The financial sector’s spending on artificial intelligence is expected to hit $45.2 billion in 2024 with the figure continuing to grow by 30% per year and hit $97 billion by 2027, data presented by Stocklytics.com has revealed.
While some fear AI could replace 300 million full-time jobs in the next six years, companies across sectors continue investing heavily in AI solutions to improve their business processes and customer feedback. This is because Artificial Intelligence has not only transformed how people relate to technology but also significantly impacted the business sector.
One of the biggest spenders on AI technology is the financial sector.
Artificial intelligence has been quite a game changer in the financial industry. AI-driven financial forecasts help companies get much more accurate projections of their future revenues and profitability. Also, AI technology like machine learning can analyze large volumes of financial data, allowing them to recognize fraudulent behavior. Many companies use technology to analyze contracts and invoices, reducing decision-making time and improving the entire process.
The widespread use of AI across the sector has pushed the total spending on this technology to new heights. Statista, IMF, and IDC data show financial companies are expected to spend $45.2 billion on AI solutions this year. By the end of 2025, this figure will grow to $58.3 billion.
The financial market’s heavy spending on AI will continue in the coming years as more and more companies embrace the technology. In 2026, companies in the market are forecast to splash out almost $75.2 billion on AI solutions, or $30 billion more than this year. By 2027, this figure will jump to a massive $97 billion, showing a huge 177% increase in just four years.