Increase in investment by banking companies in AI and machine learning solutions, rise in preference for personalized financial services, and surge in collaboration between financial institutes and AI solution company fuel the growth of the global AI in banking market.
As per the report published by Allied Market Research, the global AI in banking market generated $3.88 billion in 2020, and is anticipated to reach $64.03 billion by 2030, manifesting a CAGR of 32.6% from 2021 to 2030.
Pramod Borasi, a Senior Research Analyst at Allied Market Research, stated, “Increase in investment by banking companies in AI and machine learning solutions, rise in preference for personalized financial services, and surge in collaboration between financial institutes and AI solution company fuel the growth of the global AI in banking market. On the other hand, high installation cost of AI and machine learning solutions and lack of a skilled workforce hinder the market growth. On the contrary, rise in government initiatives and increase in investments toward the use of AI technologies create lucrative opportunities.”
By component, the solution segment contributed to the largest share in 2020, generating more than three-fourths of the global AI in banking market. However, the service segment is expected to showcase the fastest CAGR of 35.2% during the forecast period.
By technology, the machine learning & deep learning segment held the major share in 2020, contributing to around one-third of the market share. The segment is also expected to manifest the fastest CAGR of 33.5% during the forecast period.
By region, the market across North America held the largest share in 2020, contributing to more than two-fifths of the global AI in banking market. On the other hand, the Asia-Pacific region is expected to register the fastest CAGR of 34.3% during the forecast period.
To read the report, please visit:
https://www.alliedmarketresearch.com/ai-in-banking-market-A11871
