– AI and Automation in Banking Market to Register 22.8% CAGR as Inclination Towards Personalized Financial Services Grows

– Fact.MR offers unbiased analysis on the global AI and automation in banking market for the forecast period of 2022 to 2032. This study also provides in-depth insights into key trends and factors influencing the sales through different segmentation including component, technology, solution, application, and regions.

NEW YORK, May 10, 2022 /PRNewswire/ — Sales in the AI and automation in banking market are projected to reach US$ 182 Bn, exhibiting growth at a CAGR of 22.8% during the forecast period (2022-2032).

As per the study, the global AI and automation in banking market is anticipated to reach a valuation of US$ 23.3 Bn in 2022, going up from US$ 16.5 Bn in 2021. Growing preference for personalized financial services is increasing the adoption of advanced services in banking sector.

Hence, leading financial institutions such as JP Morgan, Morgan Stanley, and others are integrating technologies such as artificial intelligence (AI) and big data analytics in their systems. This is boosting the adoption of AI and automation in banking over the coming years.

In addition to this, requirement for real-time data for stock market and to identify money laundering techniques in the banking sector will drive the demand for automated AI banking systems over the forthcoming decade.

Subsequently, proliferation of work from home trend is augmenting the implementation of technological advancements such as AL and ML across financial institutions. The adoption of such technologies is expected to fuel sales in the market.

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Also, rising use of mobile banking activities is simplifying the transaction processes. However, the generation of massive amount of data in the process is encouraging the usage of AI and automation in banking.

Besides this, funding offered by financial institutions and governments for the enhancement of security systems and data management services is likely to create lucrative opportunities for the market.

According to the Australian Government Productivity Commission, around 5 terabytes of digital data was generated globally in 2002, but it is now generated in almost 2 days. Hence, almost 90% of the world’s data is generated in just 2 years.

Thus, as per Institute for Development and Communication (IDC), nearly 44 trillion gigabytes of data were generated in 2020. The generation of such a massive amount of data in the financial sector is anticipated to fuel the demand for AI and automation in banking.

Key Takeaways:

• Based on technology, natural language processing AI and automation in banking segment is projected to grow at CAGR 21.8% during the forecast period.
• In terms of component, the hardware segment is estimated to record growth at 22.6% CAGR through the assessment period.
• China AI and automation in banking market is estimated to reach nearly US$ 12.6 Bn by the end of 2032.
• The U.S. is estimated to dominate the global AI and automation in banking market, surpassing US$ 64.6Bn during the forecast period.
• Japan AI and automation in banking market is expected to register growth at a CAGR of 21.1% until 2032.

Growth Drivers:

• Favorable government policies regarding the implementation of AI and automation in banking will bolster the growth in the market.
• Adoption of AI microchips and microprocessors to improve the processing speed of AI-driven software in banking sector propelling the demand in the market.

Restraints:

• Growing concerns regarding data privacy and data management is likely to hinder the use of AI and automation in banking.
• Lack of skilled professionals to handle AI-driven software might restrain the demand in the market.
• High installation cost of AI and automation in banking will hamper the sales in the market in the coming years.

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Competitive Landscape:

Key manufacturers operating in AI and automation in banking market are developing innovative and cost-effective products to increase their revenue and gain a strong foothold in the market. Some of the players are adopting inorganic growth strategies such as mergers and acquisitions to expand their business across the globe.

For instance,

• March 2020: Scotiabank partnered with MaRS and C100 to upgrade its product portfolio and enhance the accessibility to these technologies, especially artificial intelligence.
• In 2022, Intel launched the Intel® Distribution of OpenVINO™ toolkit version 2022.1. The application of this technology is projected to add audience analytics to kiosk and digital signage.

Key Companies Profiled by Fact.MR

• Microsoft Corporation
• Amazon Web Services Inc.
• Google LLC
• Oracle Corporation
• Intel Corporation

More Valuable Insights on AI and Automation in Banking Market

In the latest study, Fact.MR offers a 360-degree view of the global AI and automation in banking market for the forecast period of 2022 to 2032. This report also provides key factors such as recent developments and growth drivers influencing the sales in AI and automation in banking market through detailed segmentation as follows:

By Component

• AI and Automation in Banking Services
• AI and Automation in Banking Hardware
• AI and Automation in Banking Software

By Technology

• Deep Learning & Machine Learning AI and Automation in Banking
• Natural Language Processing AI and Automation in Banking
• Computer Vision AI and Automation in Banking
• Others AI and Automation in Banking Technologies

By Application

• Customer Service
• Back Office
• Financial Advisory
• Compliance and Security
• Risk Management
• Other Applications

By Solution

• AI and Automation in Banking Customer Service Analytics
• AI and Automation in Banking Data Analytics & Visualization
• AI and Automation in Banking Fraud Detection
• AI and Automation in Banking Customer Relationship Management
• Other AI and Automation in Banking Solutions

By Region:

• North America
• Europe
• Asia-Pacific
• Middle East & Africa
• Latin America

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Key Questions Covered in the AI and Automation in Banking Market Report

• What will be the demand outlook of AI and automation in banking market in 2022?
• What will be the growth rate of the global AI and automation in banking market during 2022-2032?
• Which are key drivers bolstering the growth in AI and automation in banking market?
• Which are the factors hindering the growth in the AI and automation in banking market?
• Which region is expected to exhibit the fastest growth in the global AI and automation in banking market during 2022-2032?

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WiFi Kiosks Market: WiFi kiosks market is expected to gain traction in the coming years due to its rising use as a tracking device to track and record visitors in healthcare, IT, and other sectors. Also, growing requirement to test air quality and traffic is surging the use of WiFi kiosks in the coming years.

Cloud-based Predictive Analytics Platform Market: Growing penetration of smart gadgets such as laptops, smartphones, and tablets leads to the generation of voluminous amount of data. Thus, the rising need to handle such a huge quantity of data is propelling the demand for cloud-based predictive analytics platform.

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