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Artificial Intelligence In Fintech Market

Artificial Intelligence In Fintech Market

Artificial Intelligence (AI) in Fintech Market - Global Size, Share, Trend Analysis, Opportunity and Forecast Report, 2018–2028, Segmented By Component (Solutions (Software Tools, Data Discovery, Data Quality, Data Governance, Data Visualization, Platforms); Services (Managed Services, Professional Services)) By Deployment (Cloud, On-Premises), By Application (Virtual Assistant, Business Analytics & Reporting Customer Behavioral Analytics, Fraud Detection, Quantitative & Asset Management), By End User (Stock Trading Firms, Hedge Funds, Retail Banking, Investment Banking, Others) By Region (North America, Europe, Asia Pacific, Latin America, Middle East and Africa)

  • Published Date: September 2022
  • Report ID: BWC22366
  • Available Format: PDF
  • Page: 146

Report Overview

An increasing adoption of artificial intelligence (AI) in a variety of functions in financial technology (fintech) is expected to drive Global AI in Fintech Market at a robust growth rate during the forecast period.

Global Artificial Intelligence (AI) in Fintech Market, 2028 - Industry Trends & Forecast Report, 2028

The financial industry has benefited from advances in Artificial Intelligence (AI) and Machine Learning (ML). As AI can assess real-time patterns and aid in rapid decision-making, banks now have the ability to process a vast number of data sets and draw conclusions. They are operating effectively while also developing effectiveness. In the finance industry, AI boosts employee productivity by 59%. The result has been a reduction in loan defaults and increased business safety, all for the benefit of the clients. Financial companies will be able to reduce costs by 22% by 2032, saving close to $1 trillion. Numerous fintech companies are continuously investigating the applications of AI that will benefit banks' loan choices, customer service, and credit and fraud detection procedures.

Fintech, or financial technology, uses cutting-edge technology to enhance or automate banking and investing processes. To identify and stop fraud through digital banking channels, financial firms frequently use Artificial Intelligence (AI). Inclusions include mobile banking, digital loans, insurance, credit scores, buying and selling activities, and asset management. By observing how customers interact and taking their purchases into account, AI technologies can ascertain a customer's normal behavior.

Growth Drivers

Rapid Technology Advancements in Mobile and Internet Connectivity

The fast 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, and as a result, it has grown to be a crucial component of financial services.

Increasing Adoption of AI by More Number of Small and Medium-sized Businesses

The growth of small and medium-sized firms worldwide is one of the main factors influencing market expansion. In other words, 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 market's growth rate.

Growing Demand for AI Technology in Various BFSI Functions

One of the key factors driving the market's growth is the global Banking, Financial Services, and Insurance (BFSI) sector's growing digitization. For running virtual help, debt collection, sentiment and prediction analysis, reporting, and customer behavior analysis, AI is widely employed in the finance industry. It helps in increasing productivity, reducing the possibility of human error, and quickly processing large amounts of data. Along with this, AI aids in the automated and real-time analysis of bank, credit, and investment accounts to assess a person's financial health and produce tailored recommendations for future growth.

Restraints

Stringent Regulatory Compliances and Shortage of Skilled Workforce

Global Artificial Intelligence (AI) in Fintech Market's expansion may be constrained by a lack of technical proficiency and an increase in the number of regulatory compliance requirements. The market's potential growth may also be constrained by a lack of qualified consultants to develop AI in fintech.

Impact of COVID-19 on Global Artificial Intelligence (AI) in Fintech Market

Global Artificial Intelligence (AI) in Fintech Market expansion was delayed by the COVID-19 pandemic, and 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.

Segmental Coverage

Global Artificial Intelligence (AI) in Fintech Market - By Application

Customer behavior analysis and regulatory and compliance management are made easier by business analytics and reporting. Several elements, including improved operational effectiveness, more educated choice-making, and more revenue, can be credited for the segment's growth. To help them make better business decisions, several companies use big data, AI, and business analytics. As a result of the considerable changes in the fintech market, this area of AI in the fintech industry is growing. In the coming years, customer behavioral analytics will experience tremendous development. It looks at every risk involving clients. Business analytics and reporting can help with client behavior analysis in addition to helping with regulatory and compliance management, which will increase demand for AI in the fintech market. By combining several AI and machine learning (ML) algorithms through an interface, it can predict a user's behavior, giving consumers deep insights into their data. For instance, in March 2022, PwC, a provider of corporate finance accounting services, reported that 83% of Indian financial services firms were implementing customer behavioral analytics to drive their businesses. Additionally, it instantly analyzes client behavior and offers insights into their data with the aid of AI.

