Artificial Intelligence (AI) in Fintech Market is expected to display a steady growth by 2028 due to the Increasing Demand for Process Automation Among Financial Organizations |CAGR: ~30%| UnivDatos Market Insights

NOIDA, India, October 3, 2022 /PRNewswire/ — Accordingly to a new report published by UnivDatos Markets Insights, the AI in the fintech market is expected to grow at a CAGR of around 30% from 2022 to 2028. The analysis was divided into type (service and solution); Deployment (on-premises and in the cloud); Application (Chatbots, Customer Behavioral Analytics, Business Analytics & Reporting and others); Area.

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The AI ​​in Fintech Market report is compiled by collecting informative data about various dynamics such as market drivers, restraints, and opportunities. This innovative report leverages multiple analyzes to provide a more in-depth outlook on the AI ​​in Fintech market. The AI ​​in Fintech Market report provides a detailed analysis of the latest industry developments and trending factors in the market affecting market growth. Additionally, this statistical market research repository studies and estimates the AI ​​in Fintech Market on a global and regional scale.

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Market Overview

Artificial intelligence (AI) in the fintech market is part of collecting data, analyzing the data, facilitating and securing transactions, providing customer-centric modules and streamlining the process. Also, it offers better analytics, stronger security, virtual assistance, chatbot, and insights. AI in fintech enables fintech organizations to predict customer behavior by collecting their behavioral data. Recently, AI in fintech organization has witnessed significant demand for AI technology in fintech institution due to less query time and easier processing for monetary purpose. In addition, the Covid pandemic has changed the behavioral structure of both institutional organizations and customers, allowing the organization to implement faster and more convenient processes and push the incorporation of AI into the fintech sector.

AI in the fintech market is expected to grow at a steady rate of around 30% due to increasing demand for fraud detection, virtual assistants linked to easy transactions, and chatbots for quick and instant query solutions. Large companies in the market offer continuously focus on innovative products by using machine learning, big data analysis and neural networks, among others. In addition, the increasing partnership between industries is also driving the demand for AI technology in fintech organizations. For example, Activ.Ai and Talisma have partnered to provide an enhanced customer experience with a conversational AI chatbot in the BSFI sector.

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Some of the major players in the market are IBM, Narrative Science, Amazon Web Services Inc., Microsoft, HCL Technologies, HP Enterprise Development LP, Intel Corporation, SAP SE, Salesforce Inc., and CISCO System.

Effects of COVID-19

Due to travel restrictions and the projected dismal financial performance of market participants in 2020, the spread of the COVID-19 pandemic has hurt AI in the fintech industry. Supply chain execution, regulatory and policy changes, labor dependency, working capital management, and liquidity and solvency management are all major concerns for AI at fintech service providers. As the COVID-19 epidemic has declined significantly by early 2021, many businesses are resuming operations. In addition, the pandemic has halted investment and R&D activities and negatively impacted the market.

Click here for the report description and table of contents

https://univdatos.com/report/ai-in-fintech-market/

The global AI in Fintech market report is thoroughly studied with several aspects that would help the stakeholders to make their decisions in a more curated way.

  • Based on the type, the market is segmented into service and solution. The solution segment is registering a significant CAGR during the forecast period and is expected to remain flat during the forecast period due to the adoption of AI and machine learning (ML) in the field of banking and financial institution services to manage and generate big data, important insights from the collected data. The companies in the market focus on innovative and lucrative products and solutions for the user to increase user adoption of AI-enabled technology. For example in January 2022The Temenos organization, which is a provider of enterprise software solutions for financial institutions and banks, announced the first AI-powered buy-now-pay-later solution in its own temenos banking cloud. Due to the growing demand for AI-powered services in the market, such as However, the service segment is also seeing a significant change in growth over time.
  • Based on deployment, the market is categorized into on-premises and cloud segments. The on-premises segment has shown significant market growth for 2021 and is expected to stay the same during the forecast period owing to the enhanced security feature, greater flexibility in data management and the provision of better usability for the organization. Also, on-premises deployment offers a reduction in total cost of ownership and better security for the data since there is no third party involved in data collection, data analysis and data management.
  • Based on application, the AI ​​in Fintech market has been classified into Chatbots, Customer Behavior Analytics, Business Analysis & Reports, and Others. Chatbots segment witnesses significant market growth in 2021 and is expected to remain unchanged during the forecast period due to the queries can be solved in a fraction of the time and the on-demand feature is available. The chatbots use automated scripts to resolve the queries independently. In addition, chatbots provide an easy communication channel between users and banks. For example, in 2020, Bank of America added a million new customers after launching their own chatbots.
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The geographic segmentation of the AI ​​in Fintech market includes:

