Global Artificial Intelligence (AI) in Fintech

Global Artificial Intelligence (AI) in Fintech Market Research Report: Forecast (2023-2028)

By Components (Solution [Software Tools {Data Discovery, Data Quality and Data Governance, Data Visualization}, Platforms], Services [Managed Services, Professional Services]), By Deployment (Cloud, O Read more

  • FinTech
  • Nov 2022
  • 198
  • FT33004

Market Definition

Financial technology, or FinTech, involves the use of modern technologies in order to enhance or automate banking & investing activities. The world is witnessing an increasing adoption of Artificial intelligence (AI) services by financial institutions to detect & prevent fraudulent acts done by attackers through online banking channels. With this, more and more organizations operating in the domain are adopting AI-based fintech solutions to enable robust security of their assets and improve customer experiences.

Market Insights

The Global Artificial Intelligence (AI) in Fintech Market is expected to grow at around 44% during the forecast period, i.e., 2023-28. The growth of the market is likely to be driven primarily by the rise in automation trends in banks & financial institutions and the growing emphasis of such enterprises on customer account safety against cybercrimes & online banking frauds.

Report Coverage Details
Study Period Historical Data: 2018-21
Base Year: 2022
Forecast Period: 2023-28
CAGR (2023-2028) 44%
Regions Covered North America: US, Canada, Mexico
Europe: Germany, The UK, France, Spain, Italy, The Netherlands, Rest of Europe
Asia-Pacific: China, India, Japan, South Korea, Australia, Rest of Asia-Pacific
South America: Brazil, Argentina, Rest of South America
Middle East & Africa: The UAE, Saudi Arabia, South Africa, Rest of MEA
Key Companies Profiled Google, IBM, Intel, Inbenta Technologies, Nuance Communications, Complyadvantage.Com, Salesforce.Com, Amazon Web Services, Samsung, Ipsoft, Next It Corp., Microsoft, Onfido, Active.Ai, and TIBCO Software
Unit Denominations USD Million/Billion

 

One of the most prominent growth drivers for the market is AI's ability to prevent frauds & cyberattacks, as customers prefer banks & financial institutions that offer secure banking experiences. Several companies operating in the industry are actively working on explicitly offering next-gen AI-based solutions, like AI Chatbots for bank applications. For instance:

  • In June 2021, Talisma Corporation Pvt. Ltd. ( a leading provider of customer service solutions) announced its partnership with Singapore-based Active Intelligence Pte Ltd. (Active.Ai) to enable improved customer experience in BFSI using conversation AI-enabled Chatbot. The partnership aimed to strengthen Talisma's technology products & solutions for integrating a state-of-the-art conversational AI chatbot into its platform and offering it to its BFSI customers.

AI has benefited several banks & fintech firms in the fast processing of a large amount of customer data, i.e., then compared in order to indicate results about the timely services/products required by customers. Moreover, AI also has the ability to examine & identify pattern abnormalities that typically might be missed by humans. Hence, these aspects are projected to stimulate the expansion of Global Artificial Intelligence (AI) in Fintech Market through 2028.

Market Segmentation

Based on Component:

  • Solutions
  • Services

Of both, services are projected to witness notable demand growth in the Global Artificial Intelligence (AI) in Fintech Market during 2023-28, owing to their crucial role in administering AI-enabled fintech apps. Several startups in the fintech sector are increasingly deploying AI-based solutions to deliver professional services with 24*7 support and avoid customer loss, which can be caused due to wrong advice or poor customer service. Since virtual assistants & chatbots can access consumer accounts in real time, they are able to provide personalized recommendations to customers and help them manage their savings. Moreover, managed services have been witnessing even more demand than professional services and acquired the largest market share in the previous few years due to the extensive use of these services in operating virtual assistance, debt collection, and predictive analysis in fintech solutions. Hence, these aspects are projected to drive Global Artificial Intelligence (AI) in Fintech Market through 2028.

Based on Application:

  • Virtual Assistants (Chatbots)
  • Business Analytics & Reporting
  • Fraud Detection
  • Others

Here, business analytics & reporting is projected to witness an upward demand trend in the Global Artificial Intelligence (AI) in Fintech Market during 2023-28. This application allows for effective regulatory & compliance management and predictive analytics. The mounting demand for AI in business analytics & reporting owes to benefits like increased operational efficiency, informed decision-making, and significant revenue generation.

