Global Ethical AI in Credit Scoring Market Insights 2024, Analysis and Forecast to 2031
- Published Date : 2024-05-31
- Pages : 100
- Report Id : 40403
- Categories : Services
This report describes the global market size of Ethical AI in Credit Scoring from 2019 to 2022 and its CAGR from 2019 to 2023, and also forecasts its market size to the end of 2031 and its expected to grow with a CAGR of 15.1% from 2024 to 2031.
Due to the COVID-19 pandemic and Russia-Ukraine War Influence, the global market for Ethical AI in Credit Scoring estimated at US 1354.2 $ billion in the year 2023, is projected to reach a revised size of US$ million by 2031, growing at a CAGR of 38.7% during the forecast period 2024-2031.
Ethical AI in credit scoring refers to the use of artificial intelligence (AI) algorithms and techniques in assessing individuals' creditworthiness while ensuring fairness, transparency, and accountability. It involves developing and deploying AI models that do not perpetuate bias or discrimination based on sensitive attributes such as race, gender, or ethnicity. Ethical AI in credit scoring aims to promote equal opportunities in accessing credit, mitigate the risk of algorithmic bias, and uphold ethical standards in the financial industry.
For geography segment, regional supply, demand, major players, price is presented from 2019 to 2031. This report cover following regions:
North America
Asia-Pacific
Europe
Middle East and Africa
South America
The key countries for each regions are also included such as United States, China, Japan, India, Korea, ASEAN, Germany, France, UK, Italy, Spain, CIS, and Brazil etc.
For competitor segment, the report include global key players of Ethical AI in Credit Scoring as well as some small players. The information for each competitor include:
Company Profile
Main Business Information
SWOT Analysis
Sales Volume, Revenue, Price and Gross Margin
Market Share
By Component-
Software
AI Algorithms
Machine Learning Models
Data Analytics Tools
Services
Consulting Services
Integration and Implementation Services
Support and Maintenance Services
In 2023,The Ethical AI in Credit Scoring Market, components are segmented into software, AI algorithms, machine learning models, data analytics tools, and services. Software solutions offer platforms for implementing ethical AI practices in credit scoring, integrating AI algorithms and machine learning models to enhance decision-making transparency and fairness. Services encompass consulting for designing ethical frameworks, integration and implementation assistance for deploying AI solutions, and ongoing support and maintenance services to ensure ethical compliance and optimal performance.
By Deployment Mode-
Cloud-Based
On-Premises
In 2023, The Ethical AI in Credit Scoring Market, deployment modes are categorized into cloud-based and on-premises solutions. Cloud-based deployments offer scalability and accessibility, allowing organizations to leverage AI-driven credit scoring with flexibility and cost-effectiveness. On-premises solutions provide greater control and security over sensitive data, appealing to businesses with strict regulatory requirements or preferences for in-house infrastructure management. Both options aim to ensure ethical practices in credit scoring while catering to diverse organizational needs and preferences.
By Organization Size-
Large Enterprises
Small and Medium Enterprises (SMEs)
In 2023, The the Ethical AI in Credit Scoring Market, solutions are tailored for both large enterprises and Small and Medium Enterprises (SMEs). Large enterprises benefit from sophisticated AI systems capable of handling vast amounts of data to enhance credit scoring accuracy while ensuring ethical standards. SMEs leverage scalable and affordable AI solutions designed to meet their specific credit scoring needs, promoting inclusivity and fairness in lending practices across different organizational sizes. Both segments aim to address ethical concerns while optimizing credit assessment processes for diverse business landscapes.
By Application-
Credit Scoring and Risk Assessment
Fraud Detection and Prevention
Loan and Mortgage Approvals
Customer Insights and Personalization
Regulatory Compliance and Reporting
In 2023, the Ethical AI in Credit Scoring Market, applications encompass various critical domains including credit scoring and risk assessment, fraud detection and prevention, loan and mortgage approvals, customer insights, and regulatory compliance. These applications leverage ethical AI algorithms to ensure fairness, transparency, and accuracy in decision-making processes, promoting trust among consumers and regulatory bodies. By addressing ethical considerations across these key areas, organizations can enhance financial inclusivity, mitigate risks, and comply with regulatory standards while fostering customer-centric practices.
