The global AI in Fintech market is projected to reach US$ 17440 million by 2027, from US$ 5350.8 million in 2020, at a CAGR of 17.9% during 2021-2027. The growing requirement for Fintech organizations to reduce operating costs is projected to fuel AI's rise in the fintech market. Fintech companies are using artificial intelligence to cut expenses, automate procedures, and reduce the risk of human mistakes. The market for AI in Fintech is predicted to develop in response to the growing demand for improved customer interaction. To handle customer problems and efficiently communicate with customers, FinTech organizations are increasingly depending on AI-based virtual support. Chatbots help organizations save money while also improving client happiness. Robo advisers and automated customer service are two of the most common AI solutions for boosting customer experience.
Customer Behavioral analytics, which AI can provide in fraud detection and claims administration, is likely to fuel AI's rise in the fintech business. As a result of digital transformation, financial cybercrime is on the rise, but thanks to AI and machine learning, both companies and users can now secure themselves and their account data. Analytics tools collect and evaluate evidence that is necessary for a conviction. Then, artificial intelligence algorithms study and monitor user behavior patterns to spot fraud attempts and events that are rare.
The need for enhanced Business Analytics and Reporting is expected to further fuel the growth of AI in the fintech market during the forecast period. The banking and finance sector needs to make sense of huge volumes of data for making critical decisions. Recognizing this, the industry has been quick to adopt AI to automate reporting in order to speed up and improve its decision-making processes.
The increasing use of automated virtual financial assistants in fintech firms is predicted to fuel AI's rise in the fintech industry. Automated financial assistants and planners can assist users in making financial decisions. These include events, stock, and bond price patterns based on the user's financial goals and personal portfolio, which can aid in recommending which bonds and equities to purchase or sell. Both major financial institutions and Fintech companies are increasingly offering these solutions, called "Robo-Advisors."
The financial industry's requirement for predictive analytics is projected to fuel AI's rise in the fintech business. Predictive analytics provided by AI can have a direct impact on overall business strategy, sales nurturing, revenue creation, and resource management in the financial industry. By boosting business operations, internal procedures, and outperforming competitors, it has the potential to be a game-changer. Analytics works together with companies in a variety of industries to collect and organize data, analyze it using cutting-edge algorithms and technology, and quickly implement personalized, prescriptive solutions tailored to each client. Predictive analysis is a method of predicting the future.
During the forecast period, the requirement for behavioral analytics in the financial industry to identify malicious actions and detect frauds is likely to boost AI in the fintech market. Client website interactions are recorded by a behavioral analytics system, which uses the information to keep track of them and validate their identity while they're online. Web browsers have been collecting data on mouse movements and typing for a long time, but few internet users are aware that they are being observed so closely. Furthermore, the technology is used to detect user activity that suggests an attempt to open fraudulent accounts with stolen identities. Behavioral analytics gives an extra layer of protection to other forms of security.
North America is predicted to be the most profitable region over the forecast period, based on region. The region has experienced the biggest adoption of AI in Fintech solutions due to its strong economy, the significant presence of prominent AI software and system vendors, and joint investment by government and private organizations for the development and growth of R&D operations.
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Report Metric |
Details |
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Report Name |
AI in Fintech Market |
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The market size in 2020 |
USD 5350.8 Million |
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The revenue forecast in 2027 |
USD 17440 Million |
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Growth Rate |
CAGR of 17.9% from 2021 to 2027 |
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Base year considered |
2020 |
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Market size available for years |
2021-2027 |
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Forecast units |
Value (USD) |
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Segments covered |
Type, End-User, Offerings, and Region |
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Report coverage |
Revenue & volume forecast, company share, competitive landscape, growth factors, and trends |
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Geographic regions covered |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
Ans. The global AI in Fintech market is projected to reach US$ 17440 million by 2027, from US$ 5350.8 million in 2020, at a CAGR of 17.9% during 2021-2027.
Ans. The growing requirement for Fintech organizations to reduce operating costs is projected to fuel AI's rise in the fintech market.
Ans. Some of the key players are Microsoft(US), Google (California, US), Salesforce.com (US), IBM US, Intel (US), Amazon Web Services (US), Inbenta Technologies (US), IPsoft (US), Nuance Communications (US), ComplyAdvantage.com (US), Company, China, IPSoft Inc, Nuance Communications, Inbenta Technologies, IBM, Intel, Intel, Amazon, GOOGLE INC, Google, Google LLC, Microsoft, Others.
Ans. North America is and will provide more business opportunities for AI in fintech in future.The region has experienced the biggest adoption of AI in Fintech solutions due to its strong economy
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