AI in FinTech Global Market Will Reach $24.17 Billion by 2026

by James · August 31, 2022

DUBLIN, 31 August 2022 /PRNewswire/ — The “AI in FinTech Global Market Report 2022” report has been added ResearchAndMarkets.com’s Offering.

The global AI in fintech market is expected to grow from 7.25 billion dollars in 2021 to 9.13 billion dollars in 2022 with a compound annual growth rate (CAGR) of 25.9%. AI in the fintech market is expected to grow to 24.17 billion dollars in 2026 with a CAGR of 27.6%.

North America was the largest region in the AI in fintech market in 2021. The regions covered in the AI in fintech market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The need for fraud detection in fintech or financial institutions is contributing to the growth of AI in the fintech market. Artificial intelligence or machine learning algorithm can learn new information from the data collected, the more data that AI manipulates, the more AI can learn, and the banks can get deeper insights with AI technology.

The biggest advantage of AI is that over time the algorithm builds on collecting more data and learning more about how you use it. The advantage is that it starts the moment the AI is deployed and continues to grow without interruption in contribution. According to the 2020 Identity Fraud Report by Javelin Strategy & Research, a US-based financial institution insights company, financial institutions suffered a loss of 16.9 billion dollars in 2019 alone due to account takeover and identity fraud. It is difficult to identify, authenticate people on digital channels, and Capgemini claims that its fraud detection systems powered by AI or machine learning algorithms minimize fraud investigation time by 70% and improve detection accuracy by 90%. The need for fraud detection in fintech is driving the market for AI in fintech.

Technological progress is the key trend gaining popularity in AI in the fintech market. For example, in 2021, In India, the Robo-advice technology refers to the digital platforms that provide financial advice through AI, powered software without human intervention. It advises people to pick up the right stock and even suggests to replace the existing stock in the portfolio based on the factors related to valuations, management and performance other things.

scope
Markets covered:

1) By Type: Solutions; Services
2) By distribution: Cloud; On the premise
3) Upon application: Asset Management; Risk investigation; Business Analytics; Compliance with regulations; Data collection; Predictive analytics; Virtual assistance; Second

Key topics covered:

1. Summary

2. AI in FinTech Market Features

3. AI in FinTech market trends and strategies

4. The impact of COVID-19 on artificial intelligence in FinTech

5. AI in FinTech market size and growth

6. AI in FinTech market segmentation

7. AI in FinTech Market Regional and Country Analysis

8. Asia-Pacific AI in FinTech Market

9. China AI in the FinTech market

10. India AI in FinTech Market

11. Japan AI in the FinTech market

12. Australia AI in FinTech Market