What Has Been the Growth of the Artificial Intelligence AI In Financial Wellness Market So Far?
The artificial intelligence ai in financial wellness market has seen considerable growth due to a variety of factors.
• The market size of artificial intelligence (AI) in financial wellness has seen rapid expansion in recent times. The forecasts suggest that it will surge from $17.73 billion in 2024 to $23.74 billion in 2025, indicating a compound annual growth rate (CAGR) of 33.9%.
This significant rise during the historical period is linked to the expansion of fintech firms, enhanced digitalization in financial services, customer inclination towards customized financial solutions, escalating consciousness about financial wellness and economic instability.
What Is the Forecasted Market Size and Growth Rate for The Artificial Intelligence AI In Financial Wellness Market Size Evolve over the Forecast Period?
The artificial intelligence ai in financial wellness market is expected to maintain its strong growth trajectory in upcoming years.
• The AI market in financial wellness is set to witness remarkable growth in the forthcoming years, with predictions of reaching a net worth of $75.72 billion in 2029, growing at a compound annual growth rate (CAGR) of 33.6%.
This projected growth during the forecast period is linked to the escalating demand for automated financial services, employers extending financial wellness schemes, enhanced emphasis on financial literacy and mental health. Additionally, the expansion of AI into new domains of financial services also plays an integral role. Key trends forecasted in this period involve the blend of AI and blockchain technology, incorporation of AI in wealth management platforms, surge in mobile banking, AI-powered customer support solutions, and AI-based systems to detect fraud.
What Are The Leading Drivers Of Growth In The Artificial Intelligence AI In Financial Wellness Market?
The anticipated growth of the artificial intelligence (AI) in financial wellness market is being driven by increasing financial accessibility. This term pertains to how straightforward it is for individuals to access and make use of financial products and services, irrespective of their economic situation, location, or financial history. It is crucial to expand financial accessibility to ensure more people can avail of financial services, amass wealth, and attain financial stability, thereby fostering broader economic inclusion and decreasing financial inequality. AI bolsters financial accessibility by offering customized, automated financial advice and services that address the needs of understudied populations, making complex financial tasks easier, and providing cost-effective solutions suited to individual requirements. For example, the International Monetary Fund, a US-based global financial institution, reported in October 2023 that there was notable growth in mobile and internet banking in Europe and the Western Hemisphere, with online banking transactions per 1,000 adults increasing by more than 20% in 2022. Additionally, in the Asia and Pacific region, the deposit accounts number increased by 13% in 2022, largely due to growth in China, Nepal, and Indonesia. As a result, the growth of artificial intelligence (AI) in the financial wellness market will be spurred by increased financial accessibility.
What Are The Main Segments Of The Global Artificial Intelligence AI In Financial Wellness Market?
The artificial intelligence (AI) in financial wellness market covered in this report is segmented –
1) By Type: Software, Service
2) By Deployment Type: Cloud-Based, On-Premises
3) By Application: Wealth Management, Fraud Detection And Prevention, Risk Management And Compliance, Customer Service And Support, Other Applications
4) By End-User Type: Financial Institutions, Enterprises, Individuals
Subsegments:
1) By Software: AI-Powered Financial Planning Software, Personal Finance Management Tools, AI-Based Budgeting And Expense Tracking Software, Credit Scoring And Risk Assessment Tools, AI-Driven Investment Advisory Software, Financial Forecasting And Analytics Software, Automated Tax Filing And Optimization Software, Debt Management And Consolidation Software
2) By Service: AI Integration And Implementation Services, Financial Wellness Consultation And Advisory Services, Personalized Financial Coaching Services, AI-Based Financial Education Services, Data Analytics And Insights For Financial Wellness, Post-Implementation Support And Maintenance Services, AI-Driven Risk Management And Fraud Prevention Services
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What Emerging Trends Are Influencing The Growth Of The Artificial Intelligence AI In Financial Wellness Market?
Leading companies in the artificial intelligence (AI) financial wellness market are shifting their focus towards virtual assistants, such as AI advisors, in an effort to improve personalized financial advice for more informed financial decision-making. AI advisors are AI-driven virtual assistants that deliver customized financial counsel, assistance, and support based on a user's data and real-time analytics. Take for example EarnUp Inc., an American fintech firm with a concentration on creating innovative financial wellness solutions for consumers and financial institutions that launched AI Advisor in July 2024. This groundbreaking product is set to dramatically change the way financial institutions interact with their customers. The financial guide is expertly designed to comprehensively manage customer financial wellness. It combines expert advice with flawless execution, presenting itself as the ultimate instrument for boosting customer interaction. AI Advisor employs sophisticated AI technology to provide ultra-targeted insights and guidance, aiding users in making knowledgeable decisions to achieve their financial objectives. By analyzing current banking and credit data, this innovative tool provide custom responses and product suggestions, thus enhancing the user's experience and intensifying their understanding of finances.
Who Are the Key Players In The Artificial Intelligence AI In Financial Wellness Market?
Major companies operating in the artificial intelligence (AI) in financial wellness market are:
• Prudential Financial Inc.
• Fidelity National Financial
• Transamerica Corporation
• Nu Pagamentos S.A. (Nubank)
• Mercer LLC
• Ayco a Goldman Sachs Company
• Ramsey Solutions LLC
• Purchasing Power LLC
• Personetics Technologies Inc.
• Wealthfront Corporation
• Aduro Inc.
• Health Advocate Inc.
• PayActiv Inc.
• HealthCheck360 a division of Cottingham & Butler
• Fyle Technologies Private Limited
• Ellevest Inc.
• Financial Fitness Group
• EarnUp Inc.
• Brigit
• BrightDime Inc.
• Edukate Inc.
• Enrich Financial Wellness
• Money Starts Here
• SUM180 Inc.
• Best Money Moves LLC
What Is The Most Dominant Region In The Artificial Intelligence AI In Financial Wellness Market?
North America was the largest region in the artificial intelligence (AI) in financial wellness market in 2024. The regions covered in the artificial intelligence (AI) in financial wellness market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
