AI in Fintech Market to Reach USD 39.1 Billion, at a 16.90% CAGR By 2032 – Market Research Future (MRFR)
The adoption of AI in the financial industry is thought to be primarily driven by this broadening spectrum of applications.
New York, USA, June 02, 2023 (GLOBE NEWSWIRE) — According to the research report published by Market Research Future (MRFR), “AI in Fintech Market Information By Component, By Deployment Mode, By Application, And By Region – Market Forecast Till 2032”, the AI in Fintech Market could thrive at a rate of 16.90% between 2023 and 2032. The market size will be reaching around USD 39.1 Billion by the end of the year 2032.
AI’s capacity to offer a personalized experience to clients is one of the most significant advantages of AI. Leveraging the power of AI helps the fintech industry analyze customer behavior, preferences, and transactions, assisting fintech firms in customizing their services to suit individual needs. AI-powered tools enhance the customer experience and cultivate customer loyalty.
AI can augment customer experience by enhancing fraud detection, identity verification, and risk assessment. Moreover, AI can automate various tedious processes in the fintech industry, such as underwriting loans, processing claims, and addressing customer queries. Moreover, AI-powered tools can foster noteworthy cost efficiencies for fintech companies.
Get Free Sample PDF Brochure –
Market Competitive Landscape:
The affluent companies in the AI in Fintech industry include:
- Cisco Systems Inc.
- Amazon Web Services Inc.
- Hewlett Packard Enterprise Development LP
- HCL Technologies Limited
- Intel Corporation
- Inbenta Holdings Inc.
- Saleforce Inc.
- TIBCO Software Inc.
- SAP SE
Latest Industry Updates:
May 23, 2023: Sapiens International Corporation, a leading global software solution provider, and Microsoft announced a strategic partnership to harness the power of generative AI in the insurance industry. Sapiens provides software solutions to the insurance sector, empowering financial and insurance entities to transform their operations digitally. Sapiens’ low-code, cloud-based SaaS insurance platform offers core, data, and digital capabilities. The collaboration will enable Sapiens to utilize Azure OpenAI’s potential to improve efficiency and customer service in the insurance industry. The integration of Microsoft Azure OpenAI and Azure Power Virtual Agents into Sapiens’ offering will enable insurers to navigate complex documents easily.
Scope of the Report – AI in Fintech Market:
|Market Size by 2032||USD 39.1 Billion|
|CAGR during 2023-2032||16.90%|
|Key Market Opportunities||Growth in penetration rate of high-speed internet|
|Key Market Dynamics||Growing internet penetration and geographical data availability and growing demand for process automation between financial institutions|
Buy Now Premium Research Report – Get Comprehensive Market Insights.
Market USP Covered:
With rapid digitization, the financial services sector worldwide is transforming remarkably. Fintech firms are making significant headways by engaging with banking and making substantial investments. By leveraging artificial intelligence capabilities, these firms are enhancing customer experiences, reducing costs, and improving risk management.
With large technological advances, AI is becoming an increasingly powerful force in the fintech domain. AI-powered tools, with their unique ability to analyze massive volumes of data in real time, are revolutionizing various areas by addressing concerns ranging from risk management to investment management.
Browse In-depth Market Research Report (128 Pages, Charts, Tables, Figures) on AI in Fintech Market –
Highly competitive, the AI in fintech market appears fragmented due to several well-established players forming a competitive landscape. Mergers & acquisitions, innovation, and brand reinforcement are key trends for the leading players as these strategies support their growth and expansion plans. They deliver reliable, leading-edge products and services. For which they invest substantially in R&D to develop adept technologies and products.
Ask for Customization – Get a customized version of the report by submitting a customization request.
The AI in fintech market report is segmented into components, deployment modes, applications, and regions. The component segment is sub-segmented into solutions and services. The solution segment dominates the market, witnessing increasing deployments of AI-enabled solutions in the banking sector to extract accurate and full data with a sizable volume on time.
Besides, these AI-enabled fintech solutions help expand their retail banking operations, identify & stop financial fraud, and strengthen client relationships using multichannel customer experience solutions. The deployment mode segment is sub-segmented into on-premise and cloud.
Of these, the on-premise segment holds the largest market share due to its convenience in installing software or services on a financial institution’s systems. The cloud segment is growing at a faster CAGR. The application segment is sub-segmented into virtual assistants (chatbots), business analytics & reporting, customer behavioral analytics, and others.
Of these, the business analytics & reporting segment dominates the market, with its ability to help meet regulations & compliance. To help make better business decisions, several companies use big data, AI, and business analytics. On the other hand, the customer behavior analysis segment experiences tremendous development.
North America dominates the global AI in fintech market. The leading market share is led by several key players, such as IBM, Microsoft, and Cisco Systems, providing AI-enabled solutions for the fintech industry. Besides, the increasing implementation of AI technology and Internet penetration substantiate the regional market growth. The increasing R&D spending in developing AI algorithms and machine learning, NLP, and other technologies increases the AI in fintech market size.
Europe holds the second-largest share of the global AI in fintech market. The presence of various notable players and large deployments of AI technologies in fintech platforms drives the market growth. Additionally, the rising number of banking services is a major tailwind for the regional market’s growth. The European AI in fintech market will likely create a substantial revenue pocket throughout the assessment period.
The Asia Pacific AI in fintech market is growing rapidly. Factors such as digital transformation and the growing use of AI-driven fintech solutions in various countries drive market growth in the region. The rising adoption of AI technology to enhance customer satisfaction and operational performance boost the regional market’s growth.
- AI in Construction Market – The AI in construction market industry is projected to grow from USD 0.47 Billion in 2023 to USD 2.60 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 33.20% during the forecast period (2023 – 2030).
- AI in Social Media Market – AI in Social Media Market size exceeded USD 5.32 Billion in 2030 and is projected to expand at over 28.70% CAGR from 2020 to 2027.
- AI In Aviation Market – AI in aviation market is anticipated to expand at a striking CAGR of 39.10% during the forecast period of 2022-2030 and reach the valuation of USD 5.47 Billion by the end of 2030 from USD 113.29 Mn in 2022.
Browse through more Information And Communications Technology Research Reports.
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.
Market Research Future (Part of Wantstats Research and Media Private Limited)
99 Hudson Street, 5Th Floor
New York, NY 10013
United States of America
+1 628 258 0071 (US)
+44 2035 002 764 (UK)
Email: [email protected]
Follow Us: LinkedIn | Twitter
Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. AfternoonHeadlines.com takes no editorial responsibility for the same.