This report describes and explains the generative artificial intelligence (AI) in banking and finance market and covers 2019-2024, termed the historic period, and 2024-2029, 2034F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.
The global generative artificial intelligence (AI) in banking and finance market reached a value of nearly $1.29 billion in 2024. The market is expected to grow from $1.29 billion in 2024 to $5.45 billion in 2029 at a rate of 33.27%. The market is then expected to grow at a CAGR of 31.64% from 2029 and reach $21.57 billion in 2034.
Growth in the historic period resulted from the increasing focus on data security, increasing cybersecurity threats, growing demand for personalized financial services and increasing utilization of generative AI in fraud detection. Factors that negatively affected growth in the historic period was lack of trust in AI systems.
Going forward, the strong economic growth, rapid urbanization, increasing digital transformation, increasing adoption of AI, automation of banking operations and favorable government support will drive the growth. Factor that could hinder the growth of the generative artificial intelligence (AI) in banking and finance market in the future include lack of skilled personnel and technical expertise.
The global generative artificial intelligence (AI) in banking and finance market is fairly fragmented, with large number of players operating in the market. The top ten competitors in the market made up to 16.45% of the total market in 2023. Microsoft Corporation was the largest competitor with a 2.10% share of the market, followed by Google LLC with 2.06%, International Business Machines Corporation with 2.01%, Amazon.com Inc. with 1.92%, Oracle Corp. with 1.88%, Accenture plc with 1.64%, Goldman Sachs Group Inc. with 1.40%, SAP SE with 1.24%, Wells Fargo & Co. with 1.17% and Teradata’s Corp. with 1.04%.
North America was the largest region in the generative artificial intelligence (AI) in banking and finance market, accounting for 52.10% or $676.37 million of the total in 2024. It was followed by Western Europe, Asia Pacific and then the other regions. Going forward, the fastest-growing regions in the generative artificial intelligence (AI) in banking and finance market will be South America and Africa where growth will be at CAGRs of 49.47% and 49.05% respectively. These will be followed by Eastern Europe and Asia Pacific where the markets are expected to grow at CAGRs of 48.01% and 45.31% respectively.
The generative artificial intelligence (AI) in banking and finance market is segmented by technology into natural language processing, deep learning, reinforcement learning, generative adversarial networks, computer vision and predictive analytics. The natural language processing market was the largest segment of the generative artificial intelligence (AI) in banking and finance market segmented by technology, accounting for 36.89% or $478.8 million of the total in 2024. Going forward, the natural language processing segment is expected to be the fastest growing segment in the generative artificial intelligence (AI) in banking and finance market segmented by technology, at a CAGR of 39.20% during 2024-2029.
The generative artificial intelligence (AI) in banking and finance market is segmented by deployment model into on-premises and cloud-based. The cloud-based market was the largest segment of the generative artificial intelligence (AI) in banking and finance market segmented by deployment model, accounting for 72.29% or $938.41 million of the total in 2024. Going forward, the cloud-based segment is expected to be the fastest growing segment in the generative artificial intelligence (AI) in banking and finance market segmented by deployment model, at a CAGR of 38.22% during 2024-2029.
The generative artificial intelligence (AI) in banking and finance market is segmented by application into fraud detection, customer service, risk assessment, compliance and trading and portfolio management. The into fraud detection market was the largest segment of the generative artificial intelligence (AI) in banking and finance market segmented by application, accounting for 31.72% or $411.74 million of the total in 2024. Going forward, the trading and portfolio management segment is expected to be the fastest growing segment in the generative artificial intelligence (AI) in banking and finance market segmented by application, at a CAGR of 46.32% during 2024-2029.
The generative artificial intelligence (AI) in banking and finance market is segmented by end-user into banks, insurance companies, investment firms and fintech companies. The banks market was the largest segment of the generative artificial intelligence (AI) in banking and finance market segmented by end-user, accounting for 48.31% or $627.1 million of the total in 2024. Going forward, the fintech companies segment is expected to be the fastest growing segment in the generative artificial intelligence (AI) in banking and finance market segmented by end-user, at a CAGR of 40.25% during 2024-2029.
