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AI in FinTech Global Market Report 2022

AI in FinTech Global Market Report 2022

  • July 2022
  • 175 pages
  • ID: 6310134
  • Format: PDF
  • The Business Research Company

Summary

Table of Contents

Major players in the AI in fintech market are Microsoft, Google, IBM Corporation, Intel Corporation, Amazon Web Services, IPsoft, Salesforce Inc, Nuance Communications, Next IT Corporation, Trifacta Software Inc, Inbenta Technologies, Zeitgold GmbH, and Onfido.

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 in 2026 at a CAGR of 27.6%.

The artificial intelligence (AI) in fintech market consists of sales of AI as software by entities (organizations, sole traders, and partnerships) that are used in the fintech space.AI is a part of fintech companies in terms of collection of data, analyzing information, securing and facilitating transactions, creating customer-centric products, and streamlining processes.

It provides stronger security, better analytics, and insights, virtual assistance, and chatbots.

The main types of products in AI in fintech are solutions and services.The AI as a solution in fintech consists of decision making, automated customer support, fraud detections, claims management, and automated virtual financial assistants.

The deployment modes are cloud and on-premise. The applications include asset management, risk investigation, business analytics, regulatory compliance, data collection, predictive analytics, virtual assistance, and others.

North America was the largest region in the AI in fintech market in 2021. The regions covered in the AI in fintech market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The AI in fintech market research report is one of a series of new reports that provides AI in fintech market statistics, including AI in fintech industry global market size, regional shares, competitors with an AI in fintech market share, detailed ai in fintech market segments, market trends and opportunities, and any further data you may need to thrive in the AI in fintech industry. This AI in fintech market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

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 be learned, 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 to use it.The advantage is that it starts the moment the AI is deployed and continues to grow without interruption of contribution.

According to the 2020 Identity Fraud Report by Javelin Strategy & Research, a US-based insights company for financial institutions, Financial institutions suffered a loss of $16.9 billion in 2019 alone due to account takeover and fraud identity. It’s difficult to properly identify, authenticate people on digital channels, and Capgemini Claims the fraud detection systems powered by AI or machine learning algorithms minimize fraud investigation time by 70% and improves the accuracy of detection by 90%. The need for fraud detection in fintech drives the market for AI in fintech.

Technological Advancement is the key trend gaining popularity in the AI in the fintech market.For instance, in 2021, In India, the Robo-advisory technology refers to the digital platforms that provide financial advice through AI, driven software with zero human intervention.

It advises the people to pick up the right stock and even suggests replacing the existing stock in the portfolio based on the factors related to valuations, governance, and performance other things.

In May 2020, Cleareye.ai, Inc, a US-based fintech company, acquired AIWare.ai for an undisclosed deal amount. Through this acquisition, Cleareye.ai combines both company teams of AIWare.ai and Cleareye.ai to strengthen their ability to offer solutions such as leveraging artificial intelligence, bionic automation, and advanced analytics. Aiware.ai is an Indian startup that specializes in AI and provides services in the fintech industry.

The countries covered in the AI in fintech market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

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