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AI: Fintech Market forecast until 2022

  • September 2017
  • 124 pages
  • ID: 5112471
In this report:
The market size of the solutions component is expected to grow from USD ##,##.## million in 2017 to USD ##,##.## million by 2022, at a CAGR of ##.##%, while the services component is expected to grow from USD ##.## million in 2017 to USD ##.## million by 2022, at a CAGR of ##.##%.
The market size of the cloud deployment mode is expected to grow from ##.##% in 2017 to ##.##% by 2022, which showcases a phenomenal growth opportunity for the AI in Fintech service and solution providers.

Summary

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The AI in Fintech is expected to grow at a compound annual growth rate (CAGR) of 40.4% during the forecast horizon

The sector for AI in Fintech is forecasted to grow from $1337.70M in 2017 to $7305.60M by 2022, at a CAGR of 40.40 percent. The availability of spatial data is a main factor driving the rise of the AI in Fintech market. Sustaining in a competitive market has become crucial for the financial sector due to technological advancements. In order to accomplish efficiency across business processes, companies need to design and layout a plan of action. This can be done by properly implementing AI practices into its operations.

The lack of skilled consultants to deploy AI in Fintech forecasted to be a main restraint for the AI in Fintech market. AI technology can be integrated in financial industry through solution and services established on level of integration. Since, AI is in the developing stage and deployment of AI needs availability of skilled expertise which can act as a restraint for the AI in Fintech market.

Business Analytics and Reporting is intended to have the biggest industry size during the estimate period

The application areas in the AI in Fintech market contain virtual assistants, business analytics and reporting, customer behavioral analytics, and others (includes market research, advertising and marketing campaign). Business analytics and reporting application area benefits the finance companies to meet regulatory and compliance requirements as well as manage compliance records. Furthermore, it also enables financial institutions to analyze customer behavior. To meet these requirements, the financial firms are deploying AI enabled solutions to get maximum benefits of the technology.

Asia Pacific (APAC) is anticipated to witness the more significant increase rate during the outlook period

Asia-Pac is anticipated to grow at the highest compound annual growth rate (CAGR) during the estimate period. Elements such as higher technological advancement in the territory, quick expansion of domestic enterprises, and higher development of infrastructure are driving the AI in Fintech market in the Asia-Pacific regions. The North American area is forecast to have the biggest market share during the outlook period. The main driving factors for the industry are fast development of AI in the finance market, rise in the usage of data, and adoption of predictive analytics tools.

In the process of finding out and checking the market value for various segments and sub-segments collected by secondary research, extensive primary audit sessions were managed with the main people.

• By Company category - Tier 1 - 20.0 percent, Tier 2 - 45.0 percent, and Tier 3 -35.0 percent

• By Description - C-suite - 48.0 percent, Director-level - 37.0 percent, and Others - 15.0 percent

• By Region -North America - 22.0 percent, EU- 45.0 percent, Asia-Pacific - 26.0 percent, and the Rest of the globe - 7.0 percent

The main AI in Fintech vendors are Microsoft, Google, Salesforce.com, IBM (NYSE:IBM), Intel, Amazon Web Services, Inbenta Technologies, IPsoft, Nuance Communications, and ComplyAdvantage.com.

Segment Research

The AI in Fintech market has been split on the basis of components (solution and services), deployment modes, application areas, and area. The AI in Fintech solutions help AI in Fintech software, platform, and service providers, IPO/VC/Angel investors, BFSI organizations, and government organizations to enhance financial operations and reduce costs.

The AI in Fintech market broken down on the basis of the components contain solution and services. The solution segment is further split into software tools and platforms. The services offered in the AI in Fintech market include managed and professional services. The deployment modes in AI in Fintech market contain the cloud and on-premises. The application areas are divided into virtual assistants, business analytics and reporting, customer behavioral analytics, and others (includes market research, advertising and marketing campaign). Finally, on the basis of regions, the AI in Fintech market is divided into north america, Europe (EU), Asia-Pac, Middle East (ME) and African continent, and Latin America area.

The industry report will facilitate the market top players and new sector entrants in the AI in Fintech market in these ways:

1. The document breaks down the market into different subsegments, therefrom it includes the sector overall. The study offers the best approximations of the revenue data for the global market and the sub-segments. The industry numbers are further split across distinct application areas and localities.

2. The analysis helps in understanding the global increase of the market. It offers info on the top market drivers, market restraints, opportunities, and alternatives.

3. The market research helps in understanding the players better and gaining additional insights to enhance the organization's position in the industry. The market research also presents the positioning of the main actors in the sector established on their product offerings and strategic management.

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