AI in Fintech Market Size Hit US 49.33 Billion at a CAGR of 38.50% in 2028 | Microsoft, IBM
Increasing demand for AI in fintech in the cloud deployment mode coupled with high investment in R&D of AI in fintech are fueling the market growth.
Market Size –
USD 3,528.1 Million in 2020, Market Growth - CAGR of 38.50%, Market Trends –
Increase in demand for AI in fintech in the regulatory compliance segment.
The global AI in
Fintech Market is forecast to reach USD 49.33 Billion by 2028,
according to a new report by Reports and Data. The AI in fintech incorporates
computational power and deep learning algorithms to the financial technology. A
next-level of superiority in proper decision making, real-time automated
customer support, reliable and faster trading & management, and overall
fluidity in the workflow is accumulated with the help of artificial
intelligence. Fraud detection, transaction risk investigation, consumer
analysis are some of the highly impactful sectors having rejuvenated the
traditional fintech operations with AI. The rising requirement of the virtual
assistance for the customer support in various financial sectors and deep
machine learning algorithms for asset management are some of the highest
growing applications in this market. Cloud deployment is likely to enrich
broadly due to the higher adoption rate of the cloud-based services in the
financial SME’s.
APAC is forecasted to achieve the fastest growth of about
45.6% in the period 2019 – 2026, due to its extensive development in
information technology engineering coupled with the massive demand for AI in
BFSI sectors and substantial proliferation of the internet availability. India
and China are some of the fastest-growing countries due to the immense growth
in their banking sectors coupled with a rise in the potential customer base.
Key participants
include Microsoft, IBM, Nuance Communications, Amazon Web Services,
Salesforce.Com, TIBCO Software, Samsung Group, Trifacta Software Inc., Zeitgold
GmbH, and Next IT Corporation.
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Market Overview:
The research report
assesses the market dynamics, market landscape, company profiles, production
and manufacturing capacity, year-on-year growth rate, SWOT analysis, and
Porter’s Five Forces analysis. The report estimates the market size, market
growth, and provides an accurate forecast for the key segments of the market
for the forecast period of 2020-2028. The report also covers an in-depth
analysis of the key competitors of the market, along with their growth
strategies and business expansion plans.
The AI in
Fintech Markethas been segmented
into key regions of the world and offers an analysis of growth rate, market
share, market size, current and emerging trends, production and consumption
ratio, industrial chain analysis, demand and supply, import and export, revenue
contribution, and presence of key players in each region. A country-wise
analysis of the market is offered in the report to gain a better understanding
of the regional spread and progress of the Automotive Hydrogen Sensors
Market.
Further key findings from the report suggest
- Using
AI in asset management helps in the asset modeling and derivative pricing
& inventory according to different portfolios of investment and
business scenario. Citibank has been investing in artificial intelligence
to anonymously share the portfolios of the investors which helps in the
investment strategies for their potential customers. The segment had a
market share of 10.6% in 2018 and would grow at a CAGR of 43.0% during the
forecast period.
- Virtual
assistance includes AI-based real-time insightful virtual customer
support, which is capable of catering to all the customers, even in high
volume requests with the meaningful solutions for their problems and
queries. The virtual assistance is calculated to achieve a market share of
11.7%, having grown with the highest CAGR of 44.8% throughout the forecast
period.
- Consultancy
services related to customer engagement tactics, cost reductions,
operational development, fluidity risk investigation, and others are
offered to the clients. TCS provides AI-based supervision to the core
banking facility, credit lines assessments, and P&C Insurance services
among others, for the BFSI sectors. The segment is estimated to gain an
overall market share of 17.7% by the end of the forecast period.
- APAC
is forecasted to achieve the fastest growth of about 45.6% throughout the
forecast period, owing to its extensive growth in the BFSI sector coupled
with the growing trend of digital banking in counties such as China,
India, and Japan.
- Europe
would reach a market share of 27.7% by 2026 and would grow at a CAGR of
39.7% in the forecast period. United Kingdom and Germany have the most
valuable players in this region.
To understand how our AI in Fintech Market can bring
difference to your business strategy:- https://www.reportsanddata.com/report-detail/ai-in-fintech-market
For the purpose of this report, Reports and Data have
segmented the global AI in fintech market on the basis of the type, component,
development mode, application, and region:
Type Outlook (Revenue: USD Billion; 2018-2028)
- Solution
- Service
Component Outlook (Revenue: USD Billion; 2018-2028)
- Component
- Software
Tools
- Platforms
- Managed
Services
- Consultancy
Services
Deployment Mode Outlook (Revenue: USD Billion; 2018-2028)
- Cloud
- On-Premise
Applications Outlook (Revenue: USD Billion; 2018-2028)
- Asset
Management
- Risk
Investigation
- Business
Analytics
- Regulatory
Compliance
- Data
Collection
- Predictive
Analytics
- Virtual
Assistance
- Others
Regional Outlook (Revenue: USD Billion; 2018-2028)
- North
America
- U.S.
- Europe
- UK
- France
- Asia
Pacific
- China
- India
- Japan
- MEA
- Latin
America
- Brazil
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customization of the report @ https://www.reportsanddata.com/request-customization-form/2157
Key Advantages of AI
in Fintech Market Report:
- Identification
and analysis of the market size and competition
- Qualitative
and quantitative analysis of the market data
- Data
validated by industry experts after extensive primary and secondary
research
- Extensive
regional analysis of the AI in Fintech
Market industry
- Profiling
of key players along with their business overview, business strategies,
deals and partnerships, and product portfolio
- SWOT and
Porter’s Five Forces Analysis for in-depth understanding of the
competitive landscape
- Feasibility
analysis and investment analysis to enable strategic investment decisions
- Analysis
of opportunities, drivers, restraints, challenges, risks, and limitations
Conclusively, all aspects of the AI in Fintech Market are
quantitatively as well qualitatively assessed to study the global as well as
regional market comparatively. This market study presents critical information
and factual data about the market providing an overall statistical study of
this market on the
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