The top opportunities in the generative artificial intelligence (AI) in banking and finance markets segmented by technology will arise in the natural language processing segment, which will gain $2.02 billion of global annual sales by 2029. The top opportunities in the generative artificial intelligence (AI) in banking and finance markets segmented by deployment model will arise in the cloud-based segment, which will gain $3.79 billion of global annual sales by 2029. The top opportunities in the generative artificial intelligence (AI) in banking and finance markets segmented by application will arise in the fraud detection segment, which will gain $993.02 million of global annual sales by 2029. The top opportunities in the generative artificial intelligence (AI) in banking and finance markets segmented by end-user will arise in the banks segment, which will gain $2.13 billion of global annual sales by 2029. The generative artificial intelligence (AI) in banking and finance market size will gain the most in the USA at $1.65 billion.
Market-trend-based strategies for the generative artificial intelligence (AI) in banking and finance market include focus on developing innovative research arms to drive advancements in AI-powered financial solutions, focus on leveraging AI-driven platforms to enhance automation, risk management, and customer engagement, focus on adopting strategic partnerships approach to develop advanced financial solutions and focus on developing responsible AI solutions that uphold fairness, transparency, and regulatory compliance.
Player-adopted strategies in the generative artificial intelligence (AI) in banking and finance market include focus on strategic partnerships to develop business expertise, strengthening business capabilities through strategic partnerships and expanding operational capabilities through partnership expansions.
To take advantage of the opportunities, the analyst recommends the generative artificial intelligence (AI) in banking and finance companies to focus on leveraging AI for enhanced financial services, focus on implementing AI-driven solutions for operational efficiency, focus on developing responsible and compliant AI solutions, focus on natural language processing to accelerate market growth, focus on cloud-based deployment to maximize growth potential, expand in emerging markets, focus on strategic partnerships to accelerate AI innovation, focus on competitive and value-based pricing strategies, focus on demonstrating value through targeted education, focus on building trust through strategic partnerships, focus on fintech companies to drive high-growth adoption and focus on trading and portfolio management to capture high-growth opportunities.
The global generative artificial intelligence (AI) in banking and finance market reached a value of nearly $1.29 billion in 2024. The market is expected to grow from $1.29 billion in 2024 to $5.45 billion in 2029 at a rate of 33.27%. The market is then expected to grow at a CAGR of 31.64% from 2029 and reach $21.57 billion in 2034.
Growth in the historic period resulted from the increasing focus on data security, increasing cybersecurity threats, growing demand for personalized financial services and increasing utilization of generative AI in fraud detection. Factors that negatively affected growth in the historic period was lack of trust in AI systems.
Going forward, the strong economic growth, rapid urbanization, increasing digital transformation, increasing adoption of AI, automation of banking operations and favorable government support will drive the growth. Factor that could hinder the growth of the generative artificial intelligence (AI) in banking and finance market in the future include lack of skilled personnel and technical expertise.
The global generative artificial intelligence (AI) in banking and finance market is fairly fragmented, with large number of players operating in the market. The top ten competitors in the market made up to 16.45% of the total market in 2023. Microsoft Corporation was the largest competitor with a 2.10% share of the market, followed by Google LLC with 2.06%, International Business Machines Corporation with 2.01%, Amazon.com Inc. with 1.92%, Oracle Corp. with 1.88%, Accenture plc with 1.64%, Goldman Sachs Group Inc. with 1.40%, SAP SE with 1.24%, Wells Fargo & Co. with 1.17% and Teradata’s Corp. with 1.04%.
North America was the largest region in the generative artificial intelligence (AI) in banking and finance market, accounting for 52.10% or $676.37 million of the total in 2024. It was followed by Western Europe, Asia Pacific and then the other regions. Going forward, the fastest-growing regions in the generative artificial intelligence (AI) in banking and finance market will be South America and Africa where growth will be at CAGRs of 49.47% and 49.05% respectively. These will be followed by Eastern Europe and Asia Pacific where the markets are expected to grow at CAGRs of 48.01% and 45.31% respectively.
