Artificial Intelligence (AI) in Fintech Market Set to Grow to Reach USD 28.11 Billion by 2028

New Delhi, September 16, 2022 (GLOBE NEWSWIRE) — The Global Artificial Intelligence (AI) in Fintech market is growing at an impressive growth rate during the forecast period, mainly due to increasing adoption of the AI ​​technology in various fintech solutions across a large number of small and medium business organizations worldwide.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study estimated the size of the Global Artificial Intelligence (AI) in Fintech Market at USD 10.14 billion by 2021 and forecasts Global Artificial Intelligence (AI) in the Fintech market size to expand at a robust CAGR of 15.8% between 2022 and 2028 to reach USD 28.11 billion by the end of the analysis period. Since the financial sector was the first to use AI for customer segmentation, fraud detection, credit scoring, etc., its impact on fintech has been astonishing in recent years. The growth of small and medium enterprises worldwide is one of the main factors influencing the market expansion.

Global Artificial Intelligence (AI) in the 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 Corporation partnered with Darktrace Holdings Limited, a UK-based cybersecurity AI provider, to develop self-learning AI that can identify vulnerabilities at the fastest machine speed. The companies’ 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, finance and insurance (BFSI), education, energy, utilities, public sector, healthcare and life sciences, manufacturing, retail and e-commerce, telecommunications and IT industries has a direct impact on the growth rate of the AI ​​market. The rapidly growing demand for real-time information, the rapidly growing demand for process automation among various banking and financial organizations, and the growing demand for personalization of payments and lending in the BFSI sector all have a significant impact on the growth of AI in the fintech market in the coming years the years. The rapid expansion of the fintech industry has been facilitated by improvements in mobile and internet communication technology.

The story continues

The market is expanding as a result of financial institutions’ increased need for process automation. On the other hand, cognitive process automation helps AI perform more difficult automation processes. Fintech has made extensive use of AI and machine learning (ML) and as a result has grown to become a crucial component of financial services. There will be great potential for market expansion as SMEs, especially those in developing countries, become more aware of the benefits of cloud-based firewalls. For example, the Czech Ministry of Finance launched a project in May 2022 to maximize the potential of fintech apps and data used in financial services in the country. The ministry is responsible for economic policy, revenue services, insurance, state budget, banking and security. The European Union supported the project, which was carried out by the Organization for Economic Co-operation and Development (OECD) in cooperation with the European Commission’s DG REFORM-Directorate-General for Structural Reform Support.

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Segment information

Global Artificial Intelligence (AI) in the 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 large market share in 2021, as on-premises deployment enables businesses to deploy 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 production, efficiency and digital security in data management and authenticity. This automated method also gets rid of human errors in data processing. Cloud-deployed AI analyzes past data, adjusts based on it, makes recommendations, and assesses current patterns.

Regional insight

Global Artificial Intelligence (AI) in Fintech market by region is segmented as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is expected to hold the highest market share mainly due to the high importance attached to R&D-based innovations in the industrialized economies of the US and Canada. These areas have the most competitive and rapidly developing AI markets in Fintech. However, Asia Pacific (APAC) is expected to grow at the highest rate during the analysis period due to continuous innovations in AI technology and the rapid growth of local businesses.

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

The COVID-19 pandemic dramatically increased the need for artificial intelligence in the healthcare sector. Many tools and models are provided by the technology to improve the capabilities of traditional analysis and decision making. Consequently, prediction, diagnosis and treatment become more precise and successful. For example, according to the January 2022 study report, researchers from Indiana University and the Regenstrief Institute found that Machine Learning (ML) models could help with public health decisions during the pandemic. However, the COVID-19 pandemic and subsequent shutdowns delayed the expansion of Global Artificial Intelligence (AI) in the Fintech Market, as many retailers are still facing issues. Many stores used retail financing options for future development. Sellers use up-to-date information for guarantees similar to a bank account. However, these businesses use AI-based algorithms to infer user behavior from transactions or product purchases.

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Challenging landscape

The competitive landscape for the AI ​​market in fintech includes company finances, revenue generated market potential, investments in R&D, new market initiatives, global presence, production sites and facilities, production capacity, company strengths and weaknesses, product launches, product breadth and depth, and application dominance. The data points mentioned above primarily apply to fintech market companies’ AI-related focus. Top companies active in AI in the fintech market include LargeML, Inc. (US) and FICO Cisco Systems, Inc. (US).

Recent developments

The original equipment manufacturer (OEM) agreement between IBM and Fenergo, a provider 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 opportunities and manage risk. Using Sentifi’s new analytics platform, investors can now identify outliers in their portfolios as well as spot sector outliers, industry outliers, ESG events that may have an impact on asset prices, and investment themes that are trending in real time.

Scope of the report

By component

1. Software tools

2. Data discovery

3. Data quality

4. Data management

5. Data visualization

1. Services

2. Managed Services

3. Professional services

.On distribution

Upon application

• Virtual assistant

• Business analysis and reporting

• Customer behavior analysis

• Fraud detection

• Quantitative and asset management

By end user

• Stock trading companies

• Hedge fund

• Retail

• Investment Banking

• Second

By region

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa

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