AI in Fintech Market Share, Size, Analysis, Demand, Opportunities and Forecast 2022-2027

According to the latest report by IMARC Group, titled “AI in the Fintech Market: Global Industry Trends, Share, Size, Growth, Opportunities and Forecast 2022-2027,“The global AI in the fintech market reached a value of USD 9.4 billion in 2021. Looking ahead, IMARC Group expects the market to reach USD 36.1 billion by 2027, with a CAGR of 26.1% during 2022-2027. This report can serve as an excellent guide for investors, researchers, consultants, marketing strategists and all those who plan to venture into the market in any form.

Fintech, or financial technology, is the use of advanced technology with financial services to automate banking and financial services. Artificial intelligence (AI) in the financial industry helps examine the cash, credit and investment accounts of the organization. It also monitors overall financial health by tracking real-time changes and adapting advice based on incoming data. AI and machine learning (ML) are of great benefit to the financial industry as they help process a large amount of data and information about customers. Today, AI solutions in fintech are increasingly gaining ground due to the associated benefits of minimal costs, increased efficiency, reduced errors and better customer experience. It can also identify personally identifiable information (PII) leaked on the dark web while taking necessary actions to secure the data.

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Note: We regularly track the direct impact of COVID-19 on the market, along with the indirect impact from related industries. These observations will be integrated into the report.

Market trends:

The market is primarily driven by rapid advances in technology, which have improved the business processes of financial service providers. The increasing internet penetration and availability of spatial data is also contributing to the market growth. In addition to this, there has been a growing demand for process automation among financial organizations, facilitating the development of cognitive process automation, where AI systems can perform more complex processes. In addition to this, various credit card companies are implementing predictive analytics into their existing fraud detection workflows to reduce false positives, significantly impacting the demand for AI in fintech. Moreover, rapid digitization in the banking, finance and insurance (BFSI) industry that helps drive virtual assistance, debt collection, sentiment and predictive analytics, reporting and customer behavior analysis represents another key growth driver. Furthermore, the increasing use of smart contracts for financial processes and the improvements in the IT infrastructure positively influence market growth. Looking ahead, the market is expected to grow at a CAGR of 26.1% during the forecast period (2022-2027).

Breakdown by type:

Breakdown by implementation model:

Breakdown by application:

• Virtual assistant (chatbots)
• Credit score
• Quantitative and asset management
• Fraud detection
• Second

Breakdown by region:

• North America (USA, Canada)
• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, others)
• Europe (Germany, France, UK, Italy, Spain, Russia, others)
• Latin America (Brazil, Mexico, others)
• Middle East and Africa

Competitive landscape with key players:

• Amazon Web Services Inc. (Amazon.com Inc.)
• Google LLC (Alphabet Inc.)
• Inbenta Technologies Inc
• Intel Corporation
• International Business Machines Corporation
• Microsoft Corporation
• Salesforce.com Inc
• Samsung Electronics Co. Ltd
• TIBCO Software Inc
• Trifacta
• Verint Systems Inc

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As the novel coronavirus (COVID-19) crisis grips the world, we are continuously tracking the changes in the markets as well as the industry behavior of consumers globally and our estimates on the latest market trends and forecasts are made after considering the impact of this pandemic.

If you want latest primary and secondary data (2022-2027) with cost module, business strategy, distribution channel etc. Click request free sample report, published report will be delivered to you in PDF format via email within 24 to 48 hours of receipt full payment.

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IMARC’s information products include major market, scientific, financial, and technological developments for business leaders in pharmaceutical, industrial, and high-tech organizations. Market forecasting and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and new processing methods are at the top of the company’s expertise.

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