The generative artificial intelligence (AI) in banking and finance market is segmented by technology into natural language processing, deep learning, reinforcement learning, generative adversarial networks, computer vision and predictive analytics. The natural language processing market was the largest segment of the generative artificial intelligence (AI) in banking and finance market segmented by technology, accounting for 36.89% or $478.8 million of the total in 2024. Going forward, the natural language processing segment is expected to be the fastest growing segment in the generative artificial intelligence (AI) in banking and finance market segmented by technology, at a CAGR of 39.20% during 2024-2029.
The generative artificial intelligence (AI) in banking and finance market is segmented by deployment model into on-premises and cloud-based. The cloud-based market was the largest segment of the generative artificial intelligence (AI) in banking and finance market segmented by deployment model, accounting for 72.29% or $938.41 million of the total in 2024. Going forward, the cloud-based segment is expected to be the fastest growing segment in the generative artificial intelligence (AI) in banking and finance market segmented by deployment model, at a CAGR of 38.22% during 2024-2029.
The generative artificial intelligence (AI) in banking and finance market is segmented by application into fraud detection, customer service, risk assessment, compliance and trading and portfolio management. The into fraud detection market was the largest segment of the generative artificial intelligence (AI) in banking and finance market segmented by application, accounting for 31.72% or $411.74 million of the total in 2024. Going forward, the trading and portfolio management segment is expected to be the fastest growing segment in the generative artificial intelligence (AI) in banking and finance market segmented by application, at a CAGR of 46.32% during 2024-2029.
The generative artificial intelligence (AI) in banking and finance market is segmented by end-user into banks, insurance companies, investment firms and fintech companies. The banks market was the largest segment of the generative artificial intelligence (AI) in banking and finance market segmented by end-user, accounting for 48.31% or $627.1 million of the total in 2024. Going forward, the fintech companies segment is expected to be the fastest growing segment in the generative artificial intelligence (AI) in banking and finance market segmented by end-user, at a CAGR of 40.25% during 2024-2029.
The top opportunities in the generative artificial intelligence (AI) in banking and finance markets segmented by technology will arise in the natural language processing segment, which will gain $2.02 billion of global annual sales by 2029. The top opportunities in the generative artificial intelligence (AI) in banking and finance markets segmented by deployment model will arise in the cloud-based segment, which will gain $3.79 billion of global annual sales by 2029. The top opportunities in the generative artificial intelligence (AI) in banking and finance markets segmented by application will arise in the fraud detection segment, which will gain $993.02 million of global annual sales by 2029. The top opportunities in the generative artificial intelligence (AI) in banking and finance markets segmented by end-user will arise in the banks segment, which will gain $2.13 billion of global annual sales by 2029. The generative artificial intelligence (AI) in banking and finance market size will gain the most in the USA at $1.65 billion.
Market-trend-based strategies for the generative artificial intelligence (AI) in banking and finance market include focus on developing innovative research arms to drive advancements in AI-powered financial solutions, focus on leveraging AI-driven platforms to enhance automation, risk management, and customer engagement, focus on adopting strategic partnerships approach to develop advanced financial solutions and focus on developing responsible AI solutions that uphold fairness, transparency, and regulatory compliance.
Player-adopted strategies in the generative artificial intelligence (AI) in banking and finance market include focus on strategic partnerships to develop business expertise, strengthening business capabilities through strategic partnerships and expanding operational capabilities through partnership expansions.
