The artificial intelligence deals with simulation techniques; it involves the machines that are capable of performing similar tasks as humans; such as decision making and speech recognitions. Machine learning is an extended application of artificial intelligence, which allows the software applications to predict the outcomes accurately. Further, it can analyze the big data and extract information from it. In banking industry, these help in fraud detection by tracking unusual transactions.
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The increase in complex data sets such as big data in banking industry fuels the growth for the market. In addition, the ability of these technologies to detect payment frauds further propels market growth. However, high initial investment costs and maintenance cost hinders the market. Advancements in data processing speeds and ability of these AI systems to spot nonstandard behavior patterns during auditing financial transactions are expected to make way for market growth.
The global artificial intelligence & advanced machine learning market is segmented on the basis of solution, end user, and region. On the basis of solution, it is bifurcated into smart wallets and voice-assisted banking. Based on end user, it is divided into insurance, banking, and capital markets. Based on region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key players operating in this market are iCarbonX, Jibo. Inc, Next IT Corp., Prisma Labs, Inc., AIBrain, Quadratic Insights Pvt. Ltd., NVIDIA Corporation, Inbenta Technologies Inc., Numenta, and Intel Corporation.
Key Benefits :
- The study provides an in-depth analysis of the global artificial intelligence & advanced machine learning market and current & future trends to elucidate the imminent investment pockets.
- Information about the key drivers, restrains, and opportunities is provided.
- Porters Five Forces analysis illustrates the potency of buyers and suppliers operating in the industry.
- The quantitative analysis of the market from 2017 to 2023 is provided to determine the market potential.
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