According to the latest report by IMARC Group, titled “AI in Fintech Market: Global Industry Share, Size, Growth, Opportunity and Forecast 2022-2027,” offers a comprehensive analysis of the industry, which comprises insights on the AI in fintech market trends. The global AI in fintech market reached a value of US$ 9.4 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 36.1 Billion by 2027, exhibiting at a CAGR of 26.1% during 2022-2027.
Artificial intelligence (AI) in fintech analyzes and prevents unauthorized and fraudulent activities through internet banking channels. It offers convenience, accuracy, security, and stock and financial predictions. It also helps automate monotonous tasks, improve economic efficiency, and enhance the quality of services. As a result, AI in fintech is gaining immense traction in mobile baking, credit risk assessment, credit scoring, and insurance and trading processes of banks and other financial institutions across the globe.
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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Market Trends:
Rapid digitization of banking, financial services, and insurance (BFSI) services represents one of the key factors positively influencing the market. In addition, the increasing need for process automation in financial institutions is driving the adoption of AI in fintech as it enables enterprises to minimize their expenditure on hiring staff. Besides this, it enhances efficiency, reduces the risks of human errors, and can process large volumes of data. Furthermore, the rising utilization of smart contracts for financial processes and considerable improvements in the information technology (IT) infrastructure are stimulating market growth.
Breakup by Type:
Solutions
Services
Breakup by Deployment Model:
Cloud-based
On-premises
Breakup by Application:
Virtual Assistant (Chatbots)
Credit Scoring
Quantitative and Asset Management
Fraud Detection
Others
Breakup by Region:
North America (United States, Canada)
Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa
Competitive Landscape with Key Player:
Amazon Web Services Inc. (Amazon.com Inc)
Google LLC (Alphabet Inc.)
Inbenta Technologies Inc
Intel Corporation
International Business Machines Corporation
Microsoft Corporation
Salesforce.com Inc
Samsung Electronics Co. Ltd
TIBCO Software Inc
Trifacta
Verint Systems Inc
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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