To take advantage of the opportunities, the analyst recommends the generative artificial intelligence (AI) in banking and finance companies to focus on leveraging AI for enhanced financial services, focus on implementing AI-driven solutions for operational efficiency, focus on developing responsible and compliant AI solutions, focus on natural language processing to accelerate market growth, focus on cloud-based deployment to maximize growth potential, expand in emerging markets, focus on strategic partnerships to accelerate AI innovation, focus on competitive and value-based pricing strategies, focus on demonstrating value through targeted education, focus on building trust through strategic partnerships, focus on fintech companies to drive high-growth adoption and focus on trading and portfolio management to capture high-growth opportunities.
Major Market Trends
- Transforming Financial Documentation with Generative AI
- Innovating Financial Services With Low-Code AI Solutions
- Strategic Partnerships Driving AI Innovation in Finance
- the Future of AI in Core Banking and Financial Crime Mitigation
Table of Contents
1 Executive Summary
6 Market Characteristics
7 Major Market Trends
8 Generative Artificial Intelligence (AI) in Banking and Finance Market - Macro-Economic Scenario
9 Global Generative Artificial Intelligence (AI) in Banking and Finance Growth Analysis and Strategic Analysis Framework
10 Global Generative Artificial Intelligence (AI) in Banking and Finance Market Segmentation
11 Generative Artificial Intelligence (AI) in Banking and Finance Market, Regional and Country Analysis
12 Asia-Pacific Market
13 Western Europe Market
14 Eastern Europe Market
15 North America Market
16 South America Market
17 Middle East Market
18 Africa Market
19 Competitive Landscape and Company Profiles
20 Other Major and Innovative Companies
23 Key Mergers and Acquisitions
24 Recent Developments in Generative AI in Banking and Finance Market
25 Opportunities and Strategies
26 Generative Artificial Intelligence (AI) in Banking and Finance Market, Conclusions and Recommendations
27 Appendix
Executive Summary
Generative Artificial Intelligence (AI) in Banking and Finance Global Market Opportunities and Strategies to 2034 provides the strategists; marketers and senior management with the critical information they need to assess the global generative artificial intelligence (AI) in banking and finance market as it emerges from the COVID-19 shut down.Reasons to Purchase:
- Gain a truly global perspective with the most comprehensive report available on this market covering 15 geographies.
- Understand how the market is being affected by the coronavirus and how it is likely to emerge and grow as the impact of the virus abates.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market research findings.
- Benchmark performance against key competitors.
- Utilize the relationships between key data sets for superior strategizing.
- Suitable for supporting your internal and external presentations with reliable high-quality data and analysis.
Description
Where is the largest and fastest-growing market for generative artificial intelligence (AI) in banking and finance? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The generative artificial intelligence (AI) in banking and finance market global report answers all these questions and many more.The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market’s history and forecasts market growth by geography. It places the market within the context of the wider generative artificial intelligence (AI) in banking and finance market; and compares it with other markets.
The report covers the following chapters
- Introduction and Market Characteristics- Brief introduction to the segmentations covered in the market, definitions and explanations about the segment by technology, by deployment model, by application and by end-user banks.
- Key Trends- Highlights the major trends shaping the global market. This section also highlights likely future developments in the market.
- Macro-Economic Scenario- the report provides an analysis of the impact of the COVID-19 pandemic, impact of the Russia-Ukraine war and impact of rising inflation on global and regional markets, providing strategic insights for businesses in the generative artificial intelligence (AI) in banking and finance market.
- Growth Analysis and Strategic Analysis Framework Analysis on PESTEL, end use industries, market growth rate, global historic (2019-2024) and forecast (2024-2029, 2034F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods, forecast growth contributors and total addressable market (TAM).
- Regional and Country Analysis- Historic (2019-2024) and forecast (2024-2029, 2034F) market values and growth and market share comparison by region and country.
- Market Segmentation- Contains the market values (2019-2024) (2024-2029, 2034F) and analysis for each segment by technology, by deployment model, by application and by end-user banks in the market. Historic (2019-2024) and forecast (2024-2029) and (2029-2034) market values and growth and market share comparison by region market.
- Regional Market Size and Growth- Regional market size (2024), historic (2019-2024) and forecast (2024-2029, 2034F) market values and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape- Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Other Major and Innovative Companies Details on the company profiles of other major and innovative companies in the market.
