AI And Automation In The Banking Sector Are Estimated At Usd 182 Bn During The Forecast Period 2022-2032
AI and Automation in Banking Market Outlook (2022 to 2032)
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.
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Key Segments Covered in the AI and Automation in Baking Industry Report
- 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
- AI and Automation in Banking for Customer Service
- AI and Automation in Banking for Back Office
- AI and Automation in Banking for Financial Advisory
- AI and Automation in Banking for Compliance and Security
- AI and Automation in Banking for Risk Management
- AI and Automation in Banking for 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
The players of AI and Automation in Banking focus on expanding their global reach through strategies such as; collaborations, partnerships, and acquisitions. The players also make significant investments in R&D to innovate their products which will help in strengthening their positions in the global market. Key players in the region include Microsoft Corporation, Amazon Web Services Inc Google LLC, Oracle Corporation, and Intel Corporation among others.
- In July 2019, Toronto-based FinTech player, Sensibill, procured USD 31.5 Mn in Series B funding to power AI banking solutions for small business owners and freelancers.
- In March 2020, Scotiabank announced its partnership with MaRS, a support network for Canadian startups, and C100, a non-profit organization for Canadians working in technology opening its own platform up to new technologies. Canada’s third-largest bank aims to enhance its access to developing technologies, primarily in AI.