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Machine Learning in Banking Market to Garner $21.27 Billion, Globally, By 2031 at 32.2% CAGR: Allied Market ResearchImproved productivity of banks and faster banking operations using machine learning have boosted the growth of the global machine learning in banking market. PORTLAND, Ore., Sept. 26, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Machine Learning in Banking Market By Component (Solution and Service), Enterprise Size (Large Enterprises, Small and Medium-Sized Enterprises [SMEs]), Application (Credit Scoring, Risk Management Compliance and Security, Payments and Transactions, Customer Service, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2031". As per the report, the global machine learning in banking industry accounted for $1.33 billion in 2021, and is expected to reach $21.27 billion by 2031, growing at a CAGR of 32.2% from 2021 to 2030. 
Major determinants of the market growth Improved productivity of banks and faster banking operations using machine learning have boosted the growth of the global machine learning in banking market. However, higher cost of implementation of machine learning technology and risk of unemployment with adoption of machine learning technology hinder the market growth. On the contrary, technological developments in machine learning would open new opportunities in the future. Report Coverage and Details:
COVID-19 Scenario:
The solution segment dominated the market growth By component, the solution segment held the largest share in 2021, accounting for nearly three-fourths of the global machine learning in banking market. Moreover, the segment is expected to continue its dominance in terms revenue throughout the forecast period. However, the service segment is expected to manifest the highest CAGR of 36.5% during the forecast period, due to Surge in demand for cloud-based machine learning services. Moreover, rise in demand for software-as-a-service (SaaS) due to its numerous benefits such as scalability and one-time customer acquisition cost is expected to provide lucrative opportunities for the growth of the market. The small and medium-sized enterprises (SMEs) segment to manifest the highest CAGR through 2031 By enterprise size, the small and medium-sized enterprises (SMEs) segment is projected to register the highest CAGR of 35.6% during the forecast period, due to their less risk-taking capabilities. In addition, the segment is expected to hold the largest share by 2031. However, the large enterprises segment held the largest share in 2021, contributing to more than one-fourth of the global machine learning in banking market. The credit scoring segment dominated the market By application, the credit scoring segment held the largest share in 2021, accounting for more than one-fourth of the global machine learning in banking market. Furthermore, the segment is expected to maintain its dominance the largest share during the forecast period. However, the payments and transactions segment is anticipated to register the highest CAGR of 35.4% during the forecast period. Payment providers are well familiar with machine learning, as it pertains to credit card transaction monitoring, where learning algorithms play important roles in near real-time authorization of transactions. These are the major growth factors for the payments and transactions in the machine learning in banking market. North America held the largest share By region, the global machine learning in banking market across North America held the largest share in 2021, accounting for nearly two-fifths of the market. However, market across Asia-Pacific is expected to showcase the highest CAGR of 35.5% during the forecast period, owing to surge in need to monitor growing number of financial violations and offences. Moreover, the region is projected to hold the largest share throughout the forecast period. Interested to Procure the Data? Inquire Here @ https://www.alliedmarketresearch.com/purchase-enquiry/17643 Major Market Players
The report analyzes these key players of the global machine learning in banking market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.
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Machine Learning in Banking Market Key Segments: By Component:
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"We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report titles for your reference, considering Impact of COVID-19 over this market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market". Trending Reports in Semiconductor and Electronics Industry (Book Now with 10% Discount + COVID-19 Scenario): AI in Banking Market By Component (Solution and Service), Enterprise Size (Large Enterprise and SMEs), Applications (Risk Management Compliance & Security, Customer Service, Back Office/Operations, Financial Advisory, and Others) and Technology (Machine Learning & Deep Learning, Natural Language Processing (NLP), Computer Vision, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2030 Data Analytics in Banking Market By Component (Solution and Services), Deployment Model (On-Premise and Cloud), Organization Size (Large Enterprises, and Small & Medium Sized Enterprises), Type (Predictive Analytics, Prescriptive Analytics, Descriptive Analytics, and Others), Application (Fraud Detection & Prevention, Customer Management, Sales & Marketing, Workforce Management, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2031 Hybrid Cloud in BFSI Market By Component (Solution and Services), Type (Infrastructure as a Service (IaaS), Platform as a Service (PaaS), and Software as a Service (SaaS)), Enterprise Size (Large Enterprises, and Small & Medium Size Enterprises), and End User (Banking, NBFCs, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2030 Predictive Analytics in Banking Market By Component (Solution and Service), Deployment Model (On-Premise and Cloud), Organization Size (Large Enterprise and SME), Application (Fraud Detection and Prevention, Customer Management, Sales and Marketing, Workforce Management and Others): Global Opportunity Analysis and Industry Forecast, 2019-2026 API Banking Market By Component (Solution [Application Programming Interface Platform, Application Programming Interface Analytics, and Application Programming Interface Security], and Service [Training & Education, Integration & Implementation, Support & Maintenance, and Consulting]), Organization Size (Small & Medium-Sized Enterprise, and Large Enterprise), and Deployment (Cloud-Based and On-Premise): Global Opportunity Analysis and Industry Forecast, 2022-2029 About Us: Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry. Contact: David Correa Logo: https://mma.prnewswire.com/media/636519/Allied_Market_Research_Logo.jpg
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