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.
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.
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.
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..
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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