Latest News- Machine Learning In Banking Market: Software is expected to lead the Component segment during 2025-2029

The Machine Learning In Banking Market is being driven by Escalating imperative for advanced security and fraud mitigation

The Machine Learning In Banking Market is expected to grow at a CAGR of 27.1% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 18894.6 million. The machine learning in banking market is undergoing a transformative shift with the increasing adoption and integration of generative artificial intelligence (AI). This advancement signifies a substantial evolution from conventional predictive AI, which primarily concentrates on data classification or outcome forecasting, to creative AI capable of generating novel and consistent content, including text, code, and intricate data composites. Financial institutions are actively transitioning beyond exploratory phases, incorporating generative AI into fundamental business operations. Viewed as a potent tool for productivity improvement, service innovation, and competitive edge, this technology is being implemented across the banking value chain. 

Get more information on Machine Learning In Banking Market by requesting a sample report

Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Component
  • Software
  • Services
  • Hardware
• Application
  • Fraud detection
  • Risk management
  • Customer service
  • Predictive analytics
  • Personalized banking
• Deployment
  • Cloud based
  • On premise
  • Hybrid
• End-user
  • Retail banking
  • Investment banking
  • Insurance
  • Wealth management
• Geography
  • North America
    • Canada
    • US
  • APAC
    • China
    • India
    • Japan
    • South Korea
  • Europe
    • Germany
    • UK
    • France
  • South America
    • Brazil
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Escalating imperative for advanced security and fraud mitigation
• Dual pursuit of operational efficiency and hyper-personalized customer experiences
• Proliferation and accessibility of advanced artificial intelligence technologies

However, the market also witnesses some limitations, which are as follows:

• Navigating complex regulatory landscape and ethical dilemmas
• Overcoming data silos and integrating with legacy infrastructure
• Acute scarcity of specialized talent and substantial financial investment

Benefits of Buying Global Machine Learning In Banking Market Research Report by Technavio

Rich Experience: 20+ years leading global market research, trusted insights across industries.

Unlock Business Potential with Technavio: Maximize ROI with Technavio's tailored market research: deep dives and actionable insights.

Your Guide to Market Success: Empower your business with Technavio's market research and future-proof your decisions.

Market Scope in Machine Learning In Banking Market Research Report

Find out which segment is leading the market by accessing the free PDF report

Research Analysis Overview

In the Machine Learning (ML) market for banking, key components include model training utilizing diverse datasets, assessing model accuracy via metrics, engineering features through innovative techniques, preprocessing data using effective methods, validating models with rigorous procedures, implementing bias mitigation strategies, enhancing model interpretability, monitoring performance with tools, selecting algorithms based on criteria, establishing data governance frameworks, ensuring IT infrastructure, complying with regulatory reporting systems, adhering to risk appetite frameworks, analyzing financial statements, managing customer relationships, automating processes, creating data visualization dashboards, utilizing real-time analytics platforms, supporting decision-making systems, preventing fraud, modeling credit risk, managing market risk, assessing liquidity risk, improving operational efficiency, enhancing customer experience, and optimizing business processes.

Market Research Overview

In the dynamic world of banking, Machine Learning (ML) is revolutionizing various sectors, particularly in fraud detection, risk assessment, and customer churn prediction. ML models and algorithms are integral components of IT software solutions in this domain. The global Machine Learning in Banking market is a segment of the larger IT software industry, which encompasses businesses producing application software. This market specifically focuses on ML applications designed for banking institutions, excluding those engaged in interactive home entertainment or systems software. According to Technavio, the global IT software market size is determined by the consolidated revenue of all IT software providers, including those offering cloud-based ML solutions for banking.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/