The global AI in asset management market size was estimated at USD 1.48 billion in 2020 and is anticipated to expand at a CAGR of 37.1% during the forecast period, 2021–2028. The growth of the market is attributed to the increasing adoption of Artificial intelligence (AI) in the wealth management industry and asset management.
The asset management is a process of controlling the assets for the company to achieve efficient management of resources and obtain good results. The use of AI has made the process advanced and produces effective results with less time and effort. The AI model analyzes the large quantity of real-time data of financial transactions of the company to produce efficient reports. The integration of artificial intelligence with the wealth and asset management offers several benefits, such as better customer experience and interfaces, improving the operational efficiency, and investment processes. Major applications of AI to incline the operational efficiency include quality checking, monitoring, and the exception handling of the large quantity of data on financial instruments. Optimizing data quality is of the highest importance as it decreases the operational risks and assists in client retention.