Besides, by integrating multiple AI & ML algorithms through an interface and allowing users to obtain extensive insights into their data, it further aids in analyzing client behavior. Hence, these perks associated with AI-integrated business analytics & reporting are contributing to the notable growth of the Global Artificial Intelligence (AI) in Fintech Market.

On the other hand, fraud detection application is projected to demonstrate a rapidly expanding Global Artificial Intelligence (AI) in Fintech. It owes to the ever-evolving fraudulent activities worldwide, especially cybercrimes, owing to which fraud prevention & detection has become one of the most significant areas of concern, especially for financial institutions. Integrating AI & ML into digital security & anti-money laundering solutions can detect suspicious activity and notify users in real time.

Moreover, these advanced technologies can continuously monitor unusual patterns, which eliminates the need for 24*7 vigilance, and users can track everything that goes on in their absence while being assured that their assets are safe. Hence, these aspects are driving the demand for AI in fintech market for fraud detection purposes and, in turn, augmenting the overall market growth.

Regional Projection

Geographically, the Global Artificial Intelligence (AI) in Fintech Market expands across:

  • North America
  • South America
  • Europe
  • Asia-Pacific
  • Middle East & Africa

Of all regions globally, North America is projected to continue dominating the Artificial Intelligence (AI) in Fintech Market during 2023-28. It owes to massive funding by the US & Canada for R&D activities for introducing advanced solutions in the fintech industry, the early implementation of AI-powered fintech solutions, and the strong foothold of prominent companies operating in the industry.

Besides, the increasing number of startups providing innovative AI-based services to financial institutions, coupled with the burgeoning consumer concerns over digital data security owing to the emergence of various new payments & payment-related technologies, are other prominent aspects projected to stimulate the regional market expansion over the coming years.

Key Questions Answered in the Market Research Report:

  1. What are the overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares) of the Global Artificial Intelligence (AI) in Fintech Market?
  2. What are the region-wise industry size, growth drivers, and challenges?
  3. What are the key innovations, opportunities, current & future trends, and regulations in the Global Artificial Intelligence (AI) in Fintech Market?
  4. Who are the key competitors, their key strengths & weaknesses, and how do they perform in the Global Artificial Intelligence (AI) in Fintech Market based on the competitive benchmarking matrix?
  5. What are the key results derived from surveys conducted during the Global Artificial Intelligence (AI) in Fintech Market study?

Frequently Asked Questions

A. The Artificial Intelligence (AI) in Fintech Market is projected to register around 44% CAGR during 2023-28.

A. The mounting incidence of cybercrimes & online banking frauds worldwide and the rapid rise in automation trends in banks & financial organizations are the prime aspects expected to drive the Artificial Intelligence (AI) in Fintech Market during 2023-28.

A. Google, IBM, Intel, Inbenta Technologies, Nuance Communications, Complyadvantage.Com, Salesforce.Com, Amazon Web Services, Samsung, Ipsoft, Next It Corp., Microsoft, Onfido, Active.Ai, and TIBCO Software are the key companies participating in the Artificial Intelligence (AI) in Fintech Market.

A. Business Analytics & Reporting is projected to emerge as an area of remunerative opportunities for the leading players in the Artificial Intelligence (AI) in Fintech Market during 2023-28.

A. Globally, North America would generate lucrative prospects for the Artificial Intelligence (AI) in Fintech Market over the coming years.

