The global landscape of artificial intelligence in fintech witnessed a substantial valuation of US$ 10.1 billion in 2021. This value is set to further ascend, reaching US$ 11.76 billion in 2022, showcasing an impressive Year-on-Year (Y-o-Y) surge of 16.4%. Envisioning the horizon from 2022 to 2032, the market anticipates a robust trajectory, with demand poised to expand at a compelling Compound Annual Growth Rate (CAGR) of 16.5%, culminating in an astounding US$ 54 billion.
The convergence of financial services and modern technology, known as fintech, is driving a profound transformation in the financial sector. Fintech endeavors to enhance and automate banking and investment activities through the infusion of cutting-edge technology. Notably, artificial intelligence (AI) stands as a cornerstone in this evolution, extensively utilized by financial institutions to detect and prevent fraudulent activities across digital banking platforms.
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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
- 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
- Global market for AI in fintech to surge 4.6x from 2022 to 2032
“The global AI in Fintech market is expected to show a remarkable growth in the forecast period owing to the increasing emphasis on customer’s account safety against cyber and banking frauds,” says an FMI analyst.
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 has 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.
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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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About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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