AI In The Credit-Scoring Market Size, Share & Trends Analysis Report By Component (Software and Service), By Application (Personal Credit Scoring and Corporate Credit Scoring), By Industry Vertical (BFSI (Banking, Financial Services, Insurance), Retail, Healthcare, Telecommunications, Utilities, and Real Estate), By Region, And By Segment Forecasts, 2024-2031

The AI In The Credit-Scoring Market Size is predicted to grow at a 25.9% CAGR during the forecast period for 2024-2031.

The AI in the credit scoring market is revolutionizing traditional credit assessment processes with the help of advanced machine learning algorithms to analyze a vast array of data. Alternative data sources are being utilized to enhance the accuracy of credit scoring models, allowing for a deeper and more accurate assessment of credit risk behaviours. This transformation has led to the development of AI-driven credit scoring applications offered by companies to banks and enterprise creditors, providing more accurate evaluations of a borrower's creditworthiness. The market is experiencing growth and expansion into various domains, with the potential to transform credit evaluation by providing more accurate, efficient, and inclusive assessments.

The COVID-19 pandemic accelerated the adoption of AI in the credit-scoring market. As traditional credit assessment methods struggled with economic uncertainty, AI's ability to analyze alternative data sources became crucial. Financial institutions turned to AI for more accurate risk assessments, enhanced fraud detection, and to manage the surge in digital transactions.

Competitive Landscape

Some Major Key Players In The AI In The Credit-Scoring Market:

• FICO (Fair Isaac Corporation)
• Experian
• Equifax
• TransUnion
• Zest AI
• LenddoEFL
• Kreditech
• CreditVidya
• CreditXpert
• Upstart
• Pagaya
• Underwrite.ai
• Kensho Technologies
• Scienaptic
• DataRobot
• Datrics
• ClearScore
• ScoreData
• CredoLab
• Trust Science
• Other Market Players

Market Segmentation:

The AI in the credit scoring market segmentation includes the basis of component, application, and industry vertical. On the basis of component the market is segmented into Software and Service. The Application segment consists of Personal Credit Scoring and Corporate Credit Scoring. According to the Industry Vertical, the market is categorized into BFSI (Banking, Financial Services, Insurance), Retail, Healthcare, Telecommunications, Utilities, and Real Estate.

The Banking Segment Witnessed Growth At A Rapid Rate.

The banking segment in the AI credit scoring market has seen to have significant growth attributed to the need for accurate and efficient credit risk assessment. Banks leverage AI to analyze vast amounts of data, including non-traditional sources, to improve the accuracy of credit scores. This adoption enhances decision-making, reduces default rates, and increases financial inclusion. Additionally, AI helps detect fraud and improve operational efficiency, making it an important tool for modern banking operations.

In The Region, North American AI In The Credit Scoring Market Holds A Significant Revenue Share.

The North American AI in the credit scoring market is to be seen to have the highest market share. The AI in the credit scoring market in North America is transforming traditional credit scoring models by leveraging artificial intelligence and alternative data sources. AI-based credit scoring provides a more comprehensive assessment of credit risk by analyzing a broader range of data sources. Several companies offer AI-based credit scoring applications to banks and enterprise creditors, helping them better understand risk and make informed decisions. The market is growing, with AI applications expanding into various domains, including credit scoring. Asia Pacific is to be seen to grow at a fast rate in the global AI credit scoring market due to growing concerns about rapid industrialization, including government initiatives and increasing funding in various industries.

Recent Developments:

• In Jan 2024, Intuit Inc., the worldwide financial technology platform responsible for Intuit TurboTax, Credit Karma, QuickBooks, and Mailchimp, has declared that Credit Karma members and QuickBooks Online customers now have the ability to complete and submit their 2023 tax returns using TurboTax directly within the Credit Karma and QuickBooks Online product interfaces.

AI In The Credit-Scoring Market Report Scope

Segmentation Of AI In Credit Scoring Market-

AI In Credit Scoring Market By Component

• Software
• Service

AI In Credit Scoring Market By Application

• Personal Credit Scoring
• Corporate Credit Scoring

AI In Credit Scoring Market By Industry Vertical

• BFSI
  • Banking,
  • Financial Services,
  • Insurance
• Retail,
• Healthcare,
• Telecommunications,
• Utilities,
• Real Estate

AI In Credit Scoring Market By Region-

North America-

• The US
• Canada
• Mexico

Europe-

• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe

Asia-Pacific-

• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific

Latin America-

• Brazil
• Argentina
• Rest of Latin America

 Middle East & Africa-

• GCC Countries
• South Africa
• Rest of Middle East and Africa