Artificial Intelligence (AI) in the Fintech Market is Poised to Boom to $28.11 Billion by 2028

BlueWeave Consulting and Research Pvt Ltd

BlueWeave Consulting and Research Pvt Ltd

New Delhi, September 16, 2022 (Globe Newswire) – The size of the global Artificial Intelligence (AI) in the Fintech market is expanding at an impressive growth rate during the forecast period, mainly due to the increasing application of AI technology in various FinTech solutions across a large number of small and medium-sized businesses across the globe.

BlueWeave Consulting, a leading strategy consulting and market research firm, in its recent study estimated the global artificial intelligence (AI) size of the Fintech market at US$10.14 billion in 2021 and predicts the world. Artificial intelligence (AI) in the financial technology market Expanding at a robust CAGR of 15.8% between 2022 and 2028 to reach US$28.11 billion at the end of the period under analysis. Since the financial sector was the first to use artificial intelligence for customer segmentation, fraud detection, credit scoring, etc., its impact on financial technology has been staggering in recent years. The growth of SMEs across the world is one of the main factors affecting market expansion.

Global Artificial Intelligence (AI) in Fintech Market – Technological Advances

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 has teamed up with Darktrace Holdings Limited, a UK-based company that provides artificial intelligence services for cybersecurity, to develop a self-learning artificial intelligence that can identify vulnerabilities at full speed on a device. The corporate partnership provides first-class protection against modern cyber-attacks.

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Global Artificial Intelligence (AI) in the Fintech Market – Growing Demand

The expansion of the banking, financial services, insurance (BFSI), education, energy, utilities, government, public sector, healthcare, life sciences, manufacturing, retail, e-commerce, telecommunications and information technology industries has a direct impact on the growth rate of the AI ​​market. The rapidly evolving customer demand for real-time information, the rapidly growing demand for process automation among various banking and financial institutions, and the growing demand for payment and lending allocation in the BFSI sector are all factors that have a significant impact on the growth of AI in the Fintech market in the coming years. The rapid expansion of the financial technology industry has been facilitated by improvements in mobile communication technology and the Internet.

The market is expanding due to the increasing need of financial institutions to automate processes. On the other hand, cognitive process automation helps AI implement more complex automations. Fintech has made extensive use of artificial intelligence and machine learning (ML), and as a result, it has grown into an important component of financial services. There will be great potential for market expansion as small and medium-sized businesses, particularly those in developing countries, become more aware of the benefits of cloud-based firewalls. The Ministry of Finance of the Czech Republic, for example, launched a project in May 2022 to maximize the potential of fintech applications and data used in the country’s financial services. The ministry is responsible for economic policy, revenue services, insurance, government budgeting, banking, and security. The European Union supported the project, which was implemented by the Organization for Economic Co-operation and Development (OECD) in cooperation with the European Commission’s Directorate-General for Reforms to support structural reform.

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sectoral information

Global Artificial Intelligence (AI) in the Fintech Market – By Publication

Global Artificial Intelligence (AI) in Fintech Market by Deployment is segmented as On-premises and Cloud. The domestic sector is estimated to hold a significant market share in 2021, as on-premises deployment enables companies 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 compound annual growth rate, mainly due to AI-based algorithms that define current standards, generate suggestions, and learn from historical data in the cloud environment. Cloud computing and artificial intelligence can increase the productivity, efficiency, digital security and reliability of data processing. This automated method also gets rid of human errors in data processing. AI deployed in the cloud analyzes and adjusts historical data, makes recommendations, and evaluates current patterns.

Regional Insights

The global Artificial Intelligence (AI) financial technology market is segmented by region into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America is expected to have the highest market share, mainly due to the great importance placed on R&D-based innovations in the industrial economies of the United States and Canada. These regions have the most competitive and rapidly developing artificial intelligence markets in Fintech. However, the Asia Pacific (APAC) region is expected to grow at the highest rate during the analysis period due to continuous innovations in AI technology and rapid growth of local businesses.

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

The COVID-19 pandemic has dramatically increased the need for AI in the healthcare sector. Many tools and models are provided by technology to enhance the capabilities of traditional analytics and decision-making. Thus prediction, diagnosis and treatment become more accurate and successful. For example, according to a January 2022 study report, researchers from Indiana University and the Regenstrief Institute have found that machine learning (ML) models can help make public health decisions during a pandemic. However, the COVID-19 pandemic and the subsequent shutdown have delayed the expansion of global artificial intelligence (AI) into the Fintech market, with many retailers still facing problems. Many stores have used POS financing alternatives for future development. Traders use updated underwriting information similar to a bank account. However, these companies use AI-based algorithms to infer user behavior from transactions or product purchases.

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Competitive scene

The competitive landscape of the Fintech Artificial Intelligence market includes corporate financial statements, market revenue potential, R&D investments, new market initiatives, global presence, production locations and facilities, production capabilities, company strengths and weaknesses, product launches, and product presentation and breadth. application dominance. The above data points mainly relate to the focus of AI-related FinTech market companies. The largest companies active in artificial intelligence in the financial technology market include LargeML, Inc. (US) and FICO Cisco Systems, Inc. (United State).

Recent Developments

An original equipment manufacturer (OEM) deal between IBM and Fenergo, a supplier of digital transformation, customer journey, and customer lifecycle management (CLM) solutions for financial institutions, was signed in April 2020. The following month, Sentifi AG expanded its alternative data-driven 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 identify sector outliers, industry outliers, ESG events that can have an impact on asset prices, and investment themes that are trending in real time.

Report scope

characteristics

details

years considered

Historical data – 2018-2021

Base year – 2021

Estimated year – 2022

Forecast – 2022-2028

Covered facts

Revenue in billions of dollars

market coverage

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

Product/retail service

By Component (Solutions, Services), By Deployment Mode, By Application, By End User, By Region

The main players

Microsoft, Google LLC, and Salesforce, Inc. and IBM Corp. and Amelia US LLC, and Nuance Communications Inc. and ComplyAdvantage.com, Narrative Science, and Affirm Inc. and Upstart Network Inc. and Instructure Inc. Intel Corporation, Inbenta Technologies, Amazon Web Services, and Oracle Corporation

by component

  1. Software tools

  2. data discovery

  3. data quality

  4. data monitoring

  5. Visual display of information

  1. Services

  2. Managed Services

  3. Professional Services

by publishing

According to the application

  • virtual assistant

  • Business Analytics & Reports

  • Customer behavior analytics

  • cheat detection

  • Asset and Quantity Management

by end user

  • stock trading companies

  • hedge funds

  • Personal Banking

  • Investment Banking

  • Aharon

by region

  • North Amarica

  • Europe

  • Asia Pacific

  • Latin america

  • Middle East and Africa

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