At A Cagr Of 32.6%

Allied Market Research published a report on the global AI in banking market, which was estimated at $3.88 billion in 2020 and is expected to hit $64.03 billion by 2030, registering a CAGR of 32.6%. The growth of the market is driven by the rise in investment by banking companies in AI and machine learning, surge in preference for personalized financial services, and increase in collaboration between financial institutes and AI & machine learning solution companies. The outbreak of COVID-19 is anticipated to have a positive impact on growth of AI in banking market due to the rise in demand for anti-money laundering (AML) and fraud detection solutions.