By Technology-
Machine Learning
Natural Language Processing (NLP)
Robotic Process Automation (RPA)
Deep Learning
Predictive Analytics
In 2023,the Ethical AI in Credit Scoring Market, technology plays a crucial role, including machine learning, natural language processing (NLP), robotic process automation (RPA), deep learning, and predictive analytics. These technologies enable the development of ethical AI systems that analyze vast amounts of data to assess creditworthiness, detect fraud, and ensure compliance with regulations. By integrating these advanced technologies, organizations can enhance the fairness, transparency, and accuracy of credit scoring processes, ultimately fostering trust among consumers and regulatory authorities.
By Ethical Consideration-
Bias Mitigation Techniques
Transparency and Explainability
Data Privacy and Security
Fairness and Accountability
Regulatory Compliance
In 2023,The Ethical AI in Credit Scoring Market, ethical considerations are paramount, focusing on bias mitigation techniques, transparency, data privacy, fairness, and regulatory compliance. These factors guide the development and implementation of AI systems, ensuring that credit scoring processes are fair, transparent, and accountable. By prioritizing ethical principles, organizations can build trust with consumers, regulators, and stakeholders, fostering responsible lending practices and safeguarding individuals' privacy and rights throughout the credit assessment process.
By Risk Type-
Credit Risk
Operational Risk
Market Risk
Reputational Risk
In 2023,The Ethical AI in Credit Scoring Market, risk types such as credit risk, operational risk, market risk, and reputational risk are addressed through advanced AI algorithms and ethical considerations. These technologies enable accurate risk assessment while ensuring fairness and transparency in credit scoring processes. By integrating ethical AI practices, organizations can mitigate various risks effectively, safeguarding against financial losses, regulatory scrutiny, and reputational damage, ultimately fostering trust and confidence in their credit evaluation procedures.
By End-User-
Banks
Non-Banking Financial Institutions (NBFIs)
Fintech Companies
Credit Unions
Microfinance Institutions
In 2023,In the Ethical AI in Credit Scoring Market, end-users span across banks, non-banking financial institutions (NBFIs), fintech companies, credit unions, and microfinance institutions. These diverse entities leverage ethical AI solutions to enhance credit assessment processes, ensuring fairness, transparency, and compliance with regulatory standards. By incorporating ethical considerations into their credit scoring practices, organizations across the financial sector aim to foster responsible lending, promote financial inclusion, and build trust among borrowers and stakeholders alike.
Company-
FICO
Experian
Equifax
TransUnion
Zest AI
Upstart
LenddoEFL
Kabbage
Kreditech
Yodlee
Please ask for sample pages for full companies list
Base Year: 2023
Historical Data: from 2019 to 2023
Forecast Data: from 2024 to 2031
Any special requirements about this report, please let us know and we can provide custom report."
