Artificial Intelligence (AI) in the fintech market is part of the data collection, analysis of the data, facilitating and securing transactions, providing customer-centric modules, and streamlining the process. Also, it provides better analytics, stronger security, virtual assistance, chatbot, and insight. AI in fintech allows fintech organizations to predict customer behavior by collecting their behavioral data. In recent times, AI in the fintech organization has witnessed a significant demand for AI technology in the fintech institution owing to the lower time consumption for the query and easier processing for monetary uses. Moreover, the covid pandemic has changed the behavioral structure of both institutional organizations & customers and allows the organization to implement faster as well as more convenient processes and propel the incorporation of AI in the fintech sector. 

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 According to UnivDatos Market Insights (UMI)’ research report “Global AI in Fintech Market”, the market is expected to witness robust growth of 30% during the forecast period (2022-2028). This is mainly due to the increasing demand for fraud detection, virtual helpers coupled with easy transactions, and chatbots for quick and instant query solutions. The increasing partnership among the industries is also propelling the demand for AI technology in fintech organizations. For instance, Activ.Ai and Talisma have partnered to provide an improved customer experience using a conversational AI-enabled chatbot in the BSFI sector.

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 Based on type, the market is segmented into service and solution. The solution segment witnesses a significant CAGR during the forecast period and is expected to remain the same during the forecast period owing to the adoption of AI and ML in the field of banking and financial institution services to manage big data analytics and to generate significant insight from the collected data. The companies in the market are focusing on innovative and lucrative products & solutions for the user to increase the adoption of AI-enabled technology among the users. For instance, in January 2022, Temenos organization which is the provider of enterprise software solutions for financial institutions and banks announced the first AI-powered buy now pay later solution on its own temenos banking cloud.

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 Based on the deployment, the market is categorized into on-premises and cloud segments. The on-premises segment has shown significant market growth for the year 2021 and is expected to remain the same during the forecast period owing to the enhanced security feature, greater flexibility for data management, and provide better usability for the organization. However, the cloud segment also witnesses significant growth during the forecast period due to the involvement of the hypercloud service providers and the advantage of the pay-on-use facility.   

North America to witness extensive growth

For a better understanding of the market adoption of the AI in fintech industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. APAC is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to the increasing research & development expenditure coupled with the technological advancement in AI, ML, and big data analytics. Also, the increasing number of startups and the growing number of enterprises in the region are supporting AI in the fintech market for instance, according to a leading firm, Canada has approximately 700 fintech organizations with 18 found in the year 2020. Furthermore, the increasing investment by the individual and institutional bodies propel the market in the coming time. For instance, in March 2021, HighRadius, a startup for AI-based products for fintech received the USD 300 million in series C funding.

 According to UnivDatos Market Insights (UMI)’, the key players with a considerable market share in the AI in fintech market are IBM