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How does the generative AI in the banking and finance market size look in recent years and the forthcoming years?
In recent years, the generative artificial intelligence AI in the banking and finance market size has shown remarkable growth, increasing from $0.97 billion in 2023 to $1.3 billion in 2024, marking a compound annual growth rate CAGR of 34.5%. This progression within the historical period can be credited to the digital transformation of financial services, growing emphasis on customer experiences, the rise of data analytics capabilities, and the increasing demand for regulatory compliance. Other factors include the necessity for fraud detection and risk management, as well as the importance of operational efficiency and cost reduction.
What's the projected growth rate and market size of the generative AI in the banking and finance market?
Looking into the future, the generative AI in the banking and finance market is expected to observe huge growth, expanding to $4.27 billion in 2028 at a CAGR of 34.7%. The growth in the forecast period is predicted to stem from the demand for personalized financial services, integration of AI with existing banking systems for smoother operations, and the necessity for predictive analytics in risk management. A noteworthy rise in customer trust and transparency, quick workforce adaptation for AI initiatives, competitive pressure for adopting advanced AI technologies for maintaining market advantage, and a growing urgency to address data privacy concerns also contribute to the forecasted growth.
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Which factors are envisioned to drive the growth of generative AI in the banking and finance market?
One key factor expected to drive the expansion of generative artificial intelligence AI in banking and finance is the increasing focus on data security. Data security involves protecting digital data from unauthorized access, corruption, or theft throughout its lifecycle. The escalating focus on data security is spurred by growing cyber threats, regulatory needs, and the imperative to shield sensitive data from breaches and loss. Generative AI aids data security in banking and finance by identifying unusual patterns, predicting potential threats, and automating security protocols for better protection of sensitive financial data. Therefore, the escalating emphasis on data security is spearheading the growth of generative AI in banking and finance market.
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Who are the key players in the generative AI in the banking and finance market?
Key industry players operating in the generative AI market include global behemoths such as Microsoft Corporation, Wells Fargo & Co, Amazon Web Services Inc., HSBC Holdings plc, International Business Machines Corporation, American Express, Morgan Stanley & Co LLC, Goldman Sachs Group Inc., ING Group, Oracle Corporation, SAP SE, Nvidia Corporation, Salesforce Inc., NatWest Group plc., Lloyds Banking Group, Oversea-Chinese Banking, SAS Institute Inc., SymphonyAI LLC, DataRobot Inc., and Rasa Technologies Inc.
How are the key market players using advanced technologies?
Key companies in the market are centering their focus on advanced technologies such as cloud-based AI platforms to boost operational efficiency, automate complex financial processes, improve customer interactions, and provide advanced analytics for better decision-making and risk management.
How is the generative AI in agriculture market segmented?
The generative AI in agriculture market report involves segments listed as follows:
1 By Crop Type: Wheat, Rice, Corn, Vegetables, Other Crop Types
2 By Technology: Deep Learning, Computer Vision, Machine Learning, Natural Language Processing, Robotics
3 By Application: Precision Farming, Livestock Management, Crop Management, Soil Analysis, Other Applications
4 By End User Industry: Farmer, Agriculture Technology Companies, Agriculture Consultants, Government Agencies, Research Institutions
Which region leads in the generative AI in banking and finance market, and how do other regions line up?
Indeed, North America took the lead in the generative AI in banking and finance market in 2023. However, Asia-Pacific is projected to be the fastest-growing region for this market in the forecasted period. Other regions covered in the report include Western Europe, Eastern Europe, South America, Middle East, and Africa.
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