Impact of COVID-19: AI in Fintech Market is Projected to Reach a Value of Over USD 14.8 Billion by 2027
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 macahines 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
Market Drivers:
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.
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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.
Market Restraints:
Cybersecurity Issues
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.
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List of the leading companies operating in the AI in Fintech Market include:
- IBM Corporation (Company Description, Company Overview, Product Synopsis, Key Developments, SWOT Analysis)
- Microsoft
- com, Inc.
- Nuance Communications, Inc.
- Intel Corporation
- Inbenta Technologies Inc.
- Amazon Web Services, Inc.
- ComplyAdvantage
- SAMSUNG
- Other Key Companies
- IPsoft Inc.
- Next IT Corp
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
- Cloud
- On-premise
AI in Fintech Market, by Component
Solution
- Fraud Prevention
- Personalized Banking
- Trading
- Process Automation
- Data Discovery
- Robot-Advisory
- Intelligent Bots
Services
AI in Fintech Market, by Application
- Banking & Payments
- Capital Markets
- Insurance
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AI in Fintech Market by Region
- Asia-Pacific (China, Japan, South Korea, India, Taiwan, Rest of Asia-Pacific)
- North America (US, Canada, Mexico)
- Europe (Germany, Russia, France, Italy, UK, Spain, The Netherlands, Rest of Europe)
- Middle East and Africa (Saudi Arabia, UAE, Rest of Middle East & Africa)
- South America (Brazil, Argentina, 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?
Table of Content
- INTRODUCTION
- RESEARCH DESIGN & SCOPE
- EXECUTIVE SUMMARY
- MARKET DYNAMICS
- INDUSTRY TRENDS — PORTERS FIVE FORCES ANALYSIS
- GLOBAL AI in Fintech Market BY DEPLOYMENT MODE, Market Size in USD Million (2019–2027)
- GLOBAL AI in Fintech Market BY COMPONENT, Market Size in USD Million (2019–2027)
- GLOBAL AI in Fintech Market BY APPLICATION, Market Size in USD Million (2019–2027)
- GLOBAL AI in Fintech Market BY REGION, Market Size in USD Million (2019–2027)
- COMPETITIVE LANDSCAPE
- COMPANY PROFILES
- APPENDIX
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