Press Release Description

Ongoing Digital Transformation to Catalyze the Market Size of Global Artificial Intelligence in Payments Market

Increasing digitalization, adoption of advanced technologies such as IoT and big data in the banking sector is resulting in the unstoppable growth of data due to which the deployment of Artificial Intelligence in the payments industry is surging which is resulting in market growth. Furthermore, the  COVID-19 epidemic impacted the pre-existing Global digital payment industry negatively. The temporary shutdown in businesses and lockdown across numerous geographies impacted the overall spending in the global Artificial Intelligence in the payments market. In total global transactions, the market share of  digital payments registered a spike during the phase of a global pandemic. However, global spending on Artificial Intelligence remained lower. The government the countries such as India, China, Africa are promoting digital payment services to reduce social contact due to COVID-19 that has positively boosted the market ecosystem of Artificial Intelligence in payment.  

Moreover, some of the key contributing factors such as the increasing trend of smart devices and expanding internet networks across the globe that leads to a rise in the adoption of digital technology for the payment-related services, due to which the market demand of Artificial Intelligence in payments is surging. Also, the global expansion of services by the banks, insurance sector and wealth management companies across the globe are creating the demand for Artificial Intelligence in payments due to the diverse work environment and need for 24*7 assistance for the ease of customers. 

According to MarkNtel Advisors’ research report Global Artificial Intelligence (AI) in Payments Market Analysis, 2020”, the market size of Artificial Intelligence in the payments forecast to grow at an astronomical CAGR during 2020-25. North America, being an early adopter of technology grabbed the major market share in Artificial Intelligence in the payments market across the Globe. Several banks in  the region are deploying artificial intelligence to streamline payment processing for the ease of customers which is resulting in the rise of the market size of Artificial Intelligence in the payments market. 

Chabot Solution to Dominate

In 2019, the solution segment grabbed the major market share as the banking sector, insurance sector and wealth management companies across the globe are increasingly deploying the Artificial Intelligence solution in their organizations. Also, the growing need for customized solutions to improve  the customer experience and get the actionable insights are some of the key factors resulting in growth and market share of the solution segment. Furthermore, in the solution segment the “Chatbox” grabbed the majority of market share as banks, insurance and wealth management companies are deploying this to improve customer experience, increase customer engagement and also, easier approach across diverse geographical regions. 
 
Banking Sector to Grab Lion’s Share in Forthcoming years 

In 2019, the banking sector captured the major market share in Global Artificial Intelligence in the  payments market. The need for improving operations to improve customer services and control financial matters is resulting in the deployment of CRM, Fraud detection, Chatbots in the banking sector, due to which the market share of the banking sector is growing. Furthermore, the increasing collaboration between banks and fintech companies is one of the key contributing factors for the growth in the banking sector’s market share. 

However, the wealth management and insurance companies are deploying the Artificial Intelligence in the payments system for the data analytics for offering improved customer services, due to which the market share for wealth management companies is expected to grow in the forecast period. 

In 2019, Machine and deep learning technology grabbed the major market share in the Global Artificial Intelligence payments market due to its benefits such as risk assessment and management and fraud  prevention. Moreover, the growing need for process automation and personalized approach are also some of the key contributing factors to the growth in the market share of the machine and deep learning. 

The customer services application is one of the main causes of the deployments of Artificial Intelligence in payments by the banking and financial institutions. So, this application grabbed the major market share in 2020. However, the solution providers are focusing on providing solutions from financial advisory, security and risk management which are expected to emerge with robust growth in the forecast years 2020-25, as revealed by MarkNtel Advisors’ research report “Global Artificial Intelligence (AI) in Payments Market Analysis, 2020”.

According to MarkNtel Advisors’, the market of Global Artificial Intelligence in Payments is highly fragmented due to the availability of numerous foreign and local players in every region. The companies with a considerable market share in the industry are IBM Corporation, Amazon Web Services, Inc., Intel Corporation, ComplyAdvantage.com, Samsung Group, Next IT Corporation, IPsoft Inc., Next IT Corporation, etc. The companies are continuously launching new solutions to increase their market share in the industry. For instance: In 2019, Nets, Europe based payment solution provider partnered with KPMG to launch an Artificial Intelligence -powered fraud prevention package to the customer in Europe.

“Global Artificial Intelligence (AI) in Payments Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for Artificial Intelligence solution providers for payments 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.  
     
Market Segmentation:

1.    By Components (Solutions, Services)
2.    By Deployment (Cloud, In-House, Hybrid)
3.    By Application (Customer Service, Financial Advisory, Risk Management, Compliance & security)
4.    By Technology (Machine learning and Deep Learning, Natural Language Processing, Computer Vision)
5.    By End- Users ( Bank, Insurance, Wealth Management)
6.    By Region (North America, Europe, Asia-Pacific, Middle East, and Africa, South America)
7.    By Countries (U.S, Canada, Mexico, Brazil, Argentina, UK, France, Germany, Spain, UAE, Saudi Arabia, South Africa, China, Japan, India, Australia, Others)
8.    By Company (IBM Corporation, Amazon Web Services, Inc., Intel Corporation,  ComplyAdvantage.com, Samsung Group, Next IT Corporation, IPsoft Inc., Others)

Key questions answered in the study: 

1.    What are the current and future trends of Global Artificial Intelligence in the Payments industry?  
2.    How the industry has been evolving in terms of end-user demand and application areas?
3.    How the competition has been shaping across the region followed by their comparative factorial indexing?
4.    What are the key growth drivers and challenges for Global Artificial Intelligence in the Payments industry?
5.    What are the customer orientation, purchase behavior, and expectations from the Global Artificial Intelligence in Payments firms across various countries?