  • North America (United States, Canadaand rest of North America)
  • Europe (Germany, United Kingdom, Spain, Italy, Franceand the rest of Europe)
  • Asia Pacific (China, Japan, Indiaand the rest of Asia Pacific)
  • rest of the world

North America is expected to grow at a substantial CAGR over the forecast period. This is mainly due to the increasing R&D spending coupled with technological advances in AI, ML and big data analytics. The increasing number of startups and the growing number of companies in the region are also supporting AI in the fintech market, for example, according to a leading company, Canada has approximately 700 fintech organizations, 18 of which were founded in 2020. In addition, the increasing investments from the individual and institutional bodies are driving the market forward in the coming period. For example in March 2021received HighRadius, a startup for AI-based products for fintechs $300 million in Series C funding.

Major players targeting the market include

  • IBM
  • narrative science
  • Amazon Web Services Inc.
  • Microsoft
  • HCL Technologies
  • HP Enterprise Development LP
  • Intel Corporation
  • SAPSE
  • Salesforce Inc.
  • CISCO system

competitive landscape

The level of competition among prominent global companies has been elaborated through the analysis of several leading key players operating worldwide. The specialist team of research analysts throws light on various features such as global market competition, market share, latest industry advances, innovative product launches, partnerships, mergers or acquisitions by leading companies in the AI ​​in Fintech market. Key players have been analyzed using research methodologies to provide insights into global competition.

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Key Questions Answered by This Analytical Market Research Report Include:

  • What are the latest trends, new patterns, and technological advancements in the AI ​​in Fintech market?
  • What factors are affecting the AI ​​in Fintech market during the forecast period?
  • What are the global challenges, threats, and risks in the AI ​​in Fintech market?
  • What factors are driving and inhibiting AI in the fintech market?
  • What are the challenging global regions of the AI ​​in Fintech market?
  • How big will the global market be in the coming years?

• What are the key market acquisition strategies and policies used by global companies?

We understand the needs of different companies, regions and countries and offer customized reports according to your business and geographic needs. Please let us know if you have custom requirements.

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AI in the fintech market report coverage

report attributee

details

base year

2021

forecast period

2022-2028

growth dynamics

Accelerate at a CAGR greater than 30%

Market size 2028

$45 billion

Regional Analysis

North America, Europe, APAC, Rest of World

Main Contributing Region

North America dominates AI in the fintech market

Key countries covered

United States, Canada, Germany, United Kingdom, Spain, Italy, France, China, Japan and India

company profiled

IBM, Narrative Science, Amazon Web Services Inc., Microsoft, HCL Technologies, HP Enterprise Development LP, Intel Corporation, SAP SE, Salesforce Inc. and CISCO System

report scope

Market Trends, Drivers and Constraints; sales estimation and forecasting; segmentation analysis; impact of COVID-19; demand and supply analysis; Ccompetitive landscape; company profiling

Covered Segments

By TYes; From DOccupation; through application; By region/country

About UnivDatos Market Insights (UMI)

UnivDatos Market Insights (UMI) is a passionate market research company and a subsidiary of Universal Data Solutions. We believe in providing insights through market research reports, custom business research and primary research. Our research studies are spread over subjects all over the world, we cover markets in over 100 countries using smart research techniques and agile methodologies. We provide in-depth studies, in-depth analysis, and customized reports that help create successful business strategies for our clients.

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