The banking sector is one of the early adopters of artificial intelligence (AI) and automation. The rapid adoption of these technologies has enabled banks to offer new and enhanced services to their customers. According to a report by reportsandmarkets, the global AI and Automation in Banking Market will grow from $4.4 billion in 2022 to $13.9 billion by 2028. This growth is attributable to the increasing adoption of AI for customer service, risk management, fraud detection, and more. In this blog post, we will provide you with an overview of global AI and automation in banking market and discuss its key drivers and inhibitors. We will also provide you with a forecast for the market till 2028.
The global AI and Automation in Banking market are estimated to grow at a CAGR of 18.5% during the forecast period (2018-2023). The growth is driven by rising demand from financial institutes for advanced analytics and automated decision-making capabilities to optimize their operations.
The key players in the global AI and Automation in Banking market are IBM, Microsoft, Intel, Oracle Corporation, Google, and Salesforce.
The global banking industry is estimated to grow at a CAGR of around 7% until 2021, according to a report by MarketsandMarkets. The growth of the banking sector is attributed to several factors, such as increasing demand for financial products and services, increased investment in infrastructure, and technological advancements.
AI and automation are key technologies that are expected to drive the growth of the banking sector. AI can help banks improve customer interactions and provide better insights into customer behaviour. Automation can help banks reduce costs and automate processes.
The banking sector is expected to benefit from AI and automation-related investments in four key areas: data management, big data analysis, robotic process automation (RPA), and artificial intelligence (AI) applications. Data management is expected to be the fastest-growing area of investment in the banking sector due to the increasing volume of data that banks need to manage. Big data analysis is expected to grow at a slower pace but will still account for a significant share of investments in AI technology over the next few years. RPA is also expected to grow significantly over the next few years because it enables banks to automate repetitive tasks that can be done more efficiently with machines than human beings. AI applications are expected to continue expanding across various segments of the banking industry, such as customer service, operational support functions (such as treasury operations or lending), and fraud detection.
- Kofax Inc
- Itrex Group
- Kryon Systems
- Sutherland Global Services
- BoTree Technologies
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The global banking market is expected to grow at a CAGR of 6.7% from 2017 to 2024, according to a report by reportsandmarkets, Inc. The growth in the AI and automation segment is driving this growth.
AI and automation are providing banks with opportunities to enhance customer experience and improve efficiency and profitability. The use of AI and automation can help banks reduce costs, automate processes, identify risks, and optimize operations. Automation also helps banks build predictive models that can identify potential frauds or other risks before they happen. This can help prevent financial losses for the bank as well as its customers.
In addition to enhancing customer experience, AI and automation can also help banks improve efficiency. Automation can optimize processes such as data entry, loan approvals, and accounting activities. In addition, risk identification through machine learning can help banks reduce the number of errors made by employees. This leads to improved operational performance and improved profitability for the bank.
The use of AI and automation also has benefits for banks in terms of security. Predictive models built using machine learning often have better accuracy than human experts when it comes to identifying potential risks associated with a particular activity or transaction. As such, using machine learning in conjunction with other security technologies can help protect the bank’s assets from theft or fraud
There is a surge in the demand for AI and Automation in Banking sector owing to various reasons such as rising costs, the need for efficiency and accuracy, increasing compliance demands and the need to counter fraudulent activities. The global AI and Automation in Banking market are estimated to reach USD 12.5 billion by 2024, growing at a CAGR of around 15% during the forecast period.
The factors driving the growth of AI and Automation in Banking market include increasing cost of operations, the need for enhanced efficiency and accuracy, stringent regulations, increasing cyber threats, and increased adoption of advanced technologies across various industries. Some of the key players in this market are IBM, Microsoft Corporation, Oracle Corporation, Hewlett-Packard Company, Google Inc., Deloitte LLP, Accenture PLC., Infosys Limited., CA Technologies Inc., Intel Corporation., Fujitsu Limited., Bosch SE & Co. KGaA., IHS Markit Ltd., Samsung Electronics Co. Ltd. among others.
