DUBLIN–(BUSINESS WIRE)–“Artificial Intelligence in Fintech Market Size, Share and Trend Analysis Report by Component (Solutions, Services), Deployment (Cloud, On-Premises), by Application (Fraud Detection, Virtual Assistants) and Segment Forecasts, 2022 – 2030” report has been added ResearchAndMarkets.com’s Offering.
The global artificial intelligence in fintech market is expected to reach USD 41.16 billion by 2030, growing at a CAGR of 16.5% from 2022 to 2030.
Artificial intelligence (AI) is widely used in financial organizations to improvise their precision levels, improve their efficiency and instant search resolution through digital banking channels.
AI technology such as machine learning can help organizations increase value by improving loan underwriting and eliminating financial risk. Organizations are also using it to build more robust fraud detection and prevention systems and help accelerate risk assessments and fraud detection.
The market is expected to increase in the coming years due to advancements in technology that enhance financial service providers’ business processes. Some of the key drivers for the market include increasing internet penetration and geographic data availability.
AI and machine learning have helped banks and fintech firms by allowing them to process vast amounts of client data. For example, in March 2022, KBC Group, a Belgium-based multi-channel bancassurance company, commercialized its portfolio of AI applications through its wholly-owned subsidiary, Discai, and began by introducing an AI application intended to prevent money laundering.
Discai will first deliver a unique and high-performance AI-based system for close monitoring of money laundering, take a phased approach to the market and work with partners to deploy and integrate these applications. Financial institutions and banks are implementing AI technologies to unlock insights and information hidden in unstructured documents and automate the manual processes that banks have historically performed at twice the speed.
In addition, the growing demand for process automation between financial institutions is driving the market. Blockchain and distributed ledger technology are improving AI adoption in the financial sector by providing new ways to record, track and store financial asset transactions.
Increasing awareness of the benefits of cloud-based firewalls among small and medium-sized organizations, especially in developing countries, will create many opportunities for market expansion. For example, in May 2022, the Czech Ministry of Finance, a government ministry responsible for economic policy, revenue service, insurance, state budget, banking and security, initiated a project to maximize the potential of fintech apps and data used in financial services in the country.
The project was carried out by the Organization for Economic Co-operation and Development and financed by the EU in collaboration with the European Commission’s DG REFORM-Directorate-General for Structural Reform Support.
Furthermore, it will include a feasibility analysis of the possible formation of a sandbox in the Czech Republic and the prospects of data in financial services to allow fintech innovation to be based on shared data. Fintech has evolved in the investment management sector.
Advanced technology and solution adoption, such as AI, big data and machine learning, to help companies evaluate investment opportunities, optimize their investment portfolios and reduce related risks, have been important in technology adoption.
A prominent trend in AI in the fintech industry is the widespread use and integration of smart mobile payment solutions as customers around the world become more dependent on digital payment methods than traditional wallets. Many players in the market offer payment platforms and are constantly adding new features, such as voice commands and biometric access control, which includes fingerprints and facial recognition.
For example, in November 2021, Paytm, an Indian multinational financial technology provider, announced the launch of a new feature, “Voice Trading”, powered by AI, which allows customers to obtain stock information or make a trade with a single voice command. The voice trading feature allows a single voice command to be processed instantly using neural networks and Natural Language Processing (NLP).
Artificial Intelligence in Fintech Market Report Highlights
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Some of the regions in North America have the most competitive and ever-changing AI technology in the world’s fintech sector. In the industrialized economies of Canada and the United States, there is a great emphasis on R&D-derived inventions.
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The use of software tools with the deployment of AI-enabled financial solutions extracts accurate, comprehensive and massive amounts of data in a timely manner.
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The growing use of managed services helps manage AI-enabled fintech applications and is expected to drive market growth.
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Cloud-based solutions store important resources and provide a wide range of flexible AI solutions for the fintech business. The segment generated the highest revenue in 2021.
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North America region dominated the global market in 2021. However, Asia Pacific is expected to register the fastest CAGR from 2022 to 2030.
Market dynamics
Covid-19 impact analysis
Market driver analysis
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Increasing Internet penetration and geographic data availability
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Increasing demand for process automation between financial institutions
Market constraint/challenge analysis
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Ever-increasing rivalry in the financial sector
Key small-scale AI in Fintech companies, by region/country
Penetration and growth prospect mapping
Industry Analysis – Porter’s
Key analysis for business ranking, 2021
Pest analysis
Challenging landscape
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Microsoft
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Google Llc
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Salesforce, Inc.
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International Business Machines Corporation.
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Amelia Us Llc
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Nuance Communications, Inc.
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Complyadvantage.Com
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Narrative science
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Confirm, Inc.
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Upstart Network, Inc.
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Instructure, Inc
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Intel
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