Key players Microsoft, Google, IBM and others are driving 27.6% annual growth
Dublin, Aug. 30, 2022 (GLOBE NEWSWIRE) — The “AI in FinTech Global Market Report 2022” report has been added ResearchAndMarkets.com’s Offering.
The global AI in fintech market is expected to grow from $7.25 billion in 2021 to $9.13 billion in 2022 at a compound annual growth rate (CAGR) of 25.9%. The AI in fintech market is expected to grow to $24.17 billion by 2026 at a CAGR of 27.6%.
North America was the largest region in AI in fintech market in 2021. The regions covered in AI in fintech market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The need for fraud detection in fintech or financial institutions is contributing to the growth of AI in the fintech market. Artificial intelligence or machine learning algorithm can learn new information from the data collected, the more data that AI manipulates, the more AI can learn, and the banks can gain deeper insights with AI technology.
The biggest advantage of AI is that over time the algorithm builds on collecting more data and learning more about how you use it. The advantage is that it starts the moment the AI is deployed and continues to grow without interruption in contribution. According to the 2020 Identity Fraud Report by Javelin Strategy & Research, a US-based financial institution insights company, financial institutions suffered a loss of $16.9 billion in 2019 alone due to account takeover and identity fraud. It is difficult to identify, authenticate people on digital channels, and Capgemini claims that its fraud detection systems powered by AI or machine learning algorithms minimize fraud investigation time by 70% and improve detection accuracy by 90%. The need for fraud detection in fintech is driving the market for AI in fintech.
Technological progress is the key trend gaining popularity in AI in the fintech market. For example, in 2021, in India, the Robo-advice technology refers to the digital platforms that provide financial advice through AI, powered software without human intervention. It advises people to pick up the right stock and even suggests replacing the existing stock in the portfolio based on the factors related to valuations, management and performance other things.
scope
Markets covered:
1) By Type: Solutions; Services
2) By distribution: Cloud; On the premise
3) Upon application: Asset Management; Risk investigation; Business Analytics; Compliance with regulations; Data collection; Predictive analytics; Virtual assistance; Second
Key topics covered:
1. Summary
2. AI in FinTech Market Features
3. AI in FinTech market trends and strategies
4. The impact of COVID-19 on artificial intelligence in FinTech
5. AI in FinTech market size and growth
6. AI in FinTech market segmentation
7. AI in FinTech Market Regional and Country Analysis
8. Asia-Pacific AI in FinTech Market
9. China AI in the FinTech market
10. India AI in FinTech Market
11. Japan AI in the FinTech market
12. Australia AI in FinTech Market
13. Indonesia AI in FinTech Market
14. South Korea AI in the FinTech market
15. Western Europe AI in FinTech Market
16. UK AI in the FinTech Market
17. Germany AI in the FinTech market
18. France AI in the FinTech Market
19. Eastern Europe AI in the FinTech market
20. Russia AI in the FinTech market
21. North America AI in FinTech Market
22. USA AI in the FinTech market
23. South America AI in the FinTech market
24. Brazil AI in the FinTech market
25. Middle East AI in the FinTech market
26. Africa AI in the FinTech market
27. AI in the FinTech market competitive landscape and company profiles
28. Important mergers and acquisitions in AI in the FinTech market
29. AI in FinTech Market Future prospects and potential analysis
30. Appendix
Companies mentioned
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Microsoft
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Google
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IBM Corporation
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Intel Corporation
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Amazon Web Services
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IPsoft
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Salesforce Inc.
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Nuance Communications
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Next IT company
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Trifacta Software Inc.
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Inbenta Technologies
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Zeitgold GmbH
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Onfido
For more information on this report visit https://www.researchandmarkets.com/r/9k5cxc
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