Banking sector gen AI spending worldwide 2023, with forecasts to 2030

The banking sector's spending on generative artificial intelligence (AI) is projected to surge to 84.99 billion U.S. dollars by 2030, with a remarkable 55.55 percent compound annual growth rate. This astonishing growth reflects the increasing significance of AI in reshaping the banking industry's landscape, as it seeks to leverage AI-driven technologies to enhance customer experiences, optimize operations, and drive innovation.

AI investment across industries

The banking sector's substantial investment in AI is part of a broader trend of increasing AI adoption across industries. In 2023, the banking sector was one of the largest investors in AI, with 20.6 billion U.S. dollars, signaling its proactive approach in embracing AI technologies. Moreover, the financial sector is poised for remarkable growth, with an estimated increase from 35 billion U.S. dollars in 2023 to 97 billion U.S. dollars in 2027, representing a significant upward trajectory in AI investment within the industry.

Global corporate AI investment trends

The surge in AI investment aligns with global trends, as corporate investment in AI reached nearly 92 billion U.S. dollars in 2022. This substantial increase underscores the growing importance of AI development worldwide and sets a strong foundation for the expansion of AI technologies. As the banking sector continues to navigate the evolving AI market, these trends highlight the competitive landscape of AI investment and the potential for the sector to capitalize on AI technologies to drive future growth and innovation.