Artificial intelligence (AI) is constantly evolving the landscape of fintech industry. The burgeoning demand for process automation amongst organizations?, launch of ML-based fraud detection solutions by the market competitors, and surging private and public funding for the fintech setup are the key factors driving the growth of AI in Fintech market. In addition, growing adoption of Artificial intelligence (AI) solution amongst banking and financial institution to improve internal process for analyzing markets & have efficient processing of data, increasing use of data, and availability of data sources along with escalating investment by the companies for the development of innovation in Artificial intelligence (AI) products are anticipated to promulgate the growth of Artificial intelligence (AI) in Fintech market in the forecast period.
According to MarkNtel Advisors’ research report titled “Global Artificial intelligence in Fintech Market Analysis, 2020”, the Global AI in Fintech market is anticipated to grow at a CAGR of around 44% during 2020-25. Based on Deployment, cloud deployment mode captured the largest market share in the Global AI in Fintech market in 2019. The launch of innovative solution in the fintech industry such as ML-based fraud detection solutions is surging the demand for cloud-based solutions in the banks and financial organizations as it helps to detect anti-money laundering and other fraud issues and also offers wide and agile solutions to provide in Fintech market.
“Global Artificial intelligence (AI) in Fintech Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and growth opportunities available for AI in Fintech providers across the globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
North America Acquired the Majority Market Share
North America dominated the market and is estimated to maintain its dominance in the forecast period as it the most competitive and emerging AI technology markets in the finance industry. The escalating funding for the R&D activities in the fintech market in the developed economies of the U.S and Canada and escalating rate of adoption of AI in Fintech solutions among the financial organization is encouraging the growth of the market, Moreover, US acquired the largest market share in the North America region due to the early implementation of AI-based fintech solution in most of the application areas. In addition, the strong foothold of prominent AI software and system suppliers, increasing speculation for the technological advancement in the fintech solution and rapidly growing of domestic enterprises and fintech start-ups is anticipated to accelerate the growth of AI in Fintech market in this region as stated in MarkNtel Advisors’ research report “Global Artificial intelligence (AI) in Fintech Market Analysis, 2020”.
According to MarkNtel Advisors, the key players with a considerable market share in the Global Artificial intelligence (AI) in Fintech market are Google, IBM, Intel, Inbenta Technologies, Nuance Communications, Complyadvantage.Com, Salesforce.Com, Amazon Web Services, Samsung, Ipsoft, Next It Corp., Microsoft, Onfido, Active.Ai, TIBCO Software etc.
Key questions answered in the study: