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Home » AI in Financial Market Worth $190.33 Billion by 2030 – Exclusive Report by MarketsandMarkets™
AI in Finance

AI in Financial Market Worth $190.33 Billion by 2030 – Exclusive Report by MarketsandMarkets™

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DELRAY BEACH, Florida., October 28, 2024 /PRNewswire/ — The AI in the financial market should reach $190.33 billion by 2030 from $38.36 billion in 2024, with a CAGR of 30.6% over the period 2024-2030, according to a new report from MarketsandMarkets™.

AI-based chatbots and virtual assistants are significant growth drivers in the financial AI market, improving customer service by offering 24/7 support and personalized user interactions . AI-based technologies streamline routine tasks such as account management or transaction monitoring, freeing up human advisors for complex cases. By allowing users to make financial decisions, this accessibility expands the services offered to end customers. Machine learning models improve strategic planning and investment decisions by providing accurate forecasts based on extensive real-time data analysis. Its ability to change and improve over time ensures constantly improved tactics, thereby increasing decision-making. These models identify trends, predict market movements and assess risks, allowing financial institutions to optimize their portfolios and allocate resources efficiently.

AI automates tasks, reducing operational costs, improving efficiency and enabling financial institutions to pursue strategic innovations.

AI in the financial market is expected to move from $38.36 billion in 2024 for $190.33 billion by 2030, at a compound annual growth rate (CAGR) of 30.6% during the forecast period. AI is transforming the financial industry by automating repetitive tasks, increasing productivity and reducing operating expenses. By managing processes such as data entry and invoice processing, AI allows financial institutions to redirect human resources towards strategic innovations. This change streamlines operations and improves accuracy and decision-making, enabling businesses to respond more effectively to market dynamics and customer needs, thereby driving industry growth and competitive advantage.

By product type, the chatbots and virtual assistants segment will contribute the highest market share during the forecast period.

Chatbots and virtual assistants are in high demand in the AI-driven financial market due to their ability to automate customer service, improve user experience, and reduce operational costs. Companies like Fiserv, HighRadius, and Envestnet Yodlee leverage these technologies to streamline tasks like account management, payment processing, and financial planning. Chatbots respond instantly to common queries, while virtual assistants offer personalized financial information, making services more accessible. These tools improve efficiency by reducing the number of human agents needed for more complex tasks, leading to greater customer satisfaction and loyalty.

Finance as a commercial operation: “By application, fraud The detection and prevention segment will help hold the highest market share during the forecast period.

Financial institutions are investing in AI solutions that can detect anomalies in real-time and analyze transaction patterns, essential for identifying and preventing fraudulent activity. Traditional security measures are often not enough to counter evolving threats, making AI an indispensable tool for improving security protocols. By leveraging advanced algorithms and machine learning, these institutions can proactively harness the potential fraud before it results in significant losses, thereby prioritizing customer trust and security of their operations. The integration of AI improves the efficiency of fraud detection and streamlines overall risk management processes within the financial sector.

Find out before you buy @ https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=90552286

Finance as a Business Function: “By end user, retail and e-commerce will register the highest market share during the forecast period.

Due to several key factors, retail and e-commerce are poised to hold the largest market share in the AI ​​in finance market. Personalization is a major driver, with AI analyzing customer data to create personalized recommendations, increasing sales by 10-30% according to a 2024 survey from NVDIA. Additionally, AI improves operational efficiency by improving inventory accuracy by up to 30%, minimizing the risks of overstocking and understocking. Customer satisfaction also increases with AI-based chatbots and virtual assistants that provide 24/7 support, leading to a 20-30% increase in satisfaction scores. Additionally, AI automation leads to up to 30% reductions in operational costs, allowing organizations to reallocate resources and invest in innovative solutions. These collectively place retail and e-commerce at the forefront of AI adoption for financial applications.

By region, Asia-Pacific to record the highest market CAGR during the forecast period.

Rapid digital transformation across economies and the rise of fintech startups are driving AI solutions in Asia-Pacific. Countries like China And India are investing heavily in AI technologies to improve financial services and customer experience. The region’s large consumer base presents significant opportunities for personalized financial products and services. Regulatory bodies such as the Monetary Authority of Singapore (MAS) and the cyberspace administration of China (CAC) promote innovation and further drive market growth. The growing emphasis on data-driven decision making and the need for effective risk management solutions are also contributing to the rapid adoption of AI in finance, positioning Asia-Pacific as a leader in this sector.

Top Key Companies in AI in Finance Market:

Some major market players of AI in financial market include FIS (United States)Fiserv (US), Google (US), Microsoft (US), Zoho (India), IBM (US), Socure (US), Workiva (US), Plaid (US), SAS (US), C3 AI (United States)HighRadius (United States), AWS (United States)SAP (Germany), HPE (US), Oracle (US), Intel (US), NVIDIA (US), Salesforce (US), DataRobot (US), Enova International (US) ), AlphaSense (US), NetApp (US), Ocrolus (US), Vectra AI (US), Teradata (US), Pega (US), Vena Insights (US), United States), Affirm (United States), Symphony AI (United States), Envestnet Yodlee (United States), Addepto (Poland), Deeper Insights (UK), H2O.ai (US), App0 (US), Underwrite.ai (US), Deepgram (US), Emagia (US), InData Labs (US), Zest AI (US), Scienaptic AI (US), Gradient AI (US), Kasisto (US), Trumid (US), DataVisor (US) ), Kavout (United States), WealthBlock (United States).

Browse adjacent markets: Artificial Intelligence (AI) Market Research Reports and advice

Related reports:

AI Training Data Sets Market – Global forecasts until 2029

AI in the social media market – Global forecasts until 2029

AI Agent Market– Global forecasts until 2030

AI Studio Market– Global forecasts until 2029

Image recognition market– Global forecasts until 2029

Access the latest updates on AI in financial companies And AI in the financial sector

About MarketsandMarkets™

MarketsandMarkets™ has been recognized as one of the America’s Best Management Consulting Firms According to Forbesaccording to their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a human-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the broadest possible view on emerging technologies, making us proficient in co-creating supernormal growth for our clients.

Earlier this year, we made a formal transformation to become one of America’s best management consulting firms, according to a survey by Forbes.

The B2B economy is witnessing the emergence of 25 trillion dollars new revenue streams that replace existing revenue streams in this decade alone. We work with our clients on growth programs, helping them monetize this 25 trillion dollars opportunity through our service lines – TAM expansion, go-to-market (GTM) strategy to execution, market share gain, account activation and thought leadership marketing.

Founded on the principle of “GIVE Growth,” we work with several Forbes Global 2000 B2B companies, helping them stay relevant in a disruptive ecosystem. Our ideas and strategies are shaped by our industry experts, a cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections across a set of applications, helping clients examine the entire ecosystem and understand the revenue changes occurring in their sector.

To learn more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn And Facebook.

Contact:
Mr. Rohan Salgarkar
MarketsandMarkets™ INC.
1615 South Congress Avenue.
Suite 103, Delray Beach, Florida 33445
USA: +1-888-600-6441
E-mail: sales@marketsandmarkets.com
Visit our website: https://www.marketsandmarkets.com/

Logo: https://mma.prnewswire.com/media/1951202/4609423/MarketsandMarkets.jpg

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SOURCE Markets and Markets

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