TABLE OF CONTENTS
Market Taxonomy
1. Executive Summary
1.1. Market Overview
1.2. Market Analysis and Recommendations
1.3. RA Analysis and Recommendations
2. Market Introduction
2.1. Market Definition
3. Market Background
3.1. Parent/Associated Market Overview
3.1.1.Ethical AI in Credit Scoring Outlook
3.1.2.Ethical AI in Credit Scoring Overview
3.2. Effect of Covid-19 Impact
3.3. Effect of Russia-Ukraine Impact
3.4. Macro-Economic Overview
3.4.1. GDP Growth
3.4.2. Retail Industry Growth
3.5. Pricing Analysis
3.6. Challenges related to adoption of Ethical AI in Credit Scoring
3.7. Regulations ofEthical AI in Credit Scoring
3.8. Forecast Factors: Relevance and Impact
3.9. Market Dynamics
3.9.1. Drivers
3.9.2. Restraints
3.9.3. Opportunity
3.9.4. Trends
3.9.5. SWOT Analysis
4. Market Forecast
4.1. Market Value Projections
4.2. Market Size Projections
4.3. Y-o-Y Projections
4.4. Absolute Opportunity Analysis
5. GlobalEthical AI in Credit Scoring Value Chain Analysis
5.1.Ethical AI in Credit Scoring Value Chain
5.1.1. List of Raw Material Suppliers
5.1.2. List of Ethical AI in Credit Scoring Manufacturer
5.1.3. List of Segment
6. GlobalEthical AI in Credit Scoring Analysis Demographics
6.1. Introduction
6.1.1. Market Value Share Analysis By Component
6.1.2. Y-o-Y Growth Analysis By Component
6.2. Historical Market Size (USD Mn) Analysis 2018-2022 By Component
6.3. Market Attractiveness Analysis Demographics
7. GlobalEthical AI in Credit Scoring Analysis By Deployment Mode
7.1. Introduction
7.1.1. Market Value Share Analysis By Deployment Mode
7.1.2. Y-o-Y Growth Analysis By Deployment Mode
7.2. Historical Market Size (USD Mn) Analysis 2018-2022 By Deployment Mode
7.3. Market Attractiveness Analysis By Deployment Mode
8. Market Structure Analysis
8.1. Market Analysis by Tier of Companies
8.1.1. By Large, Medium, and Small
8.2. Market Concentration
8.2.1. By Top 5 and by Top 10
8.3. Type ion Capacity Share Analysis
8.3.1. By Large, Medium, and Small
8.3.2. By Top 5 and Top 10
8.4. Technology Roadmap
9. Competition Analysis
9.1. Competition Dashboard
9.2. Company Profiles (15 Companies)
9.2.1.FICO
9.2.1.1. Overview
9.2.1.2. Type Portfolio
9.2.1.3. Financial Overview
9.2.2. Experian
9.2.2.1. Overview
9.2.2.2. Type Portfolio
9.2.2.3. Financial Overview
9.2.3. Equifax
9.2.3.1. Overview
9.2.3.2. Type Portfolio
9.2.3.3. Financial Overview
9.2.4. TransUnion
9.2.4.1. Overview
9.2.4.2. Type Portfolio
9.2.4.3. Financial Overview
9.2.5. Zest AI
9.2.5.1. Overview
9.2.5.2. Type Portfolio
9.2.5.3. Financial Overview
9.2.6. Upstart
9.2.6.1. Overview
9.2.6.2. Type Portfolio
9.2.6.3. Financial Overview
9.2.7. LenddoEFL
9.2.7.1. Overview
9.2.7.2. Type Portfolio
9.2.7.3. Financial Overview
9.2.8. Kabbage
9.2.8.1. Overview
9.2.8.2. Type Portfolio
9.2.8.3. Financial Overview
9.2.9. Kreditech
9.2.9.1. Overview
9.2.9.2. Type Portfolio
9.2.9.3. Financial Overview
9.2.10. Yodlee
9.2.10.1. Overview
9.2.10.2. Type Portfolio
9.2.10.3. Financial Overview
9.2.11. COMPANY11
9.2.11.1. Overview
9.2.11.2. Type Portfolio
9.2.11.3. Financial Overview
9.2.12. COMPANY12
9.2.12.1. Overview
9.2.12.2. Type Portfolio
9.2.12.3. Financial Overview
9.2.13. COMPANY13
9.2.13.1. Overview
9.2.13.2. Type Portfolio
9.2.13.3. Financial Overview
9.2.14. COMPANY14
9.2.14.1. Overview
9.2.14.2. Type Portfolio
9.2.14.3. Financial Overview
9.2.15. COMPANY15
9.2.15.1. Overview
9.2.15.2. Type Portfolio
9.2.15.3. Financial Overview
10. Global Ethical AI in Credit Scoring Analysis By Region
10.1. Introduction
10.1.1. Market Value Share Analysis By Region
10.1.2. Y-o-Y Growth Analysis By Region