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. For instance, in February 2022, the consumer banking company U.S. Bank partnered with Microsoft, a provider of cloud computing services for managing applications for upgrading cloud banking. By using the Microsoft Azure cloud service to digitize its systems, the partnership would enable the U.S. Bank to upgrade its banking systems. The bank would be able to more quickly introduce new products, review, make suggestions, access data more conveniently, and adapt to consumer needs with the aid of cloud integration.

Artificial Intelligence (AI) in Fintech Market

Source: BlueWeave Consulting

Competitive Landscape

Leading companies in the Global AI in Fintech Market include Microsoft, Google LLC, Salesforce, Inc., IBM Corp., Amelia US LLC, Nuance Communications Inc., ComplyAdvantage.com, Narrative Science, Affirm Inc., Upstart Network Inc., Instructure Inc., Intel Corporation, Inbenta Technologies, Amazon Web Services, and Oracle Corporation. The spread of AI in the fintech industry is hampered by the financial sector's intense competition, the need for improved financial processes, cost savings, and client engagement. These traits explain the risk of performance underperformance in a cutthroat business environment, demanding AI in fintech solutions. Market players have formed alliances and partnerships recently to take on key positions. For instance, in April 2022, the key conversational messaging platform Gupshup acquired the AI-focused private finance company Active ai. Gupshup's Customer Experience (CX) capabilities for BFSI clients are strengthened by the purchase.

Recent Developments

The original equipment manufacturer (OEM) deal between IBM and Fenergo, a supplier of digital transformation, customer journey, and client lifecycle management (CLM) solutions for financial institutions, was signed in April 2020. In the following month, Sentifi AG expanded its alternative data-based analytics to identify investment possibilities and manage risks. With the help of Sentifi's new analytics platform, investors can now identify outliers in their portfolios as well as spot sector outliers, industry outliers, ESG events that could have an impact on asset price, and investing themes that are trending in real-time.

 

Scope of the Report

Attributes  Details
Years Considered Historical Data – 2018–2021
Base Year – 2021
Estimated Year - 2022
Forecast – 2022–2028
Facts Covered Revenues in USD Billion
Market Coverage  North America, Europe, Asia Pacific, Latin America, Middle East and Africa
Product Service/Segmentation By Component (Solutions, Services), By Deployment Mode, By Application, By End User, By Region
Key Players Microsoft, Google LLC, Salesforce, Inc., IBM Corp., Amelia US LLC, Nuance Communications Inc., ComplyAdvantage.com, Narrative Science, Affirm Inc., Upstart Network Inc., Instructure Inc., Intel Corporation, Inbenta Technologies, Amazon Web Services, and Oracle Corporation
     

By Component

  • Solution
  1. Software Tools
  2. Data Discovery
  3. Data Quality
  4. Data Governance
  5. Data Visualization

 

  •  Platforms

 

  1. Services
  2. Managed Services
  3. Professional Services

.By Deployment

  • Cloud
  • On-Premises

 By Application

  • Virtual Assistant
  • Business Analytics & Reporting
  • Customer Behavioral Analytics
  • Fraud Detection
  • Quantitative & Asset Management

By End User

  • Stock Trading Firms
  • Hedge Funds
  • Retail Banking
  • Investment Banking
  • Others

