According to the latest report by IMARC Group, titled “AI in Fintech Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” 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.
Fintech, or financial technology, represents the integration of advanced technologies with financial services to improve or automate banking and investing operations. Artificial intelligence (AI) is extensively used in financial institutions for detecting and preventing frauds through digital banking channels. This involves digital lending, mobile banking, asset management, credit scoring, insurance and trading processes, etc. AI in fintech is also applied for operating robo-advisors to offer financial planning services based on the individuals’ goals, risk tolerance, budget, financial standing, spending patterns, etc. It also detects any personally identifiable information (PII) leaked on the dark web and undertakes necessary actions to secure the data.
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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:
The rising digitization in the banking, financial services, and insurance (BFSI) sector is among the primary factors driving the market for AI in fintech. Moreover, AI in fintech enhances efficiency, minimizes human error, and can process large volumes of data in a short period. Consequently, it is being increasingly used for operating virtual assistance, sentiment and predictive analysis, debt collection, reporting, customer behavior analysis, etc. Furthermore, growing product utilization for the automated and real-time examination of cash, credit, and investment accounts to analyze the financial health of individuals and generate customized insights for future growth will continue to strengthen the AI in fintech market over the forecasted period.
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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