North America’s Artificial Intelligence in Fintech market will grow at a CAGR of 16.1% through 2028

by James · August 12, 2022

DUBLIN, 11 August 2022 /PRNewswire/ — “North America Artificial Intelligence In Fintech Market Size, Share & Industry Trends Analysis Report by Component (Solutions and Services), by Deployment (On-Premise and Cloud), by Application, by Country and Growth Forecast, 2022 -2028 ” report has been added ResearchAndMarkets.com’s Offering.

The North America Artificial Intelligence in Fintech market is expected to witness a market growth of 16.1% CAGR during the forecast period (2022-2028).

Artificial intelligence has improved customer service, which is among the most visible sectors in FinTech. In addition, artificial intelligence has advanced to the point that chatbots, virtual assistants and artificial intelligence interfaces can effectively engage with customers. The capacity to answer basic questions has a huge impact on front-office and help desk expenses.

Algorithmic trading analyzes data using a pre-programmed sequence of commands, enabling faster decision-making than humans. This is achieved using machine learning, which is among the most adaptable AI technologies. In the financial industry, artificial intelligence has great potential. It can help a firm in a number of ways, including increasing efficiency, reducing expenses and automating procedures.

North America is among the world’s largest and leading AI markets. Due to the strong economy, the existence of large AI software and system vendors, and joint investments by organizations for the growth and development of R&D operations, the regional market has also seen the highest adoption of AI in Fintech solutions. For example, the continued economic boom in the United States, according to Baker McKenzie, has attracted significant investment in the fintech sector. Payments and insurance technology remain dominant in the fintech environment in the country.

Furthermore, the region, in particular the United States, is home to a significant proportion of the millennial population. When it comes to speed and personalization, millennials clearly prefer to perform tasks through digital applications and services, which fintech companies are better at delivering than banks. The region has some of the highest levels of resident bank account penetration and the highest number of ATMs per 100,000 people. Therefore, due to these factors, the growth of the regional AI in fintech market is expected to accelerate in the coming years.

The US market dominated the North America Artificial Intelligence in Fintech market by country in 2021 and is expected to continue to be a dominant market until 2028; thereby achieving a market value of 7,444.2 million dollars by 2028. The Canada the market is expected to grow at a CAGR of 18.7% during (2022-2028). In addition, The Mexico the market is expected to show a CAGR of 17.7% during (2022-2028).

Scope of the study
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