Artificial Intelligence in Fintech Market
Global Artificial Intelligence (AI) in Fintech Market Set to Boom Reaching USD 28.11 Billion by 2028
Published | 15 September 2022
Global Artificial Intelligence (AI) in Fintech Market size is expanding at an impressive growth rate during the forecast period, mainly due to increasing application of the AI technology in various fintech solutions across a huge number of small and medium-sized business organizations worldwide.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the size of Global Artificial Intelligence (AI) in Fintech Market at USD 10.14 billion in 2021 & forecasts Global Artificial Intelligence (AI) in Fintech Market size to expand at a robust CAGR of 15.8% between 2022 and 2028 reaching USD 28.11 billion at the end of the period in analysis. As the financial sector was the first one to use AI for client segmentation, fraud detection, credit scoring, etc., its impact on fintech has been astounding in the recent years. The growth of small and medium-sized firms worldwide is one of the main factors influencing the market expansion.
Global Artificial Intelligence (AI) in Fintech Market - Technology Advancements
In July 2021, a joint venture between Qualcomm Technologies, Inc. and Foxconn Industrial Internet developed the Gloria AI Edge Box. It aims to increase the use of innovative smart applications. The new system processes 70 trillion activities every second. Microsoft Corporation collaborated with Darktrace Holdings Limited, a UK-based provider of cyber security AI, to develop self-learning AI that can identify vulnerabilities at the quickest machine speed. The companies' partnership offers top-notch protection against modern cyber-attacks.
Global Artificial Intelligence (AI) in Fintech Market - Rising Demand
The expansion of the Banking, Financial Services, and Insurance (BFSI), education, energy, utilities, government and public sector, healthcare, and life sciences, manufacturing, retail and e-commerce, telecommunications, and IT industries has a direct impact on the AI market's growth rate. The rapidly evolving customer demand for real-time information, the rapidly increasing demand for process automation among various banking and financial organizations, and the growing demand for payment and lending personalization in the BFSI sector are all having a significant impact on the growth of AI in the fintech market in the coming years. The rapid expansion of the fintech industry has been facilitated by improvements in mobile and internet communication technology.
The market is expanding as a result of the financial institutions' increased need for process automation. On the other hand, cognitive process automation helps AI carry out trickier automation processes. Fintech has made extensive use of AI and machine learning (ML), and as a result, it has grown to be a crucial component of financial services. There will be high potential for market expansion as small- and medium-sized businesses, particularly those in developing countries, become more aware of the advantages of cloud-based firewalls. The Czech Republic Finance Ministry, for instance, launched a project in May 2022 to maximize the potential of fintech apps and data used in financial services in the country. The ministry is responsible for economic policy, revenue services, insurance, government budget, banking, and security. The European Union supported the project, which was carried out by the Organization for Economic Cooperation and Development (OECD) in cooperation with the European Commission's DG REFORM-Directorate-General for Structural Reform Support.
Request for Sample Report @ https://www.blueweaveconsulting.com/report/artificial-intelligence-in-fintech-market/report-sample
Global Artificial Intelligence (AI) in Fintech Market - By Deployment
Global Artificial Intelligence (AI) in Fintech Market by deployment is segmented as on-Premises and cloud. The on-premises segment was estimated to hold a major market share in 2021, as on-Premises deployment enables businesses to implement software or services on the hardware or infrastructure of a financial institution. However, from 2022 to 2028, the cloud segment is expected to grow at a faster CAGR, mainly due to AI-based algorithms that identify current norms, generate suggestions, and learn from historical data in a cloud environment. Cloud computing and AI can increase output, efficiency, and digital security in data handling and authenticity. This automated method also gets rid of human errors in data processing. AI that is deployed in the cloud analyzes past data, adjusts based on it, offers recommendations, and assesses current patterns.
Global Artificial Intelligence (AI) in Fintech Market by region is segmented as North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. North America is expected to hold the highest market share, mainly due to the high importance placed on R&D-based innovations in the industrialized economies of the United States and Canada. These areas have the most competitive and quickly evolving AI markets in Fintech. However, Asia Pacific (APAC) is forecast to grow at the highest rate during the period in analysis owing to continuous innovations in AI technology and the quick growth of local businesses.
Impact of COVID-19 on the Global Artificial Intelligence (AI) in Fintech Market
The COVID-19 pandemic dramatically increased the need for AI in the healthcare sector. Numerous tools and models are provided by the technology to enhance the capabilities of traditional analytics and decision-making. Prediction, diagnosis, and treatment consequently become more precise and successful. For instance, according to the January 2022 study report, researchers from Indiana University and the Regenstrief Institute found that Machine Learning (ML) models could help with public health decision-making during the pandemic. However, COVID-19 pandemic and subsequent lockdowns delayed the expansion of Global Artificial Intelligence (AI) in Fintech Market, as many retailers are still facing problems. Many stores used point-of-sale financing alternatives for future development. Merchants use up-to-date information for underwriting that is similar to a bank account. However, these businesses use AI-based algorithms to deduce user behavior from transactions or product purchases.
Don’t miss the business opportunity in the Global Artificial Intelligence (AI) in Fintech Market. Consult our analysts to gain crucial insights and facilitate your business growth.
The competitive landscape for the AI market in fintech includes companies’ financials, revenue generated market potential, investments in R&D, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launches, product width and breadth, and application dominance. The data points mentioned above primarily concern the fintech market companies' AI-related focus. Top companies active in the AI in fintech market include LargeML, Inc. (US) and FICO Cisco Systems, Inc. (US).
BlueWeave Consulting provides comprehensive Market Intelligence (MI) Solutions to businesses regarding various products and services online and offline. We offer all-inclusive market research reports by analyzing both qualitative and quantitative data to boost the performance of your business solutions. BWC has built its reputation from scratch by delivering quality inputs and nourishing long-lasting relationships with its clients. We are one of the promising digital MI solutions companies providing agile assistance to make your business endeavors successful.
BlueWeave Consulting & Research Pvt. Ltd
+1 866 658 6826 | +1 425 320 4776 | +44 1865 60 0662
- Artificial Intelligence (AI) in Fintech Market - Global Size, Share, Trend Analysis, Opportunity and Forecast Report, 2019–2029, Segmented By Component (Solutions, Services); By Deployment Mode (Cloud-based, On-Premises); By Application (Virtual Assistant, Business Analytics and Reporting, Customer Behavioral Analytics, Fraud Detection, Quantitative & Access Management); By Region (North America, Europe, Asia Pacific, Latin America, Middle East and Africa)
Publish Date: February 2023
Increasing demand for personalized financial services, rising awareness of the benefits of cloud-based firewalls among small- and medium-sized organizations, and growing investments in R&D for innovative products, solutions, and services are projected to propel the expansion of Global Artificial Intelligence (AI) in Fintech Market during the forecast period between 2023 and 2029.
Relevant Press Releases
- Saudi Arabia Medical Equipment Financing Market Expands to Touch USD 4.7 Billion by 2029
- Saudi Arabia Motor Insurance Market Size Set to Grow at Significant CAGR of 4% to Reach USD 10.45 Billion by 2029
- Anti-Money Laundering Tools Market Eyeing Phenomenal Growth: Projected to reach USD 8.8 Billion by 2030
- Global Cryptocurrency Market to Grow at a CAGR of 12.2% in the Forecast Period
- GCC Wearable Payments Market Size Zooming to Cross USD 89.7 Billion by 2029