Artificial intelligence (AI) in the fintech market is about to boom

New Delhi, September 16, 2022 (GLOBE NEWSWIRE) — The global Fintech Artificial Intelligence (AI) market size is growing at an impressive growth rate during the forecast period, mainly due to the increasing application of AI technology in various Fintech solutions in a large number of small and medium-sized enterprises worldwide.

BlueWeave Consulting, a leading strategic consulting and market research firm, estimated the size of the global artificial intelligence (AI) market in fintech at US$10.14 billion by 2021 in its latest study and forecast Global Artificial intelligence (AI) in the fintech market Size to grow at a robust CAGR of 15.8% between 2022 and 2028, reaching $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 astounding in recent years. The growth of small and medium-sized businesses worldwide is one of the main factors affecting the market expansion.

Global Artificial Intelligence (AI) in Fintech Market – Technological Advancements

In July 2021, a joint venture between Qualcomm Technologies, Inc. and Foxconn Industrial Internet developed the Gloria AI Edge Box. The aim is to increase the use of innovative intelligent applications. The new system processes 70 trillion activities every second. Microsoft Corporation has partnered with Darktrace Holdings Limited, a UK-based cybersecurity AI provider, to develop a self-learning AI that can identify vulnerabilities at the fastest machine speed. The companies’ partnership offers best-in-class protection against modern cyberattacks.

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Global artificial intelligence (AI) in the fintech market – increasing demand

The expansion of the banking, financial services and insurance (BFSI), education, energy, utilities, government and public sector, healthcare and life sciences, manufacturing, retail and e-commerce, telecom and IT industries has a direct impact on the growth rate of the AI ​​market. The rapidly evolving customer demand for real-time information, the rapidly increasing demand for process automation in various banking and finance organizations, and the growing demand for payment and credit personalization in the BFSI sector are all having a significant impact on the growth of AI into the fintech market in the coming years. The rapid expansion of the fintech industry has been facilitated by improvements in mobile and internet communication technology.

The market is growing due to the increased need of financial institutions for process automation. On the other hand, cognitive process automation helps AI to perform trickier automation processes. Fintech has made extensive use of AI and machine learning (ML) and has therefore become a crucial part of financial services. There will be great potential for market expansion as small and medium-sized businesses, particularly in developing countries, become more aware of the benefits of cloud-based firewalls. For example, the Ministry of Finance of the Czech Republic 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, financial 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 Directorate-General for Structural Reforms.

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segment information

Global Artificial Intelligence (AI) in Fintech Market – By Deployment

Global Artificial Intelligence (AI) in Fintech Market by deployment is segmented into on-premises and cloud. It has been estimated that the on-premises segment will hold a large market share in 2021 as on-premises delivery allows businesses to implement software or services on top of a financial institution’s hardware or infrastructure. 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 output, efficiency and digital security in data processing and authenticity. This automated method also eliminates human errors in data processing. AI deployed in the cloud analyzes past data, adjusts it based on it, makes recommendations, and evaluates current patterns.

Regional Insights

The global Fintech Artificial Intelligence (AI) market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa by region. North America is expected to hold the highest market share, mainly due to the high importance placed on R&D-based innovations in the developed countries of the United States and Canada. These areas have the most competitive and fastest developing fintech AI markets. However, due to the continuous innovations in AI technology and the rapid growth of local companies, the Asia Pacific region (APAC) is predicted to have the highest growth over the analysis period.

Impact of COVID-19 on the global Artificial Intelligence (AI) in Fintech market

The COVID-19 pandemic has dramatically increased the need for AI in healthcare. Numerous tools and models are provided by technology to enhance traditional analysis and decision-making capabilities. This makes prediction, diagnosis and treatment more precise and successful. For example, according to the January 2022 study report, researchers at Indiana University and the Regenstrief Institute found that machine learning (ML) models could aid in public health decision-making during the pandemic. However, the COVID-19 pandemic and subsequent lockdowns delayed the expansion of global artificial intelligence (AI) in the fintech market as many retailers are still facing issues. Many stores used financing alternatives at the point of sale for future development. Merchants use up-to-date information for underwriting, much like a bank account. However, these companies use AI-based algorithms to infer user behavior from transactions or product purchases.

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competitive landscape

The competitive landscape for the Fintech AI market includes company financials, market revenue potential, R&D investments, new market initiatives, global presence, manufacturing locations and facilities, manufacturing capacity, company strengths and weaknesses, product launches, product breadth and -Broadness and application dominance. The above data points primarily concern the AI-related focus of the fintech market companies. Some of the top companies active in the AI ​​in Fintech market include LargeML, Inc. (USA) and FICO Cisco Systems, Inc. (USA).

Recent Developments

The original equipment manufacturer (OEM) deal 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. The following month, Sentifi AG expanded its alternative using 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 could impact asset prices, and trending investment themes in real-time.

scope of the report

attributes details
years taken into account Historical data – 2018-2021
Base year – 2021
Estimated year – 2022
Forecast – 2022-2028
facts covered Sales in billion USD
market coverage North America, Europe, Asia Pacific, Latin America, Middle East and Africa
Product Service/Segmentation By Component (Solutions, Services), By Deployment Mode, By Application, By End User, By Region
key figures Microsoft, Google LLC, Salesforce, Inc., IBM Corp., Amelia US LLC, Nuance Communications Inc., ComplyAdvantage.com, Narrative Science, Affirm Inc., Upstart Network Inc., Instructure Inc., Intel Corporation, Inbenta Technologies, Amazon Web Services and Oracle Corporation

By component

  1. software tools
  2. data discovery
  3. data quality
  4. data office
  5. data visualization
  1. Services
  2. Managed Services
  3. Professional Services

.By Deployment

through application

  • Virtual Assistant
  • Business Analysis and Reporting
  • Customer Behavior Analysis
  • detection of a scam
  • Quantitative & Asset Management

By end users

  • stock trading company
  • hedge fund
  • retail banking
  • Investment Banking
  • Other

By region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa

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