AI in Fintech Market: Segmented by Component (Solution and Services); by Deployment (Public Cloud and Private Cloud); and Region – Global Analysis of Market Size, Share & Trends for 2019–2020 and Forecasts to 2030
178+ Pages Research Report Global AI in Fintech Market to surpass USD 39.87 billion by 2030 from USD 8.9 billion in 2020 at a CAGR of 36.81% in the coming years, i.e., 2021-30.
Product Overview
Financial sector continues to be ahead of the curve in terms of adopting emerging technology. JP Morgan is one of the first big banks to embrace new innovations like blockchain and cryptocurrencies. Artificial Intelligence (AI) is a paradigm-shifting technology that is transforming the financial sector in a seamless manner. Accurate decision making, automated customer service, claim processing, insurance management, fraud prevention, virtual financial assistance, predictive analysis, and other applications of AI in the Fintech market. Customers benefit from real-time account access, customized financial advice, managing deposits, making micro-investments, expense monitoring, budgeting, and other services provided by banks and other financial institutions. The main advantage of AI in Fintech is that it enhances the customer experience. Customers' demands are met in real-time by AI in Fintech.
Market Highlights
Global AI in Fintech market is expected to project a notable CAGR of 36.81% in 2030.
Due to the increasing number of internet users, fintech is one of the fastest-growing industries on the planet. Users are rapidly migrating to mobile devices to conduct similar activities and transactions, resulting in an increase in the number of internet users. As a result of the increased risk of cyber-attacks from fraud, the use of artificial intelligence will expand over the forecast period. An potential for AI in the fintech industry is the increased use of AI-enabled technologies solutions in the capital market.
Global AI in Fintech Market: Segments
Solution segment to grow with the highest CAGR during 2020-30
Global AI in Fintech market is segmented by components into Solutions and Services. In the year 2020, the solution segment dominated the industry. The rising number of Account Takeovers and phishing emails has forced fintechs to invest in advanced tools and solutions to identify fraud anomalies early on. These solutions minimize detection time by processing massive data sets in real-time. Furthermore, these technologies assist fintech in meeting regulatory requirements.
Cloud segment to grow with the highest CAGR during 2020-30
Global AI in Fintech market is segmented by deployment Cloud and On-premise. In the year 2020, the cloud segment dominated the industry. This is due to an increasing preference for cloud-based deployment, which reduces maintenance and costs. Digital private clouds are being offered by prominent industry players to provide a stable portal and private on-premise access to cloud services.
Market Dynamics
Drivers
Use in processing large volumes of data and merchants turning to POS financing
In the finance industry, AI is used to look at a person's overall financial health by examining cash accounts, credit accounts, and investment accounts, keeping up with real-time adjustments, and then creating personalized recommendations based on new incoming data. Banks and fintech companies have benefited from AI and machine learning because they can process large volumes of data about customers. This data and knowledge is then compared to arrive at conclusions about what services consumers want, which has helped in the development of customer relationships. Furthermore, the number of start-ups in the fintech industry is rapidly increasing. These companies are also interested in using Artificial Intelligence to simplify and extend their operations. In addition, as brick-and-mortar retailers continue to face difficulties as a result of the COVID-19 pandemic, many merchants are turning to point-of-sale financing as a possible new source of revenue, which is expected to increase the growth of the AI in fintech market.
Rise in demand for process automation and profitability to credit card companies
The market is also being driven by the growing demand for process automation among financial institutions. One of the major drivers of Artificial Intelligence in financial companies is process automation. However, cognitive process automation is advancing, allowing AI systems to perform even more complex automation processes. Furthermore, to eliminate false positives, credit card companies are incorporating predictive analytics into their current fraud detection workflows. As a result, the program identifies fraudulent transactions with around 90% accuracy, which is expected to result in a major increase in the profitability of credit card companies.
Restraint
Lack of qualified consultants
In the forecast era, a lack of qualified consultants to build AI in fintech would serve as a constraint, limiting the growth of the industry.
Global AI in Fintech Market: Key Players
Google
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
IBM Corporation
Inbenta Technologies Inc.
Intel Corporation
IPsoft Inc.
Amazon Web Services
ComplyAdvantage
Nuance Communications, Inc.
Salesforce, inc.
Other Prominent Players
Global AI in Fintech Market: Regions
Global AI in Fintech market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific, and the Middle East, and Africa. Global AI in Fintech in North America held the largest market share in the year 2020. Due to factors such as the region's strong economy, the involvement of prominent AI software and device suppliers, and combined investment by government and private organizations for the production and growth of research and development activities, the region has seen the highest adoption of AI in fintech solutions. ? Due to factors such as the region's strong economy, the involvement of prominent AI software and device suppliers, and combined investment by government and private organizations for the production and growth of research and development activities, the region has seen the highest adoption of AI in fintech solutions. ?
