The global AI in fintech market size was valued at USD 5.87 billion in 2020, which is expected to reach USD 15.32 billion by 2027, registering a CAGR of 21.4% during the forecast period (2021-2027). AI has considerably revolutionized the finance industry by improving precision and customer engagement levels and fastening the query resolution period. Financial firms adopt AI solutions for record maintaining, tracking, and storing transactions to reduce the calculative risk while keeping the proper flow across the process.
Factors Affecting the AI in Fintech Industry Over the Forecast Period:
- Evaluating the investment opportunities, optimizing investment portfolios, and mitigating the associated risks are important factors that raise the demand for AI in fintech solutions, driving market growth across the globe.
- Increasing demand for process automation in financial institutions is significantly driving the growth of AI in the fintech market globally.
- The increasing availability of data sources for the proper implementation of AI in financial solutions is raising the growth of the AI in fintech market.
- However, the lack of awareness and the skilled workforce for the deployment of AI in fintech and high price points are some factors that will affect the market growth over the forecast period.
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Impact of COVID-19 on AI in Fintech Market:
The outbreak of the COVID-19 pandemic has considerably impacted the growth of AI in the fintech market. The financial institutions have faced a huge loss during the COVID-19 pandemic, owing to which the deployment of advanced technologies, such as AI, will be on hold for a certain period. Therefore, a COVID-19 pandemic will decline the AI in fintech market in 2020 and over the forecast period.
Scope of the Report
The report outlines the global AI in fintech market study based on component, deployment, and application.
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Based on component, the AI in fintech market is segmented into –
- Solutions
- Services
Based on deployment, the AI in fintech market is segmented into-
- Cloud-based
- On-Premises
Based on application, the AI in fintech market is segmented into-
- Virtual Assistant
- Business Analytics
- Customer Behavioral Analytics
- Others (Market Research, Advertising, and Marketing Campaign)
AI in Fintech Market: Regional Outlook
Geographically, the global AI in fintech market has been segmented into five geographical regions, namely, North America, Asia Pacific, Europe, South America, and the Middle East and Africa. In 2020, North America held the largest share in the global AI in fintech market, followed by Asia-Pacific and Europe. Moreover, Asia Pacific is expected to project the highest CAGR globally over the forecast period.
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Key Global AI in Fintech Market Competitors Includes –
The global AI in the fintech market is highly fragmented, with a large number of players across the globe. The key players in AI in fintech manufacturers operating in the global market are –
- Amazon Web Services, Inc.
- ComplyAdvantage
- Google LLC
- IBM Corporation
- Inbenta Technologies
- Intel Corporation
- IPsoft Inc.
- Microsoft Corporation
- Nuance Communications, Inc.
- Salesforce.com, Inc.
The AI in fintech market report thoroughly analyzes macro-economic factors and every segment’s market attractiveness. The report will include an in-depth qualitative and quantitative assessment of the segmental/regional outlook with the market players’ presence in the respective segment and region/country. The information concluded in the report includes the inputs.
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