The financial sector's spending on artificial intelligence (AI) is projected to experience substantial growth, with an estimated increase from 35 billion U.S. dollars in 2023 to 97 billion U.S. dollars in 2027. This represents a compound annual growth rate (CAGR) of 29 percent, indicating a significant upward trajectory in AI investment within the financial industry.
AI investment across industries
In 2023, the banking and retail sectors led in AI investments, with the banking sector accounting for 20.6 billion U.S. dollars and retail sector investing 19.7 billion U.S. dollars. This demonstrates the varying degrees of AI adoption across different industries, with the financial sector poised for substantial growth over the coming years. These findings highlight the competitive landscape of AI investment and the potential for the financial sector to capitalize on AI technologies.
Global corporate AI investment trends
The global corporate investment in AI reached nearly 92 billion U.S. dollars in 2022, marking a significant increase from previous years. Private investments played a substantial role in driving this growth, underscoring the increasing importance of AI development worldwide. This trend signifies a strong foundation for the expansion of AI technologies, with implications for the financial sector's investment landscape as it navigates the evolving AI market.
Estimated value of the financial sector's artificial intelligence (AI) spending worldwide in 2023, with forecasts from 2024 to 2027
(in billion U.S. dollars)
Figures are estimates calculated by Statista using data published by the sources. The sources provided the financial sector's annual AI spending for 2027 (97 billion U.S. dollars), as well as the compound annual growth rate (29 percent). Figures between 2023 and 2026 were calculated based on the compound annual growth rate and the value of spending in 2027.
Profit from the additional features of your individual account
Currently, you are using a shared account. To use individual functions (e.g., mark statistics as favourites, set
statistic alerts) please log in with your personal account.
If you are an admin, please authenticate by logging in again.
Learn more about how Statista can support your business.
Statista. (January 19, 2024). Estimated value of the financial sector's artificial intelligence (AI) spending worldwide in 2023, with forecasts from 2024 to 2027 (in billion U.S. dollars) [Graph]. In Statista. Retrieved October 06, 2024, from https://www.statista.com/statistics/1446037/financial-sector-estimated-ai-spending-forecast/?ref=hackernoon.com
Statista. "Estimated value of the financial sector's artificial intelligence (AI) spending worldwide in 2023, with forecasts from 2024 to 2027 (in billion U.S. dollars)." Chart. January 19, 2024. Statista. Accessed October 06, 2024. https://www.statista.com/statistics/1446037/financial-sector-estimated-ai-spending-forecast/?ref=hackernoon.com
Statista. (2024). Estimated value of the financial sector's artificial intelligence (AI) spending worldwide in 2023, with forecasts from 2024 to 2027 (in billion U.S. dollars). Statista. Statista Inc.. Accessed: October 06, 2024. https://www.statista.com/statistics/1446037/financial-sector-estimated-ai-spending-forecast/?ref=hackernoon.com
Statista. "Estimated Value of The Financial Sector's Artificial Intelligence (Ai) Spending Worldwide in 2023, with Forecasts from 2024 to 2027 (in Billion U.S. Dollars)." Statista, Statista Inc., 19 Jan 2024, https://www.statista.com/statistics/1446037/financial-sector-estimated-ai-spending-forecast/?ref=hackernoon.com
Statista, Estimated value of the financial sector's artificial intelligence (AI) spending worldwide in 2023, with forecasts from 2024 to 2027 (in billion U.S. dollars) Statista, https://www.statista.com/statistics/1446037/financial-sector-estimated-ai-spending-forecast/?ref=hackernoon.com (last visited October 06, 2024)
Estimated value of the financial sector's artificial intelligence (AI) spending worldwide in 2023, with forecasts from 2024 to 2027 (in billion U.S. dollars) [Graph], Statista, January 19, 2024. [Online]. Available: https://www.statista.com/statistics/1446037/financial-sector-estimated-ai-spending-forecast/?ref=hackernoon.com