Some of the major markets covered by this study are North America (U.S.), Europe (Germany), Asia Pacific (APAC) including Japan, China and India,…
The global AI and Automation in Banking market are expected to grow at a CAGR of xx% during the forecast period 2022-2028. The growth of this market is primarily due to the increasing adoption of AI and automation in banking by various organizations.
Some of the major players in this market are IBM, Microsoft, Google, Salesforce, Oracle, and Facebook. These companies are steadily investing in AI and automation technologies to improve their customer experience and facilitate faster processing of transactions. Additionally, various government initiatives such as the Digital India initiative by Indian government are also contributing to the growth of this market.
The key drivers of this market are:
• Rising demand for innovative services: Increasing number of customers are preferring innovative services that offer convenience and increased efficiency. As a result, organizations are investing in AI and automation technologies to provide such services.
• Growing adoption of AI and automation technologies: In recent years, numerous organizations have adopted AI and automation technologies for various applications such as sales processing, customer service, fraud detection, etc. This trend is likely to continue in the near future as these technologies offer many benefits such as improved accuracy, speedier processing time, etc.
• Government initiatives: Various governments across the globe are actively promoting innovation through various initiatives such as the Digital India initiative by the Indian government. This initiative is focusing on providing access to digital assets and services among citizens across India. As a result, numerous organizations are investing in AI and automation technologies
Market Segment by Regions, regional analysis covers
- North America (United States, Canada and Mexico)
- Europe (Germany, France, UK, Russia and Italy)
- Asia-Pacific (China, Japan, Korea, India and Southeast Asia)
- South America (Brazil, Argentina, Colombia etc.)
- Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
- To study and analyze the global AI and Automation in Banking market size by key regions/countries, product type and application, history data from 2016 to 2022, and forecast to 2028.
- To understand the structure of AI and Automation in Banking market by identifying its various sub segments.
- Focuses on the key global AI and Automation in Banking players, to define, describe and analyze the value, market share, market competition landscape, SWOT analysis and development plans in next few years.
- To analyze the AI and Automation in Banking with respect to individual growth trends, future prospects, and their contribution to the total market.
- To share detailed information about the key factors influencing the growth of the market (growth potential, opportunities, drivers, industry-specific challenges and risks).
- To project the size of AI and Automation in Banking submarkets, with respect to key regions (along with their respective key countries).
- To analyze competitive developments such as expansions, agreements, new product launches and acquisitions in the market.
- To strategically profile the key players and comprehensively analyze their growth strategies.
- To strategically profile the key players and comprehensively analyze their growth strategies.
The report lists the major players in the regions and their respective market share on the basis of global revenue. It also explains their strategic moves in the past few years, product innovation investments, and leadership changes to stay ahead of the competition. This will give the reader an edge over others as a well-informed decision can be made by looking at the holistic picture of the market
Key Questions | Answered included in Sample Report
- What will the market size be in 2028 and what will the growth rate be?
- What are the key market trends?
- What is driving this market?
- What are the challenges to market growth?
- Who are the key vendors in this market space?
- What are the market opportunities and threats faced by the key vendors?
- What are the strengths and weaknesses of the key vendors?
Table of Contents| AI and Automation in Banking Market
- Part 1: Overview of AI and Automation in Banking Market
- Part 2: AI and Automation in Banking Carts: Global Market Status and Forecast by Regions
- Part 3: Global Market Status and Forecast by Types
- Part 4: Global Market Status and Forecast by Downstream Industry
- Part 5: Market Driving Factor Analysis
- Part 6: Market Competition Status by Major Manufacturers
- Part 7: Major Manufacturers Introduction and Market Data
- Part 8: Upstream and Downstream Market Analysis
- Part 9: Cost and Gross Margin Analysis
- Part 10: Marketing Status Analysis
- Part 11: Market Report Conclusion
- Part 12: AI and Automation in Banking: Research Methodology and Reference
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