  1. Introduction
    1. Product Definition
    2. Research Process
    3. Market Segmentation
    4. Assumptions
  2. Executive Summary
  3. Case Study
  4. Global Artificial Intelligence (AI) in Fintech Market Startups Ecosystem
  5. Customer Survey
    1. Adoption of AI enabled Data Analytics by Application
    2. Adoption of AI by Application
    3. Others
  6. Impact of Covid-19 on the Global Artificial Intelligence (AI) in Fintech Market
  7. Expert Verbatim-Interview Excerpts of industry experts
  8. Global Artificial Intelligence (AI) in Fintech Market Outlook, 2018-2028
    1. Market Size & Analysis
      1. Revenues
    2. Market Share & Analysis
      1. By Component
        1. Solution
          1. Software Tools
            1. Data Discovery
            2. Data Quality and Data Governance
            3. Data Visualization
          2. Platforms
        2. Services
          1. Professional
          2. Managed
      2. By Deployment
        1. On-Premise
        2. Cloud
      3. By Application
        1. Business Analytics and Reporting
        2. Virtual Assistants (Chatbots)
        3. Fraud Detection
        4. Others
      4. By End User
        1. Stock Trading Firms
        2. Hedge Funds
        3. Retail Banking
        4. Investment Banking
        5.  Other
      5. By Region
        1. North America
        2. South America
        3. Europe
        4. Middle East & Africa
        5. Asia-Pacific
      6. By Company
        1. Market Shares, By Revenue
        2. Strategic Factorial Indexing
        3. Competitor Placement in MarkNtel Quadrant
    3. Market Attractiveness Index
      1. By Component
      2. By Deployment
      3. By Application
      4. By End User
      5. By Region
  9. North America Artificial Intelligence (AI) in Fintech Market Outlook, 2018-2028
    1. Market Size & Analysis
      1. Revenues
    2. Market Share & Analysis
      1. By Component
      2. By Deployment
      3. By Application
      4. By End User
      5. By Country
        1. The US
        2. Canada
        3. Mexico
    3. The US Artificial Intelligence (AI) in Fintech Market Outlook, 2018-2028
      1. Market Size & Analysis
        1. Revenues
      2. Market Share & Analysis
        1. By Component
        2. By Deployment
        3. By Application
    4. Canada Artificial Intelligence (AI) in Fintech Market Outlook, 2018-2028
      1. Market Size & Analysis
        1. Revenues
      2. Market Share & Analysis
        1. By Component
        2. By Deployment
        3. By Application
  10. South America Artificial Intelligence (AI) in Fintech Market Outlook, 2018-2028
    1. Market Size & Analysis
      1. Revenues
    2. Market Share & Analysis
      1. By Component
      2. By Deployment
      3. By Application
      4. By End User
      5. By Country
        1. Brazil
        2. Argentina
        3. Others
    3. Brazil Artificial Intelligence (AI) in Fintech Market Outlook, 2018-2028
      1. Market Size & Analysis
        1. Revenues
      2. Market Share & Analysis
        1. By Component
        2. By Deployment
        3. By Application
  11. Europe Artificial Intelligence (AI) in Fintech Market Outlook, 2018-2028
    1. Market Size & Analysis
      1. Revenues
    2. Market Share & Analysis
      1. By Component
      2. By Deployment
      3. By Application
      4. By End User
      5. By Country
        1. Germany
        2. The UK
        3. France
        4. Italy
        5. Spain
        6. The Netherlands
        7. Others
    3. Germany Artificial Intelligence (AI) in Fintech Market Outlook, 2018-2028
      1. Market Size & Analysis
        1. Revenues
      2. Market Share & Analysis
        1. By Component
        2. By Deployment
        3. By Application
    4. The UK Artificial Intelligence (AI) in Fintech Market Outlook, 2018-2028
      1. Market Size & Analysis
        1. Revenues
      2. Market Share & Analysis
        1. By Component
        2. By Deployment
        3. By Application
    5. France Artificial Intelligence (AI) in Fintech Market Outlook, 2018-2028
      1. Market Size & Analysis
        1. Revenues
      2. Market Share & Analysis
        1. By Component
        2. By Deployment
        3. By Application
    6. Italy Artificial Intelligence (AI) in Fintech Market Outlook, 2018-2028
      1. Market Size & Analysis
        1. Revenues
      2. Market Share & Analysis
        1. By Component
        2. By Deployment
