AI in FinTech Industry Analysis by The Business Research Company
Business Research Company’s AI in FinTech market research report expands key drivers, trends and growth opportunities in the market.
LONDON, June 30, 2022 / PRNewswire / – AI in the fintech market consists of sales of AI as software by entities (organizations, retailers and partnerships) used in the fintech area. AI is part of fintech companies when it comes to data collection, analyzing information, securing and facilitating transactions, creating customer-centric products and streamlining processes. It provides stronger security, better analysis and insight, virtual assistance and chatbots.
The global fintech market size AI is expected to grow from $ 7.25 billion in 2021 to $ 9.13 billion in 2022 with a compound annual growth rate (CAGR) of 25.9%. The global AI in the fintech market is expected to grow $ 24.17 billion in 2026 with a CAGR of 27.6%.
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AI in FinTech market segmentation
1) By type: Solutions, services
2) For distribution: Cloud, On-Premise
3) By application: Asset Management, Risk Investigation, Business Analytics, Regulatory Compliance, Data Collection, Predictive Analytics, Virtual Assistance, Other
AI and FinTech Market Outlook
The need for fraud detection in fintech or financial institutions contributes to the growth of AI in the fintech market. Artificial intelligence or machine learning algorithms can learn new information from the data collected. The more data AI manipulates, the more AI can be learned, and banks can thus gain deeper insight with AI technology. The biggest advantage of AI is that the algorithm over time is based on collecting more data and learning more about how to use it. The advantage is that it starts the moment AI is distributed and continues to grow without interruption in the contribution.
Key players and their strategies in AI in the FinTech industry
Major players in AI in the fintech market are Microsoft, Google, IBM Corporation, Intel Corporation, Amazon Web Services, IPsoft, Salesforce Inc, Nuance Communications, Next IT Corporation, Trifacta Software Inc, Inbenta Technologies, Zeitgold GmbH and Onfido.
Mergers and acquisitions are an important strategy in the FinTech AI industry. IN May 2020, Cleareye.ai, Inc., a US-based fintech company, purchased AIWare.ai for an undisclosed deal amount. Through this acquisition, Cleareye.ai combines both company teams AIWare.ai and Cleareye.ai to strengthen their ability to offer solutions such as the utilization of artificial intelligence, bionic automation and advanced analysis. Aiware.ai is an Indian startup specializing in AI and providing services in the fintech industry.
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