Fintech Market forecasted to register 16.5% CAGR during the forecast period (2022-2032) & projected to reach US$ 54 Billion by 2032
The size of the worldwide artificial intelligence in fintech market was estimated at US$ 10.1 billion in 2021 and is predicted to increase by 16.4% year over year to US$ 11.76 billion in 2022. Demand is anticipated to increase from 2022 to 2032 at a compound annual growth rate (CAGR) of 16.5%, reaching US$ 54 billion.
Fintech, or financial technology, uses cutting-edge technology to enhance or automate banking and investing processes. To identify and stop fraud through digital banking channels, financial firms frequently use artificial intelligence (AI).
Inclusions include mobile banking, digital loans, insurance, credit scores, buying and selling activities, and asset management. By observing how customers interact and taking their purchases into account, AI technologies can ascertain a customer’s normal behaviour.
Key Takeaways from the Market Study
· AI in fintech for business analytics and reporting captured a 32% market share, documenting a CAGR of 16% throughout the forecast period
· On-premise segment to expand at a CAGR of 17% during the forecast period
· North America is expected to secure US$ 35 Billion by 2032, while expanding at a CAGR of 16.5%
· Asia Pacific to record a CAGR of 16.5% during the forecast period
· Global market for AI in fintech to surge 4.6x from 2022 to 2032
“The global AI in Fintech market is expected to show a remarkable growth in the forecast period owing to the increasing emphasis on customer’s account safety against cyber and banking frauds,” says an FMI analyst.
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Competitive Landscape
Key players in the global AI in the Fintech market include
Inbenta Technologies, Amazon Web Services, Oracle, among others. Some of the recent key developments among the players are:
· In October 2021, Tech giant Microsoft Wednesday launched a new program Microsoft AI Innovation for nurturing and scaling startups that are leveraging Artificial Intelligence (AI).
· In April 2022, Conversational engagement platform Gupshup acquired Active.Ai, a conversational AI startup used by banks and fintech firms in all-cash deals.
· In May 2022, Salesforce has agreed to buy Troops.ai, which provides a revenue communications solution that works with sales velocity, forecasting, visibility, and collaboration. Troops have been designing tools for delivering real-time insights from various systems of record, like Salesforce, to engagement places Like Slack.
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Key Segments Covered In The AI In Fintech Industry Survey
AI in Fintech Market by Components:
AI in Fintech Market by Deployment:
AI in Fintech Market by Application:
AI in Fintech Market by Region:
Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
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About Future Market Insights, Inc. Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Aw
Jan 27, 2023
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