How big is the generative artificial intelligence (ai) in financial services market today, and what are its future growth expectations?
The generative artificial intelligence (AI) in financial services market size has grown exponentially in recent years. It will grow from $1.44 $ billion in 2024 to $1.89 $ billion in 2025 at a compound annual growth rate (CAGR) of 31.2%. The growth in the historic period can be attributed to rising digital transformation, increased data availability, demand for personalization, operational efficiency, and investment in technology.
The generative artificial intelligence (AI) in financial services market size is expected to see exponential growth in the next few years. It will grow to $5.54 $ billion in 2029 at a compound annual growth rate (CAGR) of 30.8%. The growth in the forecast period can be attributed to growing application of generative AI in fraud detection and prevention, enhanced reporting capabilities, globalization of financial services, collaboration with fintech, and rising AI literacy. Major trends in the forecast period include collaborative AI solutions, personalized financial products, adoption of AI solutions, AI-driven investment strategies, and integration with blockchain technology.
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What have been the primary factors driving the generative artificial intelligence (ai) in financial services market’s growth?
The growing financial fraud is expected to propel the growth of the generative artificial intelligence (AI) in financial services market going forward. Financial fraud involves deceitful practices to gain an unfair financial advantage or cause financial loss to individuals or organizations. The growing financial fraud is due to the rise of digital financial services and online transactions, increased use of digital platforms, and sophistication of fraud techniques. Generative AI can create synthetic datasets that simulate real-world scenarios, including fraud. These datasets can be used to train and test fraud detection algorithms, improving their ability to recognize new and evolving fraud tactics without compromising accurate customer data. For instance, in February 2024 according to the Federal Trade Commission, a US-based independent agency, there were $10.0 billion in financial losses due to fraudulent activities in the US, representing an increase of $1.2 billion compared to 2022. Therefore, growing financial fraud is driving the growth of the generative artificial intelligence (AI) in financial services market.
What are the key segments within the generative artificial intelligence (ai) in financial services market?
The generative artificial intelligence (AI) in financial services market covered in this report is segmented –
1) By Type: Solutions, Services
2) By Deployment Mode: Cloud, On-Premises
3) By Application: Credit Scoring, Fraud Detection, Risk Management, Forecasting And Reporting, Other Applications
Subsegments:
1) By Solutions: Fraud Detection And Prevention Solutions, Risk Assessment And Management Tools, Algorithmic Trading Systems, Customer Analytics And Insights Platforms, Automated Reporting And Compliance Solutions, Personalized Financial Advisory Tools, Chatbots For Customer Support
2) By Services: Consulting Services For AI Implementation, Integration Services For Existing Systems, Training And Development For Staff, Ongoing Support And Maintenance Services, Data Management And Analytics Services, Custom AI Model Development Services.
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Which key players are shaping the generative artificial intelligence (ai) in financial services market?
Major companies operating in the generative artificial intelligence (AI) in financial services market are Google LLC, Microsoft Corporation, JPMorgan Chase & Co., Amazon Web Services Inc., Wells Fargo, Citigroup Inc., Intel Corporation, IBM Corporation, American Express Banking Corp., Morgan Stanley, Goldman Sachs, Salesforce Inc., Fidelity Investments, Capgemini, Mastercard International Inc., Charles Schwab Corp., Cognizant, Infosys Ltd., HSBC Holdings Plc, Broadridge Financial Solutions Inc., Zeta Global, Simform Solutions, Narrative Science, Miquido, Zapata Computing Inc.
How will emerging trends drive the generative artificial intelligence (ai) in financial services market throughout the forecast period?
Major companies operating in the generative artificial intelligence (AI) in financial services market are focused on developing advanced technologies, such as generative AI tools, to produce highly accurate, creative, and data-driven outputs while automating complex tasks and adapting to new information in real-time. A generative AI tool is a software application that uses advanced algorithms to create new, realistic content or data by learning from existing patterns in large datasets. For instance, in April 2024, Hapax, a US-based financial service startup, launched the Generative AI Tool for the Financial Services Industry. The platform is intended to use generative AI to provide industry-specific knowledge, decision-making capabilities, and valuable assets to banks and other comparable businesses. Hapax’s generative AI tool addresses the information-access disparities between large and smaller banks by offering a cost-effective, efficient solution for small and midsize banks and credit unions. These institutions often need more resources for skilled employees and technology, relying on consultants and educated guesses to manage their complex operations and ensure compliance. Hapax’s tool simplifies access to accurate, validated information, making it faster and more affordable for these organizations to meet their needs effectively.
How do regional factors impact the generative artificial intelligence (ai) in financial services market, and which region is the largest contributor?
North America was the largest region in the generative artificial intelligence (AI) in financial services market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the generative artificial intelligence (AI) in financial services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Does The Generative Artificial Intelligence (AI) In Financial Services Market Report 2025 Offer?
The generative artificial intelligence (ai) in financial services market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Generative artificial intelligence (AI) in financial services refers to applying advanced machine learning models, particularly those that can create new content or solutions, to various functions within the financial industry. These AI systems can generate synthetic data, simulate market scenarios, develop personalized financial products, and assist in decision-making by predicting trends, risks, and opportunities. Generative AI in financial services is used for automated trading, fraud detection, customer service via chatbots, personalized financial advice, and risk assessment.
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