Market Research Future (MRFR) has published a cooked research report on the “Global AI in Fintech Market” that contains information from 2018 to 2032. The AI in fintech market is estimated to register a CAGR of 16.90% during the forecast period of 2023 to 2032.
MRFR recognizes the following companies as the key players in the global AI in fintech market— Amazon Web Services, Inc., Cisco Systems, Inc., ComplyAdvantage, Cognizant, Capgemini, FICO, Google, Hewlett Packard Enterprise Development LP, HCL Technologies Limited, IBM, Intel Corporation, Inbenta Holdings Inc., Microsoft, Oracle, Saleforce, Inc., SAP SE, and TIBCO Software, Inc.
The global AI in fintech market is accounted to register a CAGR of 16.90% during the forecast period and is estimated to reach USD 39.1 Billion by 2032.
The financial industry's use of artificial intelligence technologies is the primary focus of the AI in fintech sector. Applications like fraud detection, risk assessment, algorithmic trading, automated customer care, and individualized financial advice are all part of it. The need for increased efficiency, decreased costs, increased security, and better client experiences in the banking sector are what are driving this market.
The global AI in fintech market has been segmented based component, deployment and application
On the basis of component, the market is segmented into includes solution and services. Solution segment dominated the global market in 2022. The high share can be attributed to software tools, as they aid in deploying AI-enabled solutions in the banking industry to extract correct and complete data with a significant amount of data and on time.
The market is divided into on-premise and cloud deployment models. In 2022, the global market was led by the on-premise segment. Enterprises can install software or services on the systems or premises of a financial institution with the help of on-premise deployment.
Based on application, the global AI in fintech market has been segmented into virtual assistants (chatbots), business analytics and reporting, customer behavioral analytics, and others. Business analytics and reporting dominated the global AI in Fintech market in 2022. Business analytics and reporting aid in regulatory and compliance management and customer behavior analysis.
The global AI in fintech market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe AI in Fintech market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The AI in Fintech market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World AI in Fintech market comprises of Middle East, Africa, and Latin America.
The largest market share for AI in fintech was maintained by the North American regional sector. This high share can be attributed to a strong emphasis on R&D-derived inventions in the developed economies of the U.S. and Canada. These regions have the most competitive and fastest developing AI technology in fintech. It is also fueled by many startups and emerging enterprises providing AI services to the finance sector.
Moreover, the Europe market has been persistently growing over the forecast period. This growth can be attributed to the area’s rapid adoption of digital payments and increased penetration of internet services. Further, the German AI in Fintech market held the largest market share, and the U.K AI in Fintech market was the fastest growing market in the European region.
Additionally, Asia Pacific is anticipated to experience the quickest growth over the forecast period. APAC has emerged as a potential market due to increased technical improvement. The quick expansion of domestic firms with supportive government measures creates numerous opportunities for the advancement of AI in the fintech business
Furthermore, the rest of the world's AI in Fintech market is divided into the Middle East, Africa, and Latin America. This growth is attributed to the increasing digitization of financial services, the adoption of AI for fraud detection and risk assessment, and the growing demand for personalized customer experiences. Brazil, Mexico, and Colombia are key markets in the region.
Key Findings of the Study