“Due to increasing implementation of AI-driven applications in the banks, including customer relationship management (CRM), data analytics & visualization, and chatbot to enhance customer experience and back-office activities, the software segment is projected to register a significant revenue CAGR of 43.1% during the forecast period.
In terms of market share, the deep learning & machine learning segment is expected to lead among the other technology segments in the global AI in the banking market during the forecast period due to growing adoption of deep learning & machine learning approach for risk assessment in banks.
Increasing need to optimize customer engagement by introducing AI-driven virtual assistance and provide 24/7 customer services and answer customer queries and grievances is expected to contribute to revenue growth of the customer service segment in the global AI in the banking market during the forecast period.
Due to growing need to offer improved customer service in the banking industry, the Chatbot segment is projected to lead in terms of revenue share in the global AI in the banking market during the forecast period.
Factors such as growing emphasis of banks in countries in North America on enhancing banking operations with the use of advanced technologies are resulting in the market in the region accounting for comparatively larger revenue share than other regional markets.”