The global AI and automation banking market was valued at USD 16.5 Bn in 2021. The trade is likely to reach USD 23.3 Bn in 2022. Due to improvements in data collection technology among financial institutions, the demand for AI and automation has surged significantly. The global AI and automation market is projected to reach USD 182 Bn, exhibiting a 22.8% CAGR during the forecast period.
Increasing investments by banks in AI and growing consumer preference for personalized financial services are projected to bolster the market growth in the forecast period. As per joint research conducted by the National Business Research Institute and Narrative Science, in 2020, nearly 32% of banks were dependent on AI technologies for voice recognition, predictive analytics, and other essential services to gain a competitive edge against their competitors.
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- 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.
- 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.
- 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.
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.
- 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:
- AI and Automation in Banking Services
- AI and Automation in Banking Hardware
- AI and Automation in Banking Software
- 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
- Customer Service
- Back Office
- Financial Advisory
- Compliance and Security
- Risk Management
- Other Applications
- 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
- North America
- Middle East & Africa
- Latin America
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?