The size of the worldwide artificial intelligence in fintech market was estimated at US$ 10.1 billion in 2021 and is predicted to increase by 16.4% year over year to US$ 11.76 billion in 2022. Demand is anticipated to increase from 2022 to 2032 at a compound annual growth rate (CAGR) of 16.5%, reaching US$ 54 billion.
With a 16% CAGR from 2017 to 2021, the market grew strongly. Another important aspect contributing to the industry’s growth during the assessment period is the growing application in the business analytics and reporting segment. The managed service is expected to expand swiftly due to its assistance in managing AI-enabled finance apps. Fintech startups are utilizing AI to offer the expert offerings anticipated to propel the segment’s growth.
On the other hand, the market’s progress is anticipated to be significantly hampered by the growing instances of private information leakage and debit card cloning. Another obstacle preventing the industry’s growth in the future is the correct integration and analysis of a vast amount of data, which further complicates the process.
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Key Takeaways from the Market Study
- AI in fintech for business analytics and reporting captured a 32% market share, documenting a CAGR of 16% throughout the forecast period
- An on-premise segment to expand at a CAGR of 17% during the forecast period
- North America is expected to secure US$ 35 Billion by 2032 while expanding at a CAGR of 16.5%
- Asia Pacific to record a CAGR of 16.5% during the forecast period
- The global market for AI in fintech to surge 4.6x from 2022 to 2032
Key Segments Covered In The AI In Fintech Industry Survey
AI in Fintech Market by Components:
- AI in Fintech Solutions
- AI in Fintech Services
- Managed
- Professional
AI in Fintech Market by Deployment:
- Cloud-based AI in Fintech
- On-premise AI in Fintech
AI in Fintech Market by Application:
- AI in Fintech across Virtual Assistants
- AI in Fintech across Business Analytics and Reporting
- AI in Fintech across Customer Behavioural Analytics
- AI in Fintech across Fraud Detection
- AI in Fintech across Quantitative and Asset Management
- AI in Fintech across Other Applications
AI in Fintech Market by Region:
- North America AI in Fintech Market
- Latin America AI in Fintech Market
- Europe AI in Fintech Market
- Asia Pacific AI in Fintech Market
- Middle East & Africa AI in Fintech Market
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Competitive Landscape
Key players in the global AI in the Fintech market include Microsoft, Google LLC, Salesforce, Inc., International Business Machines Corp., Amelia U.S. LLC, Nuance Communications, Inc., ComplyAdvantage.com, Narrative Science, Affirm, Inc., Upstart Network, Inc., Instructure, Inc., Intel, Inbenta Technologies, Amazon Web Services, Oracle, among others. Some of the recent key developments among the players are:
- In October 2021, Tech giant Microsoft Wednesday launched a new program Microsoft AI Innovation for nurturing and scaling startups that are leveraging Artificial Intelligence (AI).
- In April 2022, Conversational engagement platform Gupshup acquired Active.Ai, a conversational AI startup used by banks and fintech firms in all-cash deals.
- In May 2022, Salesforce agreed to buy Troops.ai, which provides a revenue communications solution that works with sales velocity, forecasting, visibility, and collaboration. Troops have been designing tools for delivering real-time insights from various systems of record, like Salesforce, to engagement places Like Slack.
More Valuable Insights Available
Future Market Insights, in its new offering, presents an unbiased analysis of the global AI in the Fintech market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights based on component (solutions, services), deployment (cloud and on-premise and, application (virtual assistant, business analytics and reporting, customer behavioral analytics, fraud detection, quantitative and asset management, and others) across five major regions (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa).
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