10.2. Historical Market Size (USD Mn) Analysis 2018-2022 By Region
10.2.1. North America
10.2.2. Middle East and Africa
10.2.3. South America
10.2.4. Asia-Pacific
10.2.5. Others
10.3. Current Market Size (USD Mn) Forecast 2023-2030 By Region
10.3.1. North America
10.3.2. Middle East and Africa
10.3.3. South America
10.3.4. Asia-Pacific
10.3.5. Others
10.4. Market Attractiveness Analysis By Region
11. North America Ethical AI in Credit Scoring Analysis
11.1. Introduction
11.2. Historical Market Size (USD Mn) Analysis 2018-2022 By Country
11.2.1. U.S.
11.2.2. Canada
11.2.3. Mexico
11.2.4. Rest of North America
11.3. Current Market Size (USD Mn) Forecast 2023-2030 By Country
11.3.1. U.S.
11.3.2. Canada
11.3.3. Mexico
11.3.4. Rest of North America
11.4. Historical Market Size (USD Mn) Analysis 2018-2022 By Component
11.5. Current Market Size (USD Mn) Forecast 2023-2030 By Component
11.6. Historical Market Size (USD Mn) Analysis 2018-2022 By Deployment Mode
11.7. Current Market Size (USD Mn) Forecast 2023-2030 By Deployment Mode
12. South America Ethical AI in Credit Scoring Analysis
12.1. Introduction
12.2. Regional Pricing Analysis
12.3. Historical Market Size (USD Mn) Analysis 2018-2022 By Country
12.3.1. Brazil
12.3.2. Argentina
12.3.3. Rest of South America
12.4. Current Market Size (USD Mn) Forecast 2023-2030 By Country
12.4.1. Brazil
12.4.2. Argentina
12.4.3. Rest of South America
12.5. Historical Market Size (USD Mn) Analysis 2018-2022 By Component
12.6. Current Market Size (USD Mn) Forecast 2023-2030 By Component
12.7. Historical Market Size (USD Mn) Analysis 2018-2022 By Deployment Mode
12.8. Current Market Size (USD Mn) Forecast 2023-2030 By Deployment Mode
13. Europe Ethical AI in Credit Scoring Analysis
13.1. Introduction
13.2. Regional Pricing Analysis
13.3. Historical Market Size (USD Mn) Analysis 2018-2022 By Country
13.3.1. Germany
13.3.2. Italy
13.3.3. France
13.3.4. Spain
13.3.5. U.K.
13.3.6. Rest of Europe
13.4. Current Market Size (USD Mn) Forecast 2023-2030 By Country
13.4.1. Germany
13.4.2. Italy
13.4.3. France
13.4.4. Spain
13.4.5. U.K.
13.4.6. Rest of Europe
13.5. Historical Market Size (USD Mn) Analysis 2018-2022 By Component
13.6. Current Market Size (USD Mn) Forecast 2023-2030 By Component
13.7. Historical Market Size (USD Mn) Analysis 2018-2022 By Deployment Mode
13.8. Current Market Size (USD Mn) Forecast 2023-2030 By Deployment Mode
14. Middle East and Africa Ethical AI in Credit Scoring Analysis
14.1. Introduction
14.2. Regional Pricing Analysis
14.3. Historical Market Size (USD Mn) Analysis 2018-2022 By Country
14.3.1. Saudi Arabia
14.3.2. U.A.E.
14.3.3. South Africa
14.3.4. Turkey
14.3.5. Rest of Middle East and Africa
14.4. Current Market Size (USD Mn) Forecast 2023-2030 By Country
14.4.1. Saudi Arabia
14.4.2. U.A.E.
14.4.3. South Africa
14.4.4. Turkey
14.4.5. Rest of Middle East and Africa
15. Asia-Pacific Ethical AI in Credit Scoring Analysis
15.1. Introduction
15.2. Regional Pricing Analysis
15.3. Historical Market Size (USD Mn) Analysis 2018-2022 By Country
15.3.1. China
15.3.2. India
15.3.3. Japan
15.3.4. South Korea
15.3.5. Singapore
15.3.6. Australia and New Zealand
15.3.7. Rest of Asia-Pacific
15.4. Current Market Size (USD Mn) Forecast 2023-2030 By Country
15.4.1. China
15.4.2. India
15.4.3. Japan
15.4.4. South Korea
15.4.5. Singapore
15.4.6. Australia and New Zealand
15.4.7. Rest of Asia-Pacific
i. Research Methodology
ii. Assumptions & Acronyms
LIST OF FIGURES
Figure 01: Global Ethical AI in Credit Scoring, BPS Analysis,By Component, 2018(H), 2023(E) & 2030(F)
Figure 02: Global Ethical AI in Credit Scoring, Y-O-Y Growth,By Component, 2020(A) - 2030(F)
