Fintech Market Worth $161.2 Billion by 2026 at a Growth Rate of 8.7% – IndustryARC
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Fintech Market Drivers Focus of companies on cost reduction and improvement of efficiency
HYDERABAD, TELANGANA, INDIA, Jan. 5, 2023 /EINPresswire.com/ — IndustryARC, in its latest report, predicts that the Fintech Market is estimated to reach $161.2 billion by 2026, growing at a CAGR of 8.7% from 2021 to 2026. Intelligence (AI) has taken the technology world by storm, allowing businesses to automate their high-value and complex processes. The reason for making a shift towards machine learning is also motivated by a reduction in costs, increased efficiency, reduction of errors and better customer experience through improved digital lending, automated insurance and personal finance solutions. Fintech is mainly driven by credit card fraud detection. Using the Generative Adversarial Network, Artificial Intelligence can detect the difference between real data and hacked data in every transaction and send alerts to the banks. The biggest challenge with fintech is the sensitive issue of data protection and security, which most fintech companies face. The fintech sector is governed by strict compliance with regulations and governance since any data breach or security failure could be catastrophic. The report offers a complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.
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Key takeaways:
1. The advent of technology brings up a new breakthrough every now and then and AI has certainly changed the way of data collection, data integration, analysis and distribution.
2. In terms of financial technology, the trend of these “robo-advisors” has led to a drastic improvement in customer interaction and customized revenue.
3. Systems such as chatbots, voice systems and text chats are designed to replace human intervention while being cost-effective. They are even intended to recognize and prevent fraud attempts. On the other hand, automated financial assistants and planners became useful in monitoring events and helping clients make financial decisions.
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Segment analysis:
1. In FinTech sector transaction type segment discuss about payments, financial institution and insurance. Insurance had the largest market share in 2020 with 16.5%. The use of FinTech technology across the financial industry is growing.
2. AI is the fastest growing segment at 21.6% through 2026. AI can be used to find the correlation between world events and their impact on prices using predictive analytics. This information is very useful for any kind of wealth investment. AI in financial services is used to protect the details of their customers.
3. The APAC region holds the largest market share in the Fintech market at 34% in 2020. However, Asia Pacific is also set to experience the highest growth during the forecast period. The North American Fintech market is mainly driven by the large number of startups and new companies offering AI services to financial services.
Challenging landscape:
The top 5 players in the Fintech industry are –
1. Microsoft
2. Google
3. IBM
4. Intel
5. Confirm
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Related reports:
A. AI in the Fintech Market
B. Indian Fintech Market
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