Market Overview
The Generative Ai In Financial Services Market recorded a valuation of USD 847.3 Mn in 2022 and is expected to reach USD 9,475.5 Mn by the end of 2032, expanding at a CAGR of 28.1% over the decade, as per the latest Tech market research report (Market.us).
The increasing demand for accurate and efficient financial services is a major factor driving the adoption of generative AI by the financial services industry. Generative AI can analyze large amounts of data to identify patterns and anomalies. This helps financial institutions to make better decisions and reduce risk. Additionally, the increased availability of data as well as advancements in machine learning algorithms have made generative AI a more powerful and effective tool in financial applications.
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The North American market is expected to be the largest market for generative AI in financial services. The market in North America is expected to be driven by the increasing adoption of cloud computing and artificial intelligence in the financial services industry. The market in Asia Pacific is expected to be the fastest growing market for generative AI in financial services. The market in Asia Pacific is expected to be driven by the increasing demand for financial services in emerging economies such as China and India.
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Key Takeaways
- The market is expected to be driven by the increasing demand for accurate and efficient financial services.
- Generative AI can be used to improve fraud detection, risk assessment, investment prediction, and customer service.
- The market is expected to be fragmented, with a number of small and large players competing for market share.
- The market is expected to be driven by the increasing adoption of cloud computing and artificial intelligence in the financial services industry.
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Top Leading Manufacturers
- IBM Corporation
- Intel Corporation
- Narrative Science
- Amazon Web Services, Inc.
- Microsoft
- Google LLC
- Salesforce, Inc.
- Other Key Players
Strategic Developments
- In 2022, IBM announced the launch of its Watson AI for Financial Services platform. The platform uses generative AI to help financial institutions improve fraud detection, risk assessment, and customer service.
- In 2022, Intel announced the launch of its Neural Compute Stick 2. The stick is a small, portable device that can be used to train and deploy generative AI models.
- In 2022, Narrative Science announced the launch of its Quill platform. The platform uses generative AI to help financial institutions create personalized financial content for their customers.
Key Benefits for Stakeholders
- Financial institutions can use the report to gain insights into the generative AI market and how it can be used to improve their operations.
- Investors can use the report to gain insights into the generative AI market and identify potential investment opportunities.
- Government agencies can use the report to gain insights into the generative AI market and develop policies that support its growth.
Target Audience to Benefit from this Report
- Financial institutions
- Investors
- Government agencies
- Technology providers
- Research and consulting firms
- Academic institutions
Market Segmentation
Based on Type
- Solutions
- Services
Based on Application
- Credit Scoring
- Fraud Detection
- Risk Management
- Forecasting & Reporting
- Other Applications
Based on the Deployment Mode
- Cloud
- On-premises
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