The ‘Global AI in Fintech Market Share, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the AI in fintech market, assessing the market on the basis of its segments like type, deployment, application, and major regions.
The key highlights of the report include:
Market Overview (2018-2028)
- Forecast CAGR (2023-2028): 4%
Use of artificial intelligence (AI) in the fintech market has been growing with time as they serve multiple purposes, aiding both users and service providers. AI has various sources applications in fintech such as chatbots, artificial intelligence interfaces, and credit and scoring that make it easy for the customers to interact with the service providers. This is a major factor that is increasing the demand for artificial intelligence in fintech and contributing to the growth of the AI in fintech market. Financial institutions are adopting artificial intelligence support and improving decision-making process to be more precise and efficient.
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The rising number of large fund transfers owing to the growing market collaborations, among other factors, is increasing the risk of fintech services fuelling the demand for AI in fintech. Moreover, the rising trend of cashless payments and smart mobile payment applications is also becoming a major factor influencing the growth of the AI in fintech market. The ability of the AI technologies in fintech to improve the detection of fraud is further enhancing the growth of the market globally.
Industry Definition and Major Segments
AI in fintech refers to the usage and applications of artificial intelligence in the field of financial technology. It aids in analysing data with the help of artificial intelligence data mining tools to gather valuable information or insights. It also helps financial technology companies improve their financial service offerings and internal processes with reduced risk of errors and less need of human resources.
Based on type, the market is segmented into:
On the basis of deployment, the market is bifurcated into:
Based on application, the market is classified into:
- Credit Scoring
- Quantitative and Asset Management
- Fraud Detection
On the basis of region, the market is categorised into:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
The key trends in the AI in fintech market include technological advancements which are aiding fintech companies in evolving and growing along with the investment management sector. The development of artificial intelligence technologies such as decision management, speech recognition, and virtual agents, among others, is helping fintech companies analyse data better and in improving efficiency of operations. Research and development activities to develop blockchain technology, big data analytics, robo-advisors and cryptocurrency-focussed hedge funds are subjected to further shape the future of AI in fintech in the forecast period.
North America accounts for a large share of the AI in fintech market owing to the rising investments in research and development activities by manufacturers and the governments of countries such as Canada and the United States. Growing adoption of mobile banking and widespread penetration of internet in the region are also contributing to the growth of the market for AI in fintech in North America. Meanwhile, the Asia Pacific is anticipated to observe a significant growth in the forecast period due to the growing fintech market which is constantly evolving in order to improve workflows.
Key Market Players
The major players in the global AI in fintech market report are Intel Corporation, Google LLC, Microsoft Corporation, IBM Corporation, and TIBCO Software Inc., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.