- Competitive Benchmarking- Briefs on the financials comparison between major players in the market.
- Competitive Dashboard- Briefs on competitive dashboard of major players.
- Key Mergers and Acquisitions- Information on recent mergers and acquisitions in the market is covered in the report. This section gives key financial details of mergers and acquisitions which have shaped the market in recent years.
- Recent Developments Information on recent developments in the market covered in the report.
- Market Opportunities and Strategies- Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
- Conclusions and Recommendations- This section includes recommendations for generative artificial intelligence (AI) in banking and finance providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
- Appendix- This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Markets Covered:
1) by Technology: Natural Language Processing; Deep Learning; Reinforcement Learning; Generative Adversarial Networks; Computer Vision; Predictive Analytics2) by Deployment Model: on-Premises; Cloud-Based
3) by Application: Fraud Detection; Customer Service; Risk Assessment; Compliance; Trading and Portfolio Management; Other Applications
4) by End User: Banks; Insurance Company; Investment Firm; Fintech Company; Other End Users
Key Companies Profiled: Microsoft Corporation; Google LLC; International Business Machines Corporation; Amazon.com Inc.; Oracle Corp.
Countries: China; Australia; India; Indonesia; Japan; South Korea; USA; Canada; Brazil; France; Germany; UK; Italy; Spain; Russia
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa.
Time Series: Five years historic and ten years forecast..
Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; generative artificial intelligence (AI) in banking and finance indicators comparison..
Data Segmentation: Country and regional historic and forecast data; market share of competitors; market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Companies Mentioned
The companies featured in this Generative Artificial Intelligence (AI) in Banking and Finance market report include:- Microsoft Corporation
- Google LLC
- International Business Machines Corporation
- Amazon.com Inc.
- Oracle Corp.
- Accenture plc
- Goldman Sachs Group Inc.
- SAP SE
- Wells Fargo & Co.
- Teradata’s Corp.
- MacZin
- Whizkey Intelligent Solutions
- Baidu
- Alibaba Group
- CureMetrix
- Fujitsu Limited
- Hokuhoku Financial Group, Inc.
- SBI Group
- KakaoBank Corp
- PT Bank Jago Tbk
- Pine Labs
- Wipro Limited
- Ant Group
- Hong Kong Monetary Authority (HKMA)
- Commonwealth Bank
- SoftBank Group
- Bank of Baroda
- NatWest
- ABN AMRO
- iGenius
- National Westminster Bank
- Intesa Sanpaolo
- Deutsche Bank
- Commerzbank
- Mistral AI
- Erste
- Flowpay
- Budapest Metropolitan University
- Libra Internet Bank
- Slovenská sporiteľňa
- Ailleron
- Comarch
- UiPath
- FintechOS
- Asseco Poland S.A.
- Sberbank
- NA
- Royal Bank of Canada (RBC)
- BMO Bank of Montreal
- Sun Life Financial Inc.
- Accord Financial Corp
- Office of the Superintendent of Financial Institutions (OSFI)
- Scotiabank
- Bank of Canada
- JPMorgan Chase & Co.
- TD Bank
- Bank of America
- Banco Itaú Unibanco S.A.
- NeoSpace
- Nubank
- Neofin
- BNP Paribas
- Hyperplane
- Naranja X
- Banco Bradesco
- Davivienda
- Neom
- G42
- Mozn
- First Abu Dhabi Bank (FAB)
- FinanceGPT
- First Bank of Nigeria
- CashCall Inc.
- National Bank of Egypt (NBE)
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 370 |
| Published | May 2025 |
| Forecast Period | 2024 - 2034 |
| Estimated Market Value ( USD | $ 1.29 Billion |
| Forecasted Market Value ( USD | $ 21.57 Billion |
| Compound Annual Growth Rate | 32.5% |
| Regions Covered | Global |
| No. of Companies Mentioned | 74 |
