Improved customer services with the help of chatbots, virtual helpers, and artificial intelligence interfaces and use in fraud detection drive the growth of global AI in the fintech market.
Many fintech companies have experienced a surge in demand as working practices and customer banking habits changed during the COVID-19 pandemic Based on region, North America held the highest market share in terms of revenue in 2021.
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According to the report published by Allied Market Research, the global AI in the Fintech market generated $8.23 billion in 2021 and is projected to reach $61.3 billion by 2031, witnessing a CAGR of 22.5% from 2022 to 2031. The report provides a detailed analysis of changing market dynamics, top segments, value chains, key investment pockets, regional scenarios, and competitive landscape.
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Vineet Kumar, a Manager, BFSI at Allied Market Research, stated, “According to Aarti Goswami, Research Analyst, BFSI at Allied Market Research, “The small and mid-size banks can highly benefit by rapidly provisioning digitalization through AI in Fintech market trends. Moreover, AI is a critical part of the Fintech space in terms of collecting data, analyzing information, safeguarding & facilitating transactions, creating customer-centric products, and streamlining processes.”
COVID-19 scenario:
- The outbreak of the COVID-19 pandemic has had a positive impact on the growth of AI in the fintech market. This is due to the adoption of advanced technologies such as artificial intelligence by most of the fintech companies.
- Moreover, many fintech companies have experienced a surge in demand as working practices and customer banking habits changed during the COVID-19 pandemic. The advent of AI-based financial services has created faster, more efficient, and typically cheaper banking as compared to traditional financial services.
The report offers detailed segmentation of the global AI in the Fintech market based on component, deployment mode, application, and region.
Based on components, the solutions segment held the highest market share in 2021, accounting for more than three-fifths of the global AI in the Fintech market, and is estimated to maintain its leadership status throughout the forecast period. However, the services segment is projected to manifest the highest CAGR of 26.9% from 2022 to 2031.
Based on deployment mode, the on-premise segment accounted for the largest share in 2021, contributing to around two-thirds of the global AI in the fintech market. However, the cloud segment is expected to portray the highest CAGR of 28.9% from 2022 to 2031.
Based on region, North America held the highest market share in terms of revenue in 2021, accounting for more than one-third of the global AI in the fintech market. However, the Asia-Pacific region is expected to witness the fastest CAGR of 25.0% from 2022 to 2031.
Key Market Players:
- Amazon Web Services, Inc.
- Cisco Systems, Inc.
- ComplyAdvantage
- Cognizant
- Capgemini
- FICO
- Hewlett Packard Enterprise Development LP
- HCL Technologies Limited
- IBM
- Intel Corporation
- Inbenta Holdings Inc.
- Microsoft
- Oracle
- Saleforce, Inc.
- SAP SE
- TIBCO Software, Inc.
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