According to an ESOMAR-certified Future Market Insights report, the global artificial intelligence in fintech market is expected to be worth US$ 10.1 billion in 2021 and US$ 11.76 billion by 2022. The market is expected to be worth US$ 54 billion by 2032, growing at a 16.5% CAGR between 2022 and 2032. The growing emphasis on customer safety against cyber and banking frauds in various developing countries can be attributed to the market’s expansion.
From 2017 to 2021, the market grew at a 16% CAGR. Another important factor driving industry growth during the assessment period is growing application in the business analytics and reporting segment. The managed service is expected to grow rapidly due to its assistance in administering AI-enabled apps in fintech. AI is being used by fintech startups to provide professional services, which is expected to drive the segment’s growth.
On the contrary, rising instances of private information leakage and debit card cloning are expected to be a major impediment to market growth. Furthermore, proper data integration and analysis complicates the process, which is another factor impeding industry growth during the forecast period.
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Key Takeaways from the Market Study
- AI in fintech for business analytics and reporting captured a 32% market share, documenting a CAGR of 16% throughout the forecast period
- On-premise segment to expand at a CAGR of 17% during the forecast period
- North America is expected to secure US$ 35 Billion by 2032, while expanding at a CAGR of 16.5%
- Asia Pacific to record a CAGR of 16.5% during the forecast period
- Global market for AI in fintech to surge 4.6x from 2022 to 2032
“The global AI in Fintech market is expected to show a remarkable growth in the forecast period owing to the increasing emphasis on customer’s account safety against cyber and banking frauds,” says an FMI analyst.
Competitive Landscape
Key players in the global AI in the Fintech market include Microsoft, Google LLC, Salesforce, Inc., International Business Machines Corp., Amelia U.S. LLC, Nuance Communications, Inc., ComplyAdvantage.com, Narrative Science, Affirm, Inc., Upstart Network, Inc., Instructure, Inc., Intel, Inbenta Technologies, Amazon Web Services, Oracle, among others. Some of the recent key developments among the players are:
- In October 2021, Tech giant Microsoft Wednesday launched a new program Microsoft AI Innovation for nurturing and scaling startups that are leveraging Artificial Intelligence (AI).
- In April 2022, Conversational engagement platform Gupshup acquired Active.Ai, a conversational AI startup used by banks and fintech firms in all-cash deals.
- In May 2022, Salesforce has agreed to buy Troops.ai, which provides a revenue communications solution that works with sales velocity, forecasting, visibility, and collaboration. Troops have been designing tools for delivering real-time insights from various systems of record, like Salesforce, to engagement places Like Slack.
More Valuable Insights Available
Future Market Insights, in its new offering, presents an unbiased analysis of the global AI in the Fintech market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights based on component (solutions, services), deployment (cloud and on-premise and, application (virtual assistant, business analytics and reporting, customer behavioural analytics, fraud detection, quantitative and asset management and others) across five major regions (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa).
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Key Segments Covered In The AI In Fintech Industry Survey
AI in Fintech Market by Components:
- AI in Fintech Solutions
- AI in Fintech Services
- Managed
- Professional
AI in Fintech Market by Deployment:
- Cloud-based AI in Fintech
- On-premise AI in Fintech
AI in Fintech Market by Application:
- AI in Fintech across Virtual Assistants
- AI in Fintech across Business Analytics and Reporting
- AI in Fintech across Customer Behavioural Analytics
- AI in Fintech across Fraud Detection
- AI in Fintech across Quantitative and Asset Management
- AI in Fintech across Other Applications
AI in Fintech Market by Region:
- North America AI in Fintech Market
- Latin America AI in Fintech Market
- Europe AI in Fintech Market
- Asia Pacific AI in Fintech Market
- Middle East & Africa AI in Fintech Market
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