Figure 03: Global Ethical AI in Credit Scoring Attractiveness Analysis,By Component (2020)
Figure 04: Global Ethical AI in Credit Scoring, BPS Analysis, By Deployment Mode , 2018(H), 2023(E) & 2030(F)
Figure 05: Global Ethical AI in Credit Scoring, Y-O-Y Growth, By Deployment Mode , 2018(H) - 2030(F)
Figure 06: Global Ethical AI in Credit Scoring Attractiveness Analysis, By Deployment Mode
Figure 07: Global Ethical AI in Credit Scoring, Value Analysis,By Component, 2018(H)-2030(F)
Figure 08: Global Ethical AI in Credit Scoring, Value Analysis, by Deployment Mode, 2018(H)-2030(F)
Figure 09: Global Ethical AI in Credit Scoring, BPS Analysis, by Region, 2018(H), 2023(E) & 2030(F)
Figure 10: Global Ethical AI in Credit Scoring, Y-O-Y Growth, by Region, 2018(H) - 2030(F)
Figure 11: Global Ethical AI in Credit Scoring Attractiveness Analysis, by Region
Figure 12: North America Ethical AI in Credit Scoring Value (USD Mn Forecast, 2018 – 2022
Figure 13: North America Ethical AI in Credit Scoring Value (USD Mn Forecast, 2023 – 2030
Figure 14: South America Ethical AI in Credit Scoring Value (USD Mn) Forecast, 2018 – 2022
Figure 15: South America Ethical AI in Credit Scoring Value (USD Mn) Forecast, 2023 – 2030
Figure 16: Europe Ethical AI in Credit Scoring Value (USD Mn) Forecast, 2018 – 2022
Figure 17: Europe Ethical AI in Credit Scoring Value (USD Mn) Forecast, 2023 – 2030
Figure 18: Middle East and Africa Ethical AI in Credit Scoring Value (USD Mn) Forecast, 2018 – 2022
LIST OF TABLES
Table 01: Global Ethical AI in Credit Scoring Value (USD Mn) Forecast, By Component, 2018(H) – 2030(F)
Table 02: Global Ethical AI in Credit Scoring Value (USD Mn) Forecast, By Deployment Mode , 2018(H) – 2030(F)
Table 03: Global Ethical AI in Credit Scoring Value (USD Mn) Forecast, By Country, 2018(H) – 2030(F)
Table 04: North America Ethical AI in Credit Scoring Value (USD Mn) Forecast, by Country, 2018(H) – 2030(F)
Table 05: North America Ethical AI in Credit Scoring Value (USD Mn) Forecast,By Component, 2018(H) – 2030(F)
Table 06: North America Ethical AI in Credit Scoring Value (USD Mn) Forecast, By Deployment Mode , 2018(H) – 2030(F)
Table 07: South America Ethical AI in Credit Scoring Value (USD Mn) Forecast, By Country, 2018(H) – 2030(F)
Table 08: South America Ethical AI in Credit Scoring Value (USD Mn) Forecast,By Component, 2018(H) – 2030(F)
Table 09: South America Ethical AI in Credit Scoring Value (USD Mn) Forecast, By Deployment Mode , 2018(H) – 2030(F)
Table 10: Europe Ethical AI in Credit Scoring Value (USD Mn) and Forecast, by Country, 2018(H) – 2030(F)
Table 11: Europe Ethical AI in Credit Scoring Value (USD Mn) Forecast, By Component, 2018(H) – 2030(F)
Table 12: Europe Ethical AI in Credit Scoring Value (USD Mn) Forecast, By Deployment Mode EndUser, 2018(H) – 2030(F)
Table 13: Middle East and Africa Ethical AI in Credit Scoring Value (USD Mn) Forecast, By Country, 2018(H) – 2030(F)
Table 14: Middle East and Africa Ethical AI in Credit Scoring Value (USD Mn) Forecast, By Component, 2018(H) – 2030(F)
Table 15: Middle East and Africa Ethical AI in Credit Scoring Value (USD Mn) Forecast, By Deployment Mode , 2018(H) – 2030(F)
Table 16: Asia-Pacific Ethical AI in Credit Scoring Value (USD Mn) Forecast, by Country, 2018(H) – 2030(F)
Table 17: Asia-Pacific Ethical AI in Credit Scoring Value (USD Mn) Forecast, By Component, 2018(H) – 2030(F)
Table 18: Asia-Pacific Ethical AI in Credit Scoring Value (USD Mn) Forecast, By Deployment Mode , 2018(H) – 2030(F)
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