Improved customer service using chatbots, virtual assistants and artificial intelligence interfaces and use in fraud detection drive the growth of global AI in the fintech market.
PORTLAND, Ore., 1 August 2022 /PRNewswire/ — Allied Market Research published a report titled, ‘AI in Fintech Market by Component (Solution, Services), by Deployment Mode (on-premise, Cloud), by Application (virtual assistants (chatbots), business analytics and reporting, customer behavior analytics, others): Global Opportunity Analysis and Industry Forecast, 2021-2031 .’ According to the report, it generated global AI in the fintech industry 8.23 billion dollars in 2021, and is expected to generate 61.30 billion dollars by 2031, witness a CAGR of 22.5% from 2022 to 2031.
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Main determinants of growth
Improved customer service using chatbots, virtual assistants and artificial intelligence interfaces and use in fraud detection is driving the growth of global AI in the fintech market. However, strict laws restrict the market growth. In contrast, fintech companies are increasingly harnessing the power of AI for fintech crypto to automate workflows, improve decision-making and add value. Therefore, this is an important factor that is expected to provide lucrative opportunities in the coming years.
- The outbreak of the COVID-19 pandemic has had a positive impact on the growth of AI in the fintech market. This is because most fintech companies have adopted advanced technologies such as artificial intelligence. This technology helps fintech companies by making both credit repair and credit monitoring faster and more accurate than before, thus providing customer satisfaction.
- Furthermore, from process automation to the use of biometric identification to reduce credit fraud, AI is fueling improvements that deliver better outcomes for consumers, while helping fintech industry leaders operate more efficiently and profitably than before.
- Also, many fintech companies have experienced an increase in demand as work practices and customer banking habits changed during the COVID-19 pandemic. The advent of AI-based financial services has created faster, more efficient and typically cheaper banking services compared to traditional financial services.
- This trend is going to continue in the post-pandemic as well.
Scope of the report: –
Revenue forecast in 2030
61.30 billion dollars
CAGR of 3.8% from 2022 to 2031
Revenue forecast, company ranking, competitive landscape, growth factors and trends
North America, Europe, Asia Pacific, Latin America, MEA
USA, Canada, Germany, UK, France, Italy, Spain, Japan, China, India, South Korea, Australia, Brazil, Mexico, South Africa, Saudi Arabia
Key companies profiled
Amazon Web Services, Inc., Cisco Systems, Inc., ComplyAdvantage, Cognizant, Capgemini, FICO, Google, Hewlett Packard Enterprise Development LP, HCL Technologies Limited, IBM, Intel Corporation, Inbenta Holdings Inc., Microsoft, Oracle, Saleforce, Inc .., SAP SE and TIBCO Software, Inc. Access PDF table
The solutions segment to maintain its leadership status throughout the forecast period
Based on component, the solutions segment held the highest market share in 2021, accounting for more than three-fifths of the global AI in Fintech market, and is projected to maintain its leadership status throughout the forecast period. This is attributed to the fact that most fintech firms have started adopting AI and advanced machine learning algorithms to manage the huge volume of data generated for meaningful insights and better informed decisions. However, the services segment is projected to manifest the highest CAGR of 26.9% from 2022 to 2031, due to increased demand for software-as-a-service (SaaS).
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The local segment to maintain its leading position in the forecast period
Based on deployment mode, the local segment accounted for the largest share in 2021, contributing to around two-thirds of the global AI in fintech market. On-premise deployments offer enhanced security features, driving their adoption of AI in financial technologies. However, the cloud segment is expected to show the largest CAGR of 28.9% from 2022 to 2031, owing to the benefit of cloud deployment that enables businesses to manage volatile work environments.
The virtual assistant (chatbots) segment to maintain its leading position in the forecast period
Based on application, the virtual assistants (chatbots) segment accounted for the largest share in 2021, contributing more than one-third of the global AI in fintech market, and is projected to maintain its leading position during the forecast period. With a sharp increase in the number of web-based applications and smart devices required in the connected world, the need to expose additional data through the API technology in the market is increasing. Furthermore, there are increasing demands on companies to adopt API technology to provide a personalized and better user experience. These factors play a crucial role in making this segment the fastest growing segment. The research also analyzes segments for business analysis and reporting and customer behavior analysis.
North America to maintain its dominance by 2031
Based on region, North America had the highest market share in terms of revenue in 2021, accounting for more than a third of the global AI in fintech market. The increasing use of technology in the financial sector, such as artificial intelligence (AI) and machine learning (ML), is an important factor in the growth of AI in the FinTech market in North America. However Asia-Pacific the region is expected to witness the fastest CAGR of 25.0% from 2022 to 2031. This is due to the fact that the rise in the use of artificial intelligence (AI) and machine learning (ML) in financial markets in the region.
Leading market players: –
- Amazon Web Services, Inc.
- Cisco Systems, Inc.
- Hewlett Packard Enterprise Development LP
- HCL Technologies Limited
- Intel Corporation
- Inbenta Holdings Inc.
- Salesforce, Inc.
- SAP SE
- TIBCO Software, Inc.
The report provides a detailed analysis of these key players in the market. These players have adopted various strategies such as new product launches, collaborations, expansion, joint ventures, agreements and others to increase their market share and maintain dominant shares in various regions. The report is valuable in highlighting business results, operating segments, product portfolio and strategic moves of market players to showcase the competitive situation.
Important benefits for stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimates and dynamics of AI in Fintech market analysis from 2021 to 2031 to identify the prevailing AI in Fintech market opportunities.
- An in-depth analysis of the AI in Fintech market share helps you determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global AI in Fintech market forecast.
- Positioning of market players facilitates benchmarking and provides a clear understanding of the market players’ current position.
- The report includes the analysis of regional as well as global AI in Fintech market trends, key players, market segments, application areas and market growth strategies.
Important market segments
- Implementation mode
- Virtual assistants (chatbots)
- Business analysis and reporting
- Customer behavior analysis
- By region
- North America
- Great Britain
- The Netherlands
- The rest of Europe
- The rest of Asia-Pacific
- Latin America
- Middle East
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