The latest report by IMARC Group, titled “AI in Fintech Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“. The global AI in fintech market size reached US$ 11.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 43.6 Billion by 2028, exhibiting a growth rate (CAGR) of 25.5% during 2023-2028.
Artificial intelligence (AI) in fintech refers to an amalgamation of advanced technologies specifically designed to enhance and revolutionize the financial sector. This cutting-edge technology can analyze vast amounts of data, identify patterns, and make decisions, leading to more efficient and effective processes in banking, investment, insurance, and other financial services. AI in fintech encompasses several tools and applications, including machine learning (ML), predictive analytics, natural language processing (NLP), and robotics process automation. These technologies empower financial institutions to offer personalized services, mitigate risks, optimize operations, and create value for stakeholders. Notably, AI streamlines complex tasks, such as wealth management and fraud detection, by processing high volumes of transactions and detecting anomalies swiftly. In addition, chatbots and virtual assistants enabled by AI, are providing prompt and efficient customer service across multiple digital platforms. At the core of this revolution is the goal to make financial services more accessible, convenient, and responsive to customer needs, thus driving an overall enhancement in the customer experience.
For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/ai-in-fintech-market/requestsample
AI in Fintech Market Trends and Drivers:
The global AI in fintech market is primarily driven by the need to process large volumes of financial data efficiently and make informed decisions quickly. Moreover, the ability of AI to automate repetitive tasks, reduce operational costs, and provide data-driven insights is highly valued, which in turn is accelerating its adoption in the fintech industry. Additionally, the rising consumer preference for personalized financial services is another major factor fueling market growth. AI technologies facilitate targeted, tailored offerings that match individual customer preferences, thus improving customer engagement and retention rates. This surge in demand is further stimulated by increasing awareness about the potential benefits that AI brings to financial services, from improved risk assessment to enhanced regulatory compliance. In line with this, the financial sector operates under stringent regulatory frameworks that are constantly evolving. AI can assist in navigating through these complexities by offering efficient compliance solutions that ensure adherence to legal requirements and facilitate automated reporting, reducing both time and human error. Besides this, the rise of digital-first and mobile-first financial services, coupled with ongoing advancements in cloud computing and data analytics, is also expected to expand the applications of AI in the fintech market. Furthermore, continuous innovations in AI technology are paving the way for more sophisticated applications in fintech. Developments such as deep learning and neural networks are providing even more powerful tools for data analysis and decision-making, thereby contributing to market growth. Other factors, including heightened cybersecurity threats owing to rapid digitization, escalating demand for real-time analytics in the financial sector, rising investments in AI startups, and ongoing strategic collaborations between fintech companies and tech firms, are also supporting the market growth.
Report Segmentation:
The report has segmented the market into the following categories:
Breakup by Type:
Solutions
Services
Breakup by Deployment Model:
Cloud-based
On-premises
Breakup by Application:
Virtual Assistant (Chatbots)
Credit Scoring
Quantitative and Asset Management
Fraud Detection
Others
Market Breakup by Region:
North America (United States, Canada)
Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa
Competitive Landscape with Key Player:
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.
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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