According to a new report, published by KBV research, The Global Artificial Intelligence In Banking Market size is expected to reach $132.9 billion by 2030, rising at a market growth of 31.3% CAGR during the forecast period.
The Solution segment is registering a strong potential in the Global Artificial Intelligence In Banking Market by Component in 2022 thereby, achieving a market value of $78.6 billion by 2030. AI-powered chatbots and virtual assistants provide automated customer support, answering queries, guiding users through processes, and facilitating interactive conversations. AI-driven solutions in personalized banking analyze customer behavior and preferences to offer tailored financial advice, personalized product recommendations, and customized wealth management strategies. AI-enhanced cybersecurity solutions leverage machine learning to detect and respond to cyber threats, providing robust defense mechanisms against malicious activities.
The SMEs segment is anticipated to have a CAGR of 32.9% during (2023 - 2030). SMEs are increasingly focusing on digital transformation to stay competitive. AI adoption is crucial to this transformation, enabling SMEs to enhance operational efficiency, improve customer experiences, and streamline banking processes. SMEs automate routine and repetitive tasks using AI, allowing them to allocate resources more efficiently. This includes automating data entry, document processing, and other back-office operations to improve productivity.
The Natural Language Processing (NLP) region is leading the Global Artificial Intelligence In Banking Market by Technology in 2022 thereby, achieving a market value of $52.6 billion by 2030. NLP powers conversational interfaces, such as chatbots and virtual assistants, allowing customers to interact with the bank using natural language. NLP facilitates voice-activated banking services, allowing customers to perform transactions and access information using voice commands. NLP is utilized for sentiment analysis, assessing customer feedback, social media comments, and reviews to understand the sentiment towards the bank. To extract relevant information, NLP automates the analysis of unstructured documents, such as contracts, legal documents, and emails.
The Customer Service segment is experiencing a CAGR of 31% during (2023 - 2030). AI-powered customer service solutions can easily scale to handle a large volume of inquiries simultaneously. This scalability ensures that banks can efficiently manage customer interactions, even during increased demand. AI-driven customer service solutions can be programmed to support multiple languages. This capability allows banks to serve a diverse customer base, including those who may prefer communication in languages other than the primary language of the bank. AI-driven customer service solutions can engage users in natural and interactive conversations. This contributes to a more engaging customer experience, fostering positive relationships between customers and the bank.
Full Report: https://www.kbvresearch.com/artificial-intelligence-in-banking-market/
The North America region dominated the Global Artificial Intelligence In Banking Market by Region in 2022 thereby, achieving a market value of $45.2 billion by 2030, growing at a CAGR of 30.4 % during the forecast period. The Europe region is experiencing a CAGR of 30.8% during (2023 - 2030). Additionally, The Asia Pacific market would witness a CAGR of 32.2% during (2023 - 2030).
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