AI IN FINTECH MARKET: SUMMARY
The Global AI in Fintech Market is projected to reach a value of over USD 14.8 Billion by 2027 at a CAGR of around 38.1%.
Artificial intelligence (AI) refers to a branch of computer science that helps to build smart machines to perform various tasks. AI is one of the leading trends which enhances Fintech as well as healthcare, business intelligence, and marketing. Moreover, these technologies will increase the marketing of the products and their services to handle customer problems. Also, it has the potential to eliminate human error in banking procedures and to understand user demands.
Hence, it will bring the digital revolutions for the banking sector which will help to transform the business growth and efficiency which will lead to enhance market growth.
AI IN FINTECH MARKET: DRIVERS & RESTRAINTS
- Increasing Growth of Artificial Intelligence in Trading Applications
With the increasing growth of AI in trading applications with advanced techniques such as deep learning which is in the form of machine learning which may lead to enhance market growth. Also, AI software can absorb a large volume of data to make predictions about the financial market. Moreover, it provides a viable solution that will help to reduce the complexities in the processes and make the business less dependent on stringent formulas.
Hence, increasing the growth of artificial intelligence in trading application would lead to enhance the demand for market growth in the forecast period.
- Advancement in Automation Process
The advancement in automation processes such as customer support with the use of chatbots features is projected to enhance the market growth. Also, it will help to reduce the workload by increasing the robotic process automation (RPA) and operational efficiency. Moreover, it reduces costs by automating time-consuming repetitive tasks which increase the productivity of the market as well as the revenue of the business.
Hence, advancement in the automation process is expected to boost the growth of the market in the forecast period.
Cybersecurity has remained a major concern for FinTech market growth. The major risk associated with the market is integration issues such as data privacy, legacy, and compatibility. As well as the market is facing challenges in the digital identification process as a major application is a web application that has mobile devices that work as a front end that will increase the security risk and hinder the market growth.
Therefore, financial institutions need to enhance their security architecture of electronic banking services.
AI IN FINTECH MARKET: KEY SEGMENTS
- Based on Deployment Mode: Cloud and On-premise
- Based on Component: Solution and Services
- Based on Application: Banking & Payments, Capital Markets, and Insurance
- Based on region covers: North America, South America, Europe, Asia-Pacific, and Middle East & Africa with individual country-level analysis
AI IN FINTECH MARKET: REPORT SCOPE
The report on the AI in fintech market covers a deep dive analysis of historic, recent and current market trends. furthermore, market share/ranking analysis of key players, market dynamics, competition landscape, country-wise analysis for each region covered and the entire supply chain dynamics are covered through the below segmentation.
Historical/Estimated/Forecasted Market Size Years
Base Year for Market Calculation
2020-2027 (2020 estimated year, forecasted up to 2027)
Value (USD Million)
Deployment Mode, Component, Application, End-User, and Region
North America, Asia-Pacific, Europe, Middle East & Africa, South America
KEY COMPANIES COVERED
- IBM Corporation (Company Description, Company Overview, Product Synopsis, Key Developments, SWOT Analysis)
- Salesforce.com, Inc.
- Nuance Communications, Inc.
- Intel Corporation
- Inbenta Technologies Inc.
- Amazon Web Services, Inc.
- Other Key Companies
AI IN FINTECH MARKET: REPORT SEGMENTATION
For the scope of the report, In-depth segmentation is offered by Forencis Research
AI in Fintech Market, by Deployment Mode
AI in Fintech Market, by Component
- Fraud Prevention
- Personalized Banking
- Process Automation
- Data Discovery
- Intelligent Bots
AI in Fintech Market, by Application
- Banking & Payments
- Capital Markets
AI in Fintech Market, by Region
- North America
- South Korea
- Rest of Asia-Pacific
- Rest of Europe
- Middle East & Africa
- Saudi Arabia
- Rest of Middle East & Africa
- South America
- Rest of South America
KEY QUESTIONS ANSWERED BY THE REPORT
- What are the important developments affecting the market globally and its growth?
- What will be the impact of the developments in the market on the industry and on the market competitor in the future?
- What are the evolving variations of the market worldwide?
- What are the evolving functions of the market worldwide?
- What is the important condition that will affect market growth worldwide during the study period?
- Who are the major players operating in the market across the globe?
- How are the major players leveraging in the present market scenario worldwide?
- AI in Fintech Market Providers
- AI in Fintech Market Solution and Services Suppliers, Distributors and Dealers
- End-Users of Varied Segments of AI in Fintech Market
- Government Bodies and Intellectual Institutions
- Associations and Industrial Organizations
- Research & Consulting Service Providers
- Research & Development Organizations
- Investment Banks & Private Equity Firms
60+ MARKET TABLES AND 30+ FIGURES WILL BE INCLUDED IN THE AI IN FINTECH MARKET STUDY