The artificial intelligence (ai) in financial wellness global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Artificial Intelligence (AI) In Financial Wellness Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The artificial intelligence (AI) in financial wellness market size has grown exponentially in recent years. It will grow from $13.27 billion in 2023 to $17.73 billion in 2024 at a compound annual growth rate (CAGR) of 33.6%. The growth in the historic period can be attributed to growth of fintech companies, increased digitalization of financial services, consumer demand for personalized financial solutions, rising awareness of financial wellness, economic uncertainty.
The artificial intelligence (AI) in financial wellness market size is expected to see exponential growth in the next few years. It will grow to $56.71 billion in 2028 at a compound annual growth rate (CAGR) of 33.7%. The growth in the forecast period can be attributed to growing demand for automated financial services, expansion of financial wellness programs by employers, increased focus on financial literacy, increased focus on mental health and financial wellness, expansion of AI into new financial service areas. Major trends in the forecast period include integration of AI with blockchain technology, AI in wealth management platforms, adoption of mobile banking, AI-based customer support solutions, AI-driven fraud detection systems.
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Scope Of Artificial Intelligence (AI) In Financial Wellness Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Artificial Intelligence (AI) In Financial Wellness Market Overview
Market Drivers –
The increasing financial accessibility is expected to propel the growth of artificial intelligence (AI) in financial wellness market going forward. Financial accessibility refers to the ease with which individuals can access and utilize financial services and products, regardless of their economic status, geographic location, or financial background. Increasing financial accessibility is essential to ensure that more individuals can benefit from financial services, build wealth, and achieve financial stability, thereby promoting greater economic inclusion and reducing financial inequality. AI enhances financial accessibility by providing personalized, automated financial advice and services that reach underserved populations, simplifying complex financial tasks, and offering affordable solutions tailored to individual needs. For instance, in October 2023, according to the International Monetary Fund, a US-based international financial institution, in Europe and the Western Hemisphere saw significant growth in mobile and internet banking, with online banking transactions per 1,000 adults rising by over 20% in 2022. Furthermore, in the Asia and Pacific region, the number of deposit accounts rose by 13% in 2022, largely fueled by growth in China, Nepal, and Indonesia. Therefore, increasing financial accessibility will drive the growth of artificial intelligence (AI) in financial wellness market.
Market Trends –
Major companies operating in artificial intelligence (AI) financial wellness market are focusing on virtual assistants, such as AI advisors, to enhance personalized financial guidance for better financial decision-making. AI advisors are virtual assistants powered by artificial intelligence that provide personalized financial advice, guidance, and support based on user data and real-time analytics. For instance, in July 2024, EarnUp Inc., a US-based fintech company focused on providing innovative financial wellness solutions for consumers and financial institutions, unveiled AI Advisor, a pioneering product poised to revolutionize how financial institutions engage with consumers. The financial guide is engineered to manage consumer financial wellness comprehensively. It provides expert advice paired with seamless execution, serving as the ultimate tool for enhancing customer engagement. AI Advisor utilizes advanced artificial intelligence to deliver hyper-personalized insights and guidance, enabling users to make informed decisions in pursuit of their financial goals. This innovative solution analyzes real-time banking and credit data to offer tailored answers and product recommendations, thereby enhancing the user experience and deepening financial understanding.
The artificial intelligence (AI) in financial wellness market covered in this report is segmented –
1) By Type: Software, Service
2) By Deployment Type: Cloud-Based, On-Premises
3) By Application: Wealth Management, Fraud Detection And Prevention, Risk Management And Compliance, Customer Service And Support, Other Applications
4) By End-User Type: Financial Institutions, Enterprises, Individuals
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Regional Insights –
North America was the largest region in the artificial intelligence (AI) in financial wellness market in 2023. The regions covered in the artificial intelligence (AI) in financial wellness market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the artificial intelligence (AI) in financial wellness market are Prudential Financial Inc., Fidelity National Financial, Transamerica Corporation, Nu Pagamentos S.A. (Nubank), Mercer LLC, Ayco a Goldman Sachs Company, Ramsey Solutions LLC, Purchasing Power LLC, Personetics Technologies Inc., Wealthfront Corporation, Aduro Inc., Health Advocate Inc., PayActiv Inc., HealthCheck360 a division of Cottingham & Butler, Fyle Technologies Private Limited, Ellevest Inc., Financial Fitness Group, EarnUp Inc., Brigit, BrightDime Inc., Edukate Inc., Enrich Financial Wellness, Money Starts Here, SUM180 Inc., Best Money Moves LLC< /b>
Table of Contents
1. Executive Summary
2. Artificial Intelligence (AI) In Financial Wellness Market Report Structure
3. Artificial Intelligence (AI) In Financial Wellness Market Trends And Strategies
4. Artificial Intelligence (AI) In Financial Wellness Market – Macro Economic Scenario
5. Artificial Intelligence (AI) In Financial Wellness Market Size And Growth
…..
27. Artificial Intelligence (AI) In Financial Wellness Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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