The Rise of AI in the Financial Market: A $190.33 Billion Industry Dominated by Tech Giants – Google (US), Microsoft (US), Zoho (India), IBM ( UNITED STATES)
Delray Beach, Florida, November 21, 2024 (GLOBE NEWSWIRE) — The world AI in the financial market size is expected to grow at a CAGR of 30.6% during the forecast period from USD 38.36 billion in 2024 to USD 190.33 billion by 2030, according to a new report by MarketsandMarkets™. Advanced AI-based algorithms improve risk identification and mitigation, thereby promoting safer financial practices within the financial market, which is a major factor driving the growth of the global AI market in the financial market. Additionally, AI systems improve financial decision-making by analyzing data for better risk assessment and customer service through product types such as chatbots and virtual assistants, ERP and financial systems and algorithmic trading platforms.
Browse the table of contents in depth at “AI in the financial market“
AI tools in finance offer a range of powerful features designed to improve and streamline financial management and decision-making. These tools use advanced algorithms to automate processes such as data analysis, risk assessment and customer engagement, significantly reducing the time and effort required by finance teams. With features like predictive analytics, automated reporting, and intelligent decision support systems, these AI tools help financial institutions maintain a competitive edge in a rapidly evolving market. According to leading vendors, AI in finance refers to artificial intelligence tools and services designed to help users save time, improve efficiency, and differentiate themselves in the financial industry. Using AI for financial management can help organizations reduce operational costs and improve customer interactions. AI can automate routine tasks like data entry and report generation, allowing finance teams to focus on more strategic initiatives.
The chatbots and virtual assistants segment holds the highest market share in the AI in finance market due to their ability to improve customer engagement, streamline service delivery, and provide 24-hour support /24 and 7 days a week. They automate routine requests, reduce operational costs and improve user experience, making them invaluable to financial institutions.
Looking at the end user as a business function, the government and public sector hold the highest market share in the AI in finance market due to their vast financial management needs and of their regulatory requirements. AI solutions improve the efficiency of budgeting, forecasting and compliance, enabling these entities to streamline their operations and improve service delivery.
Major players in the AI in finance market include FIS (US), Fiserv (US), Google (US), Microsoft (US), Zoho (India), IBM (US), -United States), Socure (United States), Workiva (United States), etc. These players not only have a comprehensive and diversified product portfolio, but also a strong geographic presence in the AI in finance market. They can focus on developing innovative financial technologies and offerings due to the emergence of new end-user areas within the financial sector. These companies offer different types of products and operate on a global scale. They leverage their R&D capabilities and diversified service portfolios to increase their market share. These organizations focus on product launches, collaborations, acquisitions, contracts and partnerships to strengthen their footprint through product innovations and expand their business reach in the financial domain.
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