Global AI in Fintech Market is further segmented by region into:
North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America
Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe
Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of MENA
Global AI in Fintech report also contains analysis on:
AI in Fintech Market Segments:
By Component:
Solution
Services
By Deployment:
Cloud
On-premise
AI in Fintech Dynamics
AI in Fintech Size
Supply & Demand
Current Trends/Issues/Challenges
Competition & Companies Involved in the Market
Value Chain of the Market
Market Drivers and Restraints
AI in Fintech Market Report Scope and Segmentation
Report Attribute Details
Market size value in 2020 USD 8.9 billion
Revenue forecast in 2030 USD 39.87 billion
Growth Rate CAGR of 36.81% from 2021 to 2030
Base year for estimation 2020
Quantitative units Revenue in USD million and CAGR from 2021 to 2030
Report coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments covered Component, Deployment, and Region
Regional scope North America; Europe; Asia Pacific; Latin America; Middle East & Africa (MEA)
Key companies profiled Google, IBM Corporation, Inbenta Technologies Inc., Intel Corporation, IPsoft Inc., Amazon Web Services, ComplyAdvantage, Nuance Communications, Inc., Salesforce, inc., and other prominent players
Frequently Asked Questions
How big is the AI in Fintech market?
What is the AI in Fintech market growth?
Which segment accounted for the largest AI in Fintech market share?
Who are the key players in the AI in Fintech market?
What are the factors driving the AI in Fintech market?
Product Overview
Financial sector continues to be ahead of the curve in terms of adopting emerging technology. JP Morgan is one of the first big banks to embrace new innovations like blockchain and cryptocurrencies. Artificial Intelligence (AI) is a paradigm-shifting technology that is transforming the financial sector in a seamless manner. Accurate decision making, automated customer service, claim processing, insurance management, fraud prevention, virtual financial assistance, predictive analysis, and other applications of AI in the Fintech market. Customers benefit from real-time account access, customized financial advice, managing deposits, making micro-investments, expense monitoring, budgeting, and other services provided by banks and other financial institutions. The main advantage of AI in Fintech is that it enhances the customer experience. Customers' demands are met in real-time by AI in Fintech.
Market Highlights
Global AI in Fintech market is expected to project a notable CAGR of 36.81% in 2030.
Due to the increasing number of internet users, fintech is one of the fastest-growing industries on the planet. Users are rapidly migrating to mobile devices to conduct similar activities and transactions, resulting in an increase in the number of internet users. As a result of the increased risk of cyber-attacks from fraud, the use of artificial intelligence will expand over the forecast period. An potential for AI in the fintech industry is the increased use of AI-enabled technologies solutions in the capital market.
Global AI in Fintech Market: Segments
Solution segment to grow with the highest CAGR during 2020-30
Global AI in Fintech market is segmented by components into Solutions and Services. In the year 2020, the solution segment dominated the industry. The rising number of Account Takeovers and phishing emails has forced fintechs to invest in advanced tools and solutions to identify fraud anomalies early on. These solutions minimize detection time by processing massive data sets in real-time. Furthermore, these technologies assist fintech in meeting regulatory requirements.
Cloud segment to grow with the highest CAGR during 2020-30
Global AI in Fintech market is segmented by deployment Cloud and On-premise. In the year 2020, the cloud segment dominated the industry. This is due to an increasing preference for cloud-based deployment, which reduces maintenance and costs. Digital private clouds are being offered by prominent industry players to provide a stable portal and private on-premise access to cloud services.
Market Dynamics
Drivers
Use in processing large volumes of data and merchants turning to POS financing
In the finance industry, AI is used to look at a person's overall financial health by examining cash accounts, credit accounts, and investment accounts, keeping up with real-time adjustments, and then creating personalized recommendations based on new incoming data. Banks and fintech companies have benefited from AI and machine learning because they can process large volumes of data about customers. This data and knowledge is then compared to arrive at conclusions about what services consumers want, which has helped in the development of customer relationships. Furthermore, the number of start-ups in the fintech industry is rapidly increasing. These companies are also interested in using Artificial Intelligence to simplify and extend their operations. In addition, as brick-and-mortar retailers continue to face difficulties as a result of the COVID-19 pandemic, many merchants are turning to point-of-sale financing as a possible new source of revenue, which is expected to increase the growth of the AI in fintech market.