By Region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa
  1. Research Framework
    1. Research Objective
    2. Product Overview
    3. Market Segmentation
  2. Research Methodology
    1. Qualitative Research
      1. Primary & Secondary Research
    2. Quantitative Research
    3. Market Breakdown & Data Triangulation
      1. Secondary Research
      2. Primary Research
    4. Breakdown of Primary Research Respondents, By Region
    5. Assumptions & Limitations
  3. Executive Summary
  4. Global Artificial Intelligence (AI) in Fintech Market Insights
    1. Industry Value Chain Analysis
    2. DROC Analysis
      1. Growth Drivers
      2. Restraints
      3. Opportunities
      4. Challenges
    3. Technological Advancement/Recent Development
    4. Regulatory Framework
    5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
  5. Global AI in Fintech Market Overview
    1. Market Size & Forecast by Value, 2018–2028
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Components
        1. Solutions
          1. Software Tools
            1. Data Discovery
            2. Data Quality
            3. Data Governance
            4. Data Visualization
          2. Platforms
        2. Services
          1. Managed Services
          2. Professional Services
        3. Managed
        4. Professional
      2. By Deployment
        1. Cloud
        2. On-Premises
      3. By Application
        1. Virtual Assistant
        2. Business Analytics & Reporting
        3. Customer Behavioral Analytics
        4. Fraud Detection
        5. Quantitative & Asset Management
      4. By End User
        1. Stock Trading Firms
        2. Hedge Funds
        3. Retail Banking
        4. Investment Banking
        5. Other
      5. By Region
        1. North America
        2. Europe
        3. Asia Pacific
        4. Latin America
        5. Middle East and Africa
  6. North America AI in Fintech Market
    1. Market Size & Forecast by Value, 2018–2028
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Components
      2. By Deployment
      3. By Application
      4. By Deployment
      5. By Country
        1. United States
        2. Canada
  7. Europe AI in Fintech Market
    1. Market Size & Forecast by Value, 2018–2028
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Components
      2. By Deployment
      3. By Application
      4. By End User
      5. By Country
        1. Germany
        2. United Kingdom
        3. Italy
        4. France
        5. Spain
        6. Rest of Europe
  8. Asia-Pacific AI in Fintech Market
    1. Market Size & Forecast by Value, 2018–2028
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Components
      2. By Deployment
      3. By Application
      4. By End User
      5. By Country
        1. China
        2. India
        3. Japan
        4. South Korea
        5. Rest of Asia Pacific
  9. Latin America AI in Fintech Market
    1. Market Size & Forecast by Value, 2018–2028
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Components
      2. By Deployment
      3. By Application
      4. By End User
      5. By Country
        1. Brazil
        2. Mexico
        3. Rest of Latin America
  10. Middle East & Africa AI in Fintech Market
    1. Market Size & Forecast by Value, 2018–2028
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Components
      2. By Deployment
      3. By Application
      4. By End User
      5. By Country
        1. Saudi Arabia
        2. UAE
        3. South Africa
        4. Rest of Middle East & Africa
  11. Competitive Landscape
    1. List of Key Players and Their Offerings
    2. Market Share Analysis, 2021
    3. Competitive Benchmarking, By Operating Parameters
    4. Key Strategic Development (Merger, Acquisition, Partnership, etc.)
  12. Impact of Covid-19 on Global AI in Fintech Market
  13. Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook) **
    1. Microsoft
    2. Google LLC
    3. Salesforce, Inc.
    4. International Business Machines Corp.
    5. Amelia US LLC,
    6. Nuance Communications Inc.
    7. ComplyAdvantage.com
    8. Narrative Science
    9. Affirm Inc.
    10. Upstart Network Inc.
    11. Instructure Inc.
    12. Intel Corporation
    13. Inbenta Technologies
    14. Amazon Web Services
    15.  Oracle Corporation
    16. Other Prominent Players
  14. Key Strategic Recommendations

 

*Financial information in case of non-listed companies will be provided as per availability

**The segmentation and the companies are subjected to modifications based on in-depth secondary for the final deliverable

 

List of Figures

 

Figure 1: Global AI in Fintech Market Segmentation

Figure 2: Global AI in Fintech Industry Value Chain Analysis

Figure 3: Global AI in Fintech Market Size, By Value (USD Million), 2018–2028

Figure 4: Global AI in Fintech Market Share (%), By Components, By Value, 2018–2028

Figure 5: Global AI in Fintech Market Share (%), By Deployment, By Value, 2018–2028

Figure 6: Global AI in Fintech Market Share (%), By Application, By Value, 2018–2028

Figure 7: Global AI in Fintech Market Share (%), By End User, By Value, 2018–2028

Figure 8: Global AI in Fintech Market Share (%), By Country, By Value, 2018–2028

Figure 9: North America AI in Fintech Market Size, By Value (USD Million), 2018–2028

