days, banks are becoming increasingly automated, self-monitoring, and self-correcting as the devices are gaining the ability to analyze and communicate with each other and their human co-workers. However, the dearth of skilled professionals is hampering the market growth. Although the investments in AI are growing, the shortage of skills and experience associated with AI solutions is one of the key challenges faced by the market. Additionally, the integration of automation technologies to reduce the effects of COVID-19 is creating opportunities for market players. Nationwide lockdowns, shortage of workforce due to transport restrictions, and disruption of the supply chain are expected to drive the demand for automation across the banking sector.


In terms of regions, North America accounted for the largest share in the global AI in the banking market due to the continued leadership of the U.S. in AI technology. The national strategy in the U.S. including American Artificial Intelligence Initiative is anticipated to keep United States leadership in the field of AI as a top priority. The banking industry in the U.S. is likely to register a healthy growth rate as several financial firms are heavily investing in AI technology to adopt a lean service model, and reduce operational costs. On the other hand, Asia Pacific's growth in the AI in banking field is expected to be remarkable owing to China’s adoption of the technology in its industrial and financial operations. Moreover, the presence of several leading banks and financial firms in China, Japan, and India such as Industrial and Commercial Bank of China, Mitsubishi UFJ Financial Group, and State Bank of India will be a key factor driving the adoption of AI technology in this region.


Segment Covered

The report on global AI in banking market covers segments such as component, technology, enterprise size, and application. On the basis of component, the sub-markets include solution and services. On the basis of technology, the sub-markets include machine learning & deep learning, natural language processing (NLP), computer vision, and others. On the basis of enterprise size, the sub-markets include large enterprises and SMEs. On the basis of application, the sub-markets include risk management compliance & security, customer service, back office/operations, financial advisory, and others.


AI in Banking Market

Companies Profiled:

The report provides profiles of the companies in the market such as Active Intelligence Pte Ltd, BigML, Inc., Fair Isaac Corporation, Harman International Industries, Inc., RapidMiner, Inc., Amazon Web Services, Inc., International Business Machines Corporation, Microsoft Corporation, Intel Corporation, and Alphabet Inc..


Report Highlights:

The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of AI in banking market. Moreover, the study highlights current market trends and provides forecast from 2021-2027. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.

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