Rise in demand for process automation and profitability to credit card companies
The market is also being driven by the growing demand for process automation among financial institutions. One of the major drivers of Artificial Intelligence in financial companies is process automation. However, cognitive process automation is advancing, allowing AI systems to perform even more complex automation processes. Furthermore, to eliminate false positives, credit card companies are incorporating predictive analytics into their current fraud detection workflows. As a result, the program identifies fraudulent transactions with around 90% accuracy, which is expected to result in a major increase in the profitability of credit card companies.
Restraint
Lack of qualified consultants
In the forecast era, a lack of qualified consultants to build AI in fintech would serve as a constraint, limiting the growth of the industry.
Global AI in Fintech Market: Key Players
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
IBM Corporation
Inbenta Technologies Inc.
Intel Corporation
IPsoft Inc.
Amazon Web Services
ComplyAdvantage
Nuance Communications, Inc.
Salesforce, inc.
Other Prominent Players
Global AI in Fintech Market: Regions
Global AI in Fintech market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific, and the Middle East, and Africa. Global AI in Fintech in North America held the largest market share in the year 2020. Due to factors such as the region's strong economy, the involvement of prominent AI software and device suppliers, and combined investment by government and private organizations for the production and growth of research and development activities, the region has seen the highest adoption of AI in fintech solutions. ? Due to factors such as the region's strong economy, the involvement of prominent AI software and device suppliers, and combined investment by government and private organizations for the production and growth of research and development activities, the region has seen the highest adoption of AI in fintech solutions. ?
Global AI in Fintech Market is further segmented by region into:
North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America
Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe
Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of MENA
Global AI in Fintech report also contains analysis on:
AI in Fintech Market Segments:
By Component:
Solution
Services
By Deployment:
Cloud
On-premise
AI in Fintech Dynamics
AI in Fintech Size
Supply & Demand
Current Trends/Issues/Challenges
Competition & Companies Involved in the Market
Value Chain of the Market
Market Drivers and Restraints
AI in Fintech Market Report Scope and Segmentation
Report Attribute Details
Market size value in 2020 USD 8.9 billion
Revenue forecast in 2030 USD 39.87 billion
Growth Rate CAGR of 36.81% from 2021 to 2030
Base year for estimation 2020
Quantitative units Revenue in USD million and CAGR from 2021 to 2030
Report coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments covered Component, Deployment, and Region
Regional scope North America; Europe; Asia Pacific; Latin America; Middle East & Africa (MEA)
Key companies profiled Google, IBM Corporation, Inbenta Technologies Inc., Intel Corporation, IPsoft Inc., Amazon Web Services, ComplyAdvantage, Nuance Communications, Inc., Salesforce, inc., and other prominent players
Frequently Asked Questions
How big is the AI in Fintech market?
What is the AI in Fintech market growth?
Which segment accounted for the largest AI in Fintech market share?
Who are the key players in the AI in Fintech market?
What are the factors driving the AI in Fintech market?
1. EXECUTIVE SUMMARY
2. GLOBAL AI IN FINTECH MARKET
2.1. Product Overview
2.2. Market Definition
2.3. Segmentation
2.4. Assumptions and Acronyms
3. RESEARCH METHODOLOGY
3.1. Research Objectives
3.2. Primary Research
3.3. Secondary Research
3.4. Forecast Model
3.5. Market Size Estimation
4. AVERAGE PRICING ANALYSIS
5. MACRO-ECONOMIC INDICATORS
6. MARKET DYNAMICS
6.1. Growth Drivers
6.2. Restraints
6.3. Opportunity
6.4. Trends
7. CORRELATION & REGRESSION ANALYSIS
7.1. Correlation Matrix
7.2. Regression Matrix
8. RECENT DEVELOPMENT, POLICIES & REGULATORY LANDSCAPE
9. RISK ANALYSIS
9.1. Demand Risk Analysis
9.2. Supply Risk Analysis
10. GLOBAL AI IN FINTECH MARKET ANALYSIS
10.1. Porters Five Forces
10.1.1. Threat of New Entrants
10.1.2. Bargaining Power of Suppliers
10.1.3. Threat of Substitutes
10.1.4. Rivalry
10.2. PEST Analysis
10.2.1. Political
10.2.2. Economic
10.2.3. Social
10.2.4. Technological
11. GLOBAL AI IN FINTECH MARKET
11.1. Market Size & forecast, 2020A-2030F
11.1.1. By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
11.1.2. By Volume (Million Units) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
12. GLOBAL AI IN FINTECH MARKET: MARKET SEGMENTATION
12.1. By Regions
12.1.1. North America:(U.S. and Canada), By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
12.1.2. Latin America: (Brazil, Mexico, Argentina, Rest of Latin America), By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
12.1.3. Europe: (Germany, UK, France, Italy, Spain, BENELUX, NORDIC, Hungary, Poland, Turkey, Russia, Rest of Europe), By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
12.1.4. Asia-Pacific: (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia Pacific), By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
12.1.5. Middle East and Africa: (Israel, GCC, North Africa, South Africa, Rest of Middle East and Africa), By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