Figure 10: North America AI in Fintech Market Share (%), By Components, By Value, 2018–2028

Figure 11: North America AI in Fintech Market Share (%), By Deployment, By Value, 2018–2028

Figure 12: North America AI in Fintech Market Share (%), By Application, By Value, 2018–2028

Figure 13: North America AI in Fintech Market Share (%), By End User, By Value, 2018–2028

Figure 14: North America AI in Fintech Market Share (%), By Country, By Value, 2018–2028    

Figure 15: Europe AI in Fintech Market Size, By Value (USD Million), 2018–2028

Figure 16: Europe AI in Fintech Market Share (%), By Components, By Value, 2018–2028

Figure 17: Europe AI in Fintech Market Share (%), By Deployment, By Value, 2018–2028

Figure 18: Europe AI in Fintech Market Share (%), By Application, By Value, 2018–2028

Figure 19: Europe AI in Fintech Market Share (%), By End User, By Value, 2018–2028

Figure 20: Europe AI in Fintech Market Share (%), By Country, By Value, 2018–2028

Figure 21: Asia-Pacific AI in Fintech Market Size, By Value (USD Million), 2018–2028

Figure 22: Asia-Pacific AI in Fintech Market Share (%), By Components, By Value, 2018–2028

Figure 23: Asia-Pacific AI in Fintech Market Share (%), By Deployment, By Value, 2018–2028

Figure 24: Asia-Pacific AI in Fintech Market Share (%), By Application, By Value, 2018–2028 

Figure 25: Asia-Pacific AI in Fintech Market Share (%), By End User, By Value, 2018–2028 

Figure 26: Asia-Pacific AI in Fintech Market Share (%), By Country, By Value, 2018–2028

Figure 27: Latin America AI in Fintech Market Size, By Value (USD Million), 2018–2028

Figure 28: Latin America AI in Fintech Market Share (%), By Components, By Value, 2018–2028

Figure 29: Latin America AI in Fintech Market Share (%), By Deployment, By Value, 2018–2028

Figure 30: Latin America AI in Fintech Market Share (%), By Application, By Value, 2018–2028

Figure 31: Latin America AI in Fintech Market Share (%), By End User, By Value, 2018–2028

Figure 32: Latin America AI in Fintech Market Share (%), By Country, By Value, 2018–2028

Figure 33: Middle East & Africa AI in Fintech Market Size, By Value (USD Million),2018–2028

Figure 34: Middle East & Africa AI in Fintech Market Share (%), By Components, By Value, 2018–2028

Figure 35: Middle East & Africa AI in Fintech Market Share (%), By Deployment, By Value, 2018–2028

Figure 36: Middle East & Africa AI in Fintech Market Share (%), By Application, By Value, 2018–2028

Figure 37: Middle East & Africa AI in Fintech Market Share (%), By End User, By Value, 2018–2028

Figure 38: Middle East & Africa AI in Fintech Market Share (%), By Country, By Value, 2018–2028

Figure 39: Global AI in Fintech Market Share Analysis, 2021

 

List Of Tables

 

Table 1: Global AI in Fintech Market Size, By Components, By Value (USD Million), 2018–2028

Table 2: Global AI in Fintech Market Size, By Deployment, By Value (USD Million), 2018–2028

Table 3: Global AI in Fintech Market Size, By Application, By Value (USD Million), 2018–2028

Table 4: Global AI in Fintech Market Size, By End User, By Value (USD Million), 2018–2028

Table 5:Global AI in Fintech Market Size. By Country, By Value (USD Million), 2018–2028

Table 6: North America AI in Fintech Market Size, By Components, By Value (USD Million), 2018–2028

Table 7: North America AI in Fintech Market Size, By Deployment, By Value (USD Million), 2018–2028

Table 8: North America AI in Fintech Market Size, By Application, By Value (USD Million), 2018–2028

Table 9: North America AI in Fintech Market Size, By End User, By Value (USD Million), 2018–2028

Table 10: North America AI in Fintech Market Size (USD Million), By Country, By Value 2018–2028 

Table 11: Europe AI in Fintech Market Size, By Components, By Value (USD Million), By Value 2018–2028

Table 12: Europe AI in Fintech Market Size, By Deployment, By Value (USD Million), By Value 2018–2028

