PLEASANTON CA, Oct. 20, 2021 (GLOBE NEWSWIRE) — The Global AI in Fintech Market is expected to grow from USD 7.8 Bn in 2020 to USD 34.1 Bn by 2027, at a CAGR of 23.5%.
The increasing focus of companies on cost reduction and improving efficiency accelerating the growth of the AI in fintech market during the forecast period. Artificial Intelligence in fintech is allowing organizations to reduce their cost, automate their procedure and decrease the possibilities of mistakes. AI chatbots are utilized by organizations as customer assistants for numerous functions which include sales, customer care executive (over-the-phone), and online chat executive. AI is empowering small finance organizations as it’s far cheap as well as the probability of error incidence may be very low. Moreover, the insightful information about the cash flow, earnings, and expense is gaining traction from the end-user as this enables organizations to reduce their expenses, proliferating the demand for AI in fintech.
Credit card companies enforce predictive analytics into their existing fraud detection workflows to decrease false positives, proliferating AI in fintech market growth. For instance, in May 2020, SparkCognition, an industrial AI company, introduced that the Japanese AI and fintech organization, MILIZE Co. Ltd, may provide financial institutions with fraud detection and Anti-Money Laundering (AML) solutions. These solutions have constructed the usage of the automated machine learning software of SparkCognition. As a result, the software detects fraudulent transactions with approximately 90% accuracy, which is expected to result in an extensive improvement in credit card organizations’ profitability.
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Based on the application, the business analytics and reporting segment are expected to dominate the market throughout the forecast period. The growth in the segment can be attributed to various benefits such as improved operational efficiency, more informed decision making, and greater revenue. For instance, according to a recent study by MicroStrategy, companies across the globe are using data to boost process and cost efficiency (60%), drive strategy and change (57%), and monitor and improve financial performance (52%). Thus, proliferating the growth of this segment in AI in fintech industry.
The lack of skilled consultants to deploy AI in fintech is the major restraining factor hampering the AI in fintech industry growth. Moreover, the growing security concern is one of the prominent factors that limit the growth of the market. However, the rapid development of 5G infrastructure across the globe provides a lucrative opportunity for the growth of the AI in fintech market during the forecast period.
The key players operating in the Artificial Intelligence (AI) in fintech market are:
Microsoft, Google, IBM Corporation, Intel Corporation, Inbenta Technologies Inc., Nuance Communications, Inc., ComplyAdvantage, Salesforce.com, Inc., Amazon Web Services, Inc., SAMSUNG, Amelia US LLC, Upstream Tech, Inc , SparkCognition, Traydstream, Alibaba Cloud, Sift, Nauto, Inc., Tempus Labs, Inc., Siemens, AEye, Inc., and Among Others
Global AI in Fintech Market by Region Outlook (Revenue, USD Million, 2021-2027)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
In terms of geography, North America is expected to hold the largest market share during the forecast period owing to the presence of AI software and system suppliers in the region. Moreover, the high expenditure by private and public organizations for the development of the market and growth in the research and development activities contributed to the growth of the AI in fintech market in the region.
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The Global AI in Fintech Industry Segmentation:
Global AI in Fintech Market by Type Industry Outlook (Revenue, USD Million, 2021-2027)
Global AI in Fintech Market by Application Industry Outlook (Revenue, USD Million, 2021-2027)
- Virtual Assistant
- Business Analytics & Reporting
- Customer Behavioral Analytics
Global AI in Fintech Market by Deployment Mode Industry Outlook (Revenue, USD Million, 2021-2027)
AI in fintech market Key Findings:
- Based on the application, business analytics & reporting is the leading segment in AI in fintech
- Based on the deployment mode, the cloud segment is expected to witness significant growth in the market during the forecast period
- Based on region, Asia Pacific is expected to grow at the highest CAGR during the forecast period
- Company Profiles and Competitive Intelligence
Artificial Intelligence in fintech market Recent News:
In May 2020, Traydstream, the FinTech leader in trade document scrutiny using artificial intelligence (AI) partnered with Infosys Finacle, a part of EdgeVerve Systems, a wholly-owned subsidiary of Infosys. Due to this partnership, Traydstream’s solution can be integrated with Finacle’s Blockchain-based trade finance solution, Finacle TradeConnect, to allow further automation of trade finance processes.
In October 2021, Silicon Valley-based Mbanq, a Banking-as-a-Service (BaaS) company and one of the world’s fastest-developing FinTechs, signed a strategic agreement with Temenos, the open cloud banking company, to launch a revolutionary Credit-Union-as-a Service (CUaaS) offering, and to boost up BaaS adoption throughout the US.
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