        3. By Application
    7. Spain Artificial Intelligence (AI) in Fintech Market Outlook, 2018-2028
      1. Market Size & Analysis
        1. Revenues
      2. Market Share & Analysis
        1. By Component
        2. By Deployment
        3. By Application
    8. The Netherlands Artificial Intelligence (AI) in Fintech Market Outlook, 2018-2028
      1. Market Size & Analysis
        1. Revenues
      2. Market Share & Analysis
        1. By Component
        2. By Deployment
        3. By Application
  12. Middle East & Africa Artificial Intelligence (AI) in Fintech Market Outlook, 2018-2028
    1. Market Size & Analysis
      1. Revenues
    2. Market Share & Analysis
      1. By Component
      2. By Deployment
      3. By Application
      4. By End User
      5. By Country
        1. UAE
        2. Saudi Arabia
        3. South Africa
        4. Others
    3. UAE Artificial Intelligence (AI) in Fintech Market Outlook, 2018-2028
      1. Market Size & Analysis
        1. Revenues
      2. Market Share & Analysis
        1. By Component
        2. By Deployment
        3. By Application
    4. Saudi Arabia Artificial Intelligence (AI) in Fintech Market Outlook, 2018-2028
      1. Market Size & Analysis
        1. Revenues
      2. Market Share & Analysis
        1. By Component
        2. By Deployment
        3. By Application
    5. South Africa Artificial Intelligence (AI) in Fintech Market Outlook, 2018-2028
      1. Market Size & Analysis
        1. Revenues
      2. Market Share & Analysis
        1. By Component
        2. By Deployment
        3. By Application
  13. Asia-Pacific Artificial Intelligence (AI) in Fintech Market Outlook, 2018-2028
    1. Market Size & Analysis
      1. Revenues
    2. Market Share & Analysis
      1. By Component
      2. By Deployment
      3. By Application
      4. By End User
      5. By Country
        1. China
        2. India
        3. Japan
        4. South Korea
        5. Australia
        6. Others
    3. China Artificial Intelligence (AI) in Fintech Market Outlook, 2018-2028
      1. Market Size & Analysis
        1. Revenues
      2. Market Share & Analysis
        1. By Component
        2. By Deployment
        3. By Application
    4. India Artificial Intelligence (AI) in Fintech Market Outlook, 2018-2028
      1. Market Size & Analysis
        1. Revenues
      2. Market Share & Analysis
        1. By Component
        2. By Deployment
        3. By Application
    5. Japan Artificial Intelligence (AI) in Fintech Market Outlook, 2018-2028
      1. Market Size & Analysis
        1. Revenues
      2. Market Share & Analysis
        1. By Component
        2. By Deployment
        3. By Application
    6. South Korea Artificial Intelligence (AI) in Fintech Market Outlook, 2018-2028
      1. Market Size & Analysis
        1. Revenues
      2. Market Share & Analysis
        1. By Component
        2. By Deployment
        3. By Application
    7. Australia Artificial Intelligence (AI) in Fintech Market Outlook, 2018-2028
      1. Market Size & Analysis
        1. Revenues
      2. Market Share & Analysis
        1. By Component
        2. By Deployment
        3. By Application
  14. Global Artificial Intelligence (AI) in Fintech Market Policies, Regulations, Product Standards
  15. Global Artificial Intelligence (AI) in Fintech Market Trends & Insights
  16. Global Artificial Intelligence (AI) in Fintech Market Dynamics
    1. Growth Drivers
    2. Challenges
    3. Impact Analysis
  17. Global Artificial Intelligence (AI) in Fintech Market Hotspot & Opportunities
  18. Global Artificial Intelligence (AI) in Fintech Market Key Strategic Imperatives for Success & Growth
  19. Competition Outlook
    1. Competition Matrix
      1. Solution Portfolio
      2. Target Markets
      3. Research & Development
      4. Strategic Alliances
      5. Strategic Initiatives
    2. Company Profiles of Top Companies (Business Description, Product Segments, Business Segments, Financials, Strategic Alliances/ Partnerships, Future Plans)
      1. Google
      2. IBM
      3. Intel
      4. Inbenta Technologies
      5. Nuance Communications
      6. Complyadvantage.Com
      7. Salesforce.Com
      8. Amazon Web Services
      9. Samsung
      10. Ipsoft
      11. Next It Corp.
      12. Microsoft
      13. Onfido
      14. Active.Ai
      15. TIBCO Software
  20. Disclaimer
Artificial Intelligence (AI) in Fintech Market Segmentation