Korean Financial AI Market Expected to Reach 3.2 Trillion KRW by 2026 with 38% Annual Growth Rate

Expected to Grow Faster Than the Global Market

[Asia Economy Reporter Minwoo Lee] The domestic financial artificial intelligence (AI) market is expected to grow at an average annual rate of 38.2%, reaching a scale of 3.2 trillion KRW by 2026.

The Korea Credit Information Services (KCIS) recently published a report titled "Financial AI Market Outlook and Utilization Status: Focusing on the Banking Sector," which presented this forecast.

According to the report, the global AI market size in the financial sector was estimated at 11.3 billion USD (approximately 14.4 trillion KRW) last year. This accounts for about 19% of the total AI market of 58.1 billion USD. Furthermore, it is projected to grow at an average annual rate of 37.8% until 2026.

The domestic financial AI market is analyzed to grow even more rapidly. It increased by 45.8% from 300 billion KRW in 2019 to 600 billion KRW last year. It is expected to continue growing at an average annual rate of 38.2% until 2026, reaching 3.2 trillion KRW.

KCIS anticipates continuous expansion of investments in the financial sector for AI adoption and utilization. From a service perspective, it is expected to evolve into services that provide differentiated user experiences or enhance both convenience and security simultaneously. In terms of financial company operations, it is projected to develop in a direction that reduces operating costs and applies to enterprise-wide business cycles. In particular, the MyData (personal credit information management) project, which officially launched in January this year, is emphasized as a significant contributor to the future development of financial AI.

Shin Hyun-jun, President of KCIS, stated, "I hope this report helps current and potential participants in the financial AI market understand the current market and discover new innovative services in the future." He added, "We will continue to strive to identify timely financial industry and market issues and provide useful analytical information as a core data infrastructure institution in the financial sector in the era of the data economy."

This content was produced with the assistance of AI translation services.