12.2. By Component: Market Share (2020-2030F)
12.2.1. Solution, By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
12.2.2. Services, By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
12.3. By Deployment: Market Share (2020-2030F)
12.3.1. Cloud based, By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
12.3.2. On-premise, By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
13. COMPANY PROFILE
13.1. Google
13.1.1. Company Overview
13.1.2. Company Total Revenue (Financials)
13.1.3. Market Potential
13.1.4. Global Presence
13.1.5. Key Performance Indicators
13.1.6. SWOT Analysis
13.1.7. Product Launch
13.2. IBM Corporation
13.3. Inbenta Technologies Inc.
13.4. Intel Corporation
13.5. IPsoft Inc.
13.6. Amazon Web Services
13.7. ComplyAdvantage
13.8. Nuance Communications, Inc.
13.9. Salesforce, inc.
13.10. Other Prominent Players
Consultant Recommendation
**The above-given segmentations and companies could be subjected to further modification based on in-depth feasibility studies conducted for the final deliverable.
2. GLOBAL AI IN FINTECH MARKET
2.1. Product Overview
2.2. Market Definition
2.3. Segmentation
2.4. Assumptions and Acronyms
3. RESEARCH METHODOLOGY
3.1. Research Objectives
3.2. Primary Research
3.3. Secondary Research
3.4. Forecast Model
3.5. Market Size Estimation
4. AVERAGE PRICING ANALYSIS
5. MACRO-ECONOMIC INDICATORS
6. MARKET DYNAMICS
6.1. Growth Drivers
6.2. Restraints
6.3. Opportunity
6.4. Trends
7. CORRELATION & REGRESSION ANALYSIS
7.1. Correlation Matrix
7.2. Regression Matrix
8. RECENT DEVELOPMENT, POLICIES & REGULATORY LANDSCAPE
9. RISK ANALYSIS
9.1. Demand Risk Analysis
9.2. Supply Risk Analysis
10. GLOBAL AI IN FINTECH MARKET ANALYSIS
10.1. Porters Five Forces
10.1.1. Threat of New Entrants
10.1.2. Bargaining Power of Suppliers
10.1.3. Threat of Substitutes
10.1.4. Rivalry
10.2. PEST Analysis
10.2.1. Political
10.2.2. Economic
10.2.3. Social
10.2.4. Technological
11. GLOBAL AI IN FINTECH MARKET
11.1. Market Size & forecast, 2020A-2030F
11.1.1. By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
11.1.2. By Volume (Million Units) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
12. GLOBAL AI IN FINTECH MARKET: MARKET SEGMENTATION
12.1. By Regions
12.1.1. North America:(U.S. and Canada), By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
12.1.2. Latin America: (Brazil, Mexico, Argentina, Rest of Latin America), By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
12.1.3. Europe: (Germany, UK, France, Italy, Spain, BENELUX, NORDIC, Hungary, Poland, Turkey, Russia, Rest of Europe), By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
12.1.4. Asia-Pacific: (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia Pacific), By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
12.1.5. Middle East and Africa: (Israel, GCC, North Africa, South Africa, Rest of Middle East and Africa), By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
12.2. By Component: Market Share (2020-2030F)
12.2.1. Solution, By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
12.2.2. Services, By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
12.3. By Deployment: Market Share (2020-2030F)
12.3.1. Cloud based, By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
12.3.2. On-premise, By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
13. COMPANY PROFILE
13.1. Google
13.1.1. Company Overview
13.1.2. Company Total Revenue (Financials)
13.1.3. Market Potential
13.1.4. Global Presence
13.1.5. Key Performance Indicators
13.1.6. SWOT Analysis
13.1.7. Product Launch
13.2. IBM Corporation
13.3. Inbenta Technologies Inc.
13.4. Intel Corporation
13.5. IPsoft Inc.
13.6. Amazon Web Services
13.7. ComplyAdvantage
13.8. Nuance Communications, Inc.
13.9. Salesforce, inc.
13.10. Other Prominent Players
Consultant Recommendation
**The above-given segmentations and companies could be subjected to further modification based on in-depth feasibility studies conducted for the final deliverable.
