Artificial Intelligence (AI) in Financial Services – Thematic Intelligence
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AI in Financial Services Thematic Report Overview
The financial services sector has been experiencing significant digitalization in recent years. AI has been a critical technology in this journey towards digital transformation as it is used in both front and back-end operations. Investment in AI by financial services players is crucial to remain competitive. With significant digital expertise, these companies are drawing on AI technologies to offer more personalized experiences and cheaper services. AI use cases range from enhancing customer interactions through chatbots to providing better loan terms through data-driven risk assessments and the automation of laborious back-end processes. Additionally, AI technologies can enhance claims processing and underwriting in the insurance sector.
The Artificial Intelligence (AI) in Financial Services thematic intelligence report assesses how AI, combined with other emerging technologies, can be used across the financial services value chain. It provides an overview of the current landscape, as well as key players, while also highlighting opportunities for the use of AIs in the future. The report provides an industry-specific analysis based on GlobalData databases and surveys.
Report Pages | 76 |
Regions Covered | Global |
Market Size (2022) | $81.3 billion |
CAGR (2022-2030) | >35% |
Historical Period | 2016-2022 |
Forecast Period | 2023-2030 |
Value Chain | · Hardware
· Data Management · Foundational AI · Advanced AI Capabilities · Delivery |
Leading Adopters | · AXA
· Bank of America · BBVA |
Leading AI Vendors | · Alibaba
· Alphabet · Amazon |
Specialist AI Vendors | · Accenture
· Afiniti · Cape Analytics |
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AI in Financial Services – Industry Analysis
The AI market was valued at $81.3 billion in 2022. The market is expected to achieve a CAGR of more than 35% between 2022 and 2030. The AI consulting and support services category is currently the largest market segment as companies try to find the best way to integrate AI into their business processes and understand how AI applications can add value. AI conversational platforms are the fastest-growing segment. This growth will partly be driven by the significant improvement in language models since the release of GPT-3 by OpenAI in 2020.
Global AI Market Revenue Segmented by Platform and Services 2022-2030 ($ Billion)
For more insights into the AI in financial services market forecast, download a free report sample
AI in Financial Services - Value Chain Analysis
The AI value chain is split into five segments which are hardware, data management, foundational AI, advanced AI capabilities, and delivery.
Hardware: The hardware value chain can be further divided into semiconductors, cameras, sensors and lasers, and servers, among others. The AI hardware stack is not too dissimilar from any IT system, although parts such as semiconductors, cameras, sensors, and edge equipment are very AI-specific. On the other hand, servers, storage, and networking equipment are standard and not designed specifically for AI use cases.
AI Value Chain Analysis
For more insights into the AI value chain, download a free report sample
Leading AI Adopters
Some of the leading financial services companies currently deploying AI are:
- AXA
- Bank of America
- BBVA
Leading AI Vendors
Some of the leading players within the AI theme are:
- Alibaba
- Alphabet (parent company of Google, Waymo, and DeepMind)
- Amazon
Specialist AI Vendors in Financial Services
Some of the specialist AI vendors in the financial services sector are:
- Accenture
- Afiniti
- Cape Analytics
To know more about the leading AI adopters, vendors, and specialist vendors, download a free report sample
Retail Banking Sector Scorecard
At GlobalData, we use a scorecard approach to predict tomorrow’s leading companies within each sector. Our sector scorecard has three screens: a thematic screen, a valuation screen, and a risk screen.
- The thematic screen ranks companies based on overall leadership in the 10 themes that matter most to their industry, generating a leading indicator of future performance.
- The valuation screen ranks our universe of companies within a sector based on selected valuation metrics.
- The risk screen ranks companies within a particular sector based on overall investment risk.
Retail Banking Sector Scorecard – Thematic Screen
To know more about the sector scorecards, download a free report sample
Sector Scorecard also includes:
- Non-life insurance sector scorecard
Segments Covered in the Report
AI Value Chain Outlook (Value, $ billion, 2016-2030)
- Hardware
- Data Management
- Foundational AI
- Advanced AI Capabilities
- Delivery
Scope
This report provides:
- A breakdown of the key challenges in the financial services industry, and how AI can help solve them.
- An overview of the AI value chain, including leaders and challengers for each sub-segment.
- A review of the leading adopters of AI in financial services, relevant specialist AI vendors for financial services, and leading cross-industry AI vendors.
- Case studies showing AI use cases across the financial services industry.
- Market size and growth forecasts for AI, along with an analysis of alternative data including patent, company filing, and hiring activity.
Reasons to Buy
- Understand AI and its current and future impact on the financial services industry.
- Learn how the deployment of AI can help with the key challenges the financial services sector faces.
- Identify the leading AI adopters and specialist AI vendors.
Afiniti
AXA
Bank of America
BBVA, Cape Analytics
CCC Intelligent Services
Chubb
Claims Genius
Cytora
DBS
EvolutionIQ
Fiserv
Goldman Sachs
HSBC
IBM
impress.ai
JPMorgan
Kasisto
Lemonade
Munich Re
Morgan Stanley
NICE
OpenAI
Personetics
Ping An
RBC
Santander
Snorkel AI
Swiss Re
Zurich
Table of Contents
Frequently asked questions
-
What was the size of the AI market in 2022?
The AI market was valued at $81.3 billion in 2022.
-
What is the AI market growth rate?
The AI market is expected to grow at a CAGR of 35% between 2022 and 2030.
-
Who are the leading adopters currently deploying AI?
Some of the leading financial services companies currently deploying AI are AXA, Bank of America, and BBVA.
-
Who are the leading players within the AI theme?
Some of the leading players within the AI theme are Alibaba, Alphabet, and Amazon.
-
Who are the leading specialist AI vendors in the financial services sector?
Some of the leading specialist AI vendors in the financial services sector are Accenture, Afiniti, and Cape Analytics.

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