Table 13: Europe AI in Fintech Market Size, By Application, By Value (USD Million), By Value 2018–2028

Table 14: Europe AI in Fintech Market Size, By End User, By Value (USD Million), By Value 2018–2028

Table 15: Europe AI in Fintech Market Size (USD Million), By Country, By Value 2018–2028

Table 16: Asia-Pacific AI in Fintech Market Size, By Components, By Value (USD Million), By Value 2018–2028

Table 17: Asia-Pacific AI in Fintech Market Size (USD Million), By Components, By Value 2018–2028

Table 18: Asia-Pacific AI in Fintech Market Size (USD Million), By Deployment, By Value 2018–2028

Table 19: Asia-Pacific AI in Fintech Market Size (USD Million), By Application, By Value 2018–2028

Table 20: Asia-Pacific AI in Fintech Market Size (USD Million), By End User, By Value 2018–2028

Table 21: Asia-Pacific AI in Fintech Market Size (USD Million), By Country, By Value 2018–2028

Table 22: Latin America AI in Fintech Market Size, By Components, By Value (USD Million), By Value 2018–2028

Table 23: Latin America AI in Fintech Market Size, By Deployment, By Value (USD Million), 2018–2028

Table 24: Latin America AI in Fintech Market Size, By Application, By Value (USD Million), 2018–2028

Table 25: Latin America AI in Fintech Market Size, By End User, By Value (USD Million), 2018–2028

Table 26: Latin America AI in Fintech Market Size (USD Million), By Country, By Value 2018–2028  

Table 27: Middle East & Africa AI in Fintech Market Size, By Components, By Value (USD Million), 2018–2028

Table 28: Middle East & Africa AI in Fintech Market Size, By Deployment, By Value (USD Million), 2018–2028

Table 29: Middle East & Africa AI in Fintech Market Size, By Application, By Value (USD Million), 2018–2028

Table 30: Middle East & Africa AI in Fintech Market Size, By End User, By Value (USD Million), 2018–2028

Table 31: Middle East & Africa AI in Fintech Market Size (USD Million), By Country, By Value 2018–2028 

Table 32:  List of Key Players and Their Offerings

Table 33:  Competitive Benchmarking, by Operating Parameters

Table 34        Microsoft Company Overview

Table 35        Microsoft Financial Overview

Table 36        Google LLC Company Overview

Table 37        Google LLC Financial Overview

Table 38        Salesforce Inc. Company Overview

Table 39        Salesforce Inc. Financial Overview

Table 40        International Business Machines Corp. Company Overview

Table 41        International Business Machines Corp. Financial Overview

Table 42        Amelia US LLC Company Overview

Table 43        Amelia US LLC Financial Overview

Table 44        Nuance Communications Inc. Company Overview

Table 45        Nuance Communications Inc. Financial Overview

Table 46        ComplyAdvantage.com Company Overview

Table 47        ComplyAdvantage.com Financial Overview

Table 48        Narrative Science Company Overview

Table 49        Narrative Science Financial Overview

Table 50        Affirm Inc. Company Overview

Table 51        Affirm Inc. Financial Overview

Table 52        Upstart Network Inc. Company Overview

Table 53        Upstart Network Inc. Financial Overview

Table 54        Instructure Inc. Company Overview

Table 55        Instructure Inc. Group Financial Overview

Table 56        Intel Company Overview

Table 57        Intel Company Financial Overview

Table 58        Inbenta Technologies Company Overview

Table 59        Inbenta Technologies Financial Overview

Table 60        Amazon Web Services Company Overview

Table 61        Amazon Web Services Financial Overview

Table 62        Oracle Company Overview

Table 63        Oracle Financial Overview

 

Market Segmentation

By Component

  • Solution
  1. Software Tools
  2. Data Discovery
  3. Data Quality
  4. Data Governance
  5. Data Visualization

 

  •  Platforms

 

  1. Services
  2. Managed Services
  3. Professional Services

.By Deployment

  • Cloud
  • On-Premises

 By Application

  • Virtual Assistant
  • Business Analytics & Reporting
  • Customer Behavioral Analytics
  • Fraud Detection
  • Quantitative & Asset Management

By End User

  • Stock Trading Firms
  • Hedge Funds
  • Retail Banking
  • Investment Banking
  • Others

By Region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa
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