The Financial Services Market Sees A Rise In Demand For Artificial Intelligence

The Business Research Company's financial services market research report expands on key drivers, trends, and growth opportunities in the market.

LONDON, Oct. 17, 2022 /PRNewswire/ -- The increasing demand for artificial intelligence (AI) in financial services is an emerging trend in the financial services market. AI is used to find efficiency gains, investments, and other financial elements within financial services companies. For instance, in November 2020, Roberto Nicastro and Federico Sforza, have launched Aidexa, a new Italian challenger bank. A simple, AI-powered and data-driven bank; with its new brand combining 'AI' and 'Idea' into a fintech company that addresses small and medium enterprises (SME) needs with simple, quality, smooth UX and swift solutions, leveraging on machine learning technology and the opportunities of PSD2/open banking.

The global financial services market size is expected to grow from $23.31 trillion in 2021 to $25.83 trillion in 2022 at a compound annual growth rate (CAGR) of 10.8%. The global financial services market size is then expected to grow to $37.34 trillion in 2026 at a CAGR of 9.6%.

Request a free sample of the Financial Services Market Report

Blockchain Technology Is The Main Driving Factor For The Financial Services Market

Major companies operating in the banking and financial services market are adopting the use of blockchain to help reduce fraudulent transactions, such as the use of smart contracts which allow the buyer and seller to create if / then contracts in which one step of the process won't be fulfilled until the one before it has been verified completely. Blockchain also helps verify the legitimacy of every part of the supply chain process and blockchain provides security through its non-repudiation and disintermediation of data storage which helps prevent misappropriating company assets.

Rising Interest Rates Can Pose A Limitation To The Financial Services Market Growth

Interest rates globally are forecasted to rise in most of the developing and developed economies, during the forecast period. Most countries across the world are raising interest rates to control inflation and also to limit the flow of capital out of the country. These factors are expected to have a negative impact on the financial services market as borrowing money becomes expensive, thus limiting the growth of the financial services market.

Allianz Held The Largest Share Of The Financial Services Market In 2021

Allianz was the largest competitor in the financial services market in 2021, with a 0.71% share of the market. Allianz' strategy is focused is to transform their organization to become simple, digital, and scalable and to rebalance its portfolio towards growth markets and new risk pools. For instance, in May 2021, Allianz became the majority shareholder in Jubilee General Insurance Limited in Kenya.

See more on the Financial Services Market Report

Check out similar market reports:

Blockchain In Banking And Financial Services Global Market Report 2022 – By Type (Public Blockchain, Private Blockchain), By Application (Fund Transaction Management, Real Time Loan Funding, Liquidity Management) – Market Size, Trends, And Global Forecast 2022-2026

Artificial Intelligence Services Global Market Report 2022 – By Technology (Machine Learning, Computer Vision, Natural Language Processing (NLP)), By Services Type (Managed Services, Professional Services), By Software Tools (Web-Based And Cloud Application Programming Interface, Processing And Modeler, Archiving And Data Storage), By Application Type ( Fraud Detection, Data Analytics & Visualization, Customer Service And Management, Rsik Management, Compliance & Security ), By End-User (Banking, Financial, And Insurance (BFSI), IT & Telecom, Retail, Manufacturing, Public Sector, Energy & Utility, Healthcare ) – Market Size, Trends, And Global Forecast 2022-2026

Investment Banking Global Market Report 2022 – By Type (Mergers And Acquisitions Advisory, Financial Sponsor/Syndicated Loans, Equity Capital Markets Underwriting, Debt Capital Markets Underwriting), By Enterprise Size (Large Enterprises, Medium And Small Enterprises), By End-Use Industry (Financial Services, Retail And Wholesale, Information Technology, Manufacturing, Healthcare, Construction) – Market Size, Trends, And Global Forecast 2022-2026

Interested to know more about The Business Research Company?

The Business Research Company is a market intelligence firm that excels in company, market, and consumer research. Located globally, it has strategy enablement specialists in a wide range of industries including manufacturing, healthcare, financial services, chemicals, and technology.

The World's Most Comprehensive Database

The Business Research Company's flagship product, Global Market Model, is a market intelligence platform covering various macroeconomic indicators and metrics across 60 geographies and 27 industries. The Global Market Model covers multi-layered datasets which help its users assess supply-demand gaps.

Contact Information:

The Business Research Company
Europe: +44 207 1930 708
Asia: +91 8897263534
Americas: +1 315 623 0293
Email: info@tbrc.info
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
Facebook: https://www.facebook.com/TheBusinessResearchCompany
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Blog: http://blog.tbrc.info/

Logo: https://mma.prnewswire.com/media/1751581/tbrc_logo.jpg