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This “Artificial Intelligence in Banking Market by Component, Enterprise Size, Application and Technology: Global Opportunity Analysis and Industry Forecast 2021-2030” report added to ResearchAndMarkets.com’s supply.
The global banking artificial intelligence market size was valued at USD 3.88 billion in 2020 and is expected to reach USD 64.03 billion by 2030, growing at a CAGR of 32.6% from 2021 to 2030.
Artificial intelligence (AI) brings digital advantages to banks and helps them deal with competition from fintech players. For example, according to a 2020 joint study by the National Business Institute and Narrative Science, around 32% of banks are already using AI technologies such as predictive analytics, speech recognition, etc. to gain a competitive advantage in the market.
In addition, AI is enabling banks to manage massive amounts of data at record speeds to gain valuable insights and better understand customers and their behavior. This enables banks to customize financial products and services by adding personalization features and intuitive interactions to deliver meaningful customer engagement and build strong relationships with customers.
Improvements in data collection technology by banks and financial institutions are positively impacting artificial intelligence in the growth of the banking market. In addition, increasing investments in artificial intelligence by banks and increasing customer preference for personalized financial services are propelling the growth of the global market. However, factors such as higher deployment cost of artificial intelligence and advanced machine learning and lack of skilled labor are restraining the market growth. Conversely, the surge in the adoption of modern applications by banks is expected to provide lucrative opportunities for the expansion of AI in the banking market during the forecast period.
By component, the solutions segment is expected to gain significant artificial intelligence in the banking market share over the forecast period owing to managing the vast amount of data generated for meaningful insights and smarter decisions. In addition, the company is primarily focused on creating new opportunities for growth and revenue generation, thereby increasing the preference for artificial intelligence and driving machine learning algorithms across industries. However, the services segment is expected to grow at the highest rate over the forecast period owing to surging demand for cloud-based AI services from end users.
By region, AI in banking market share is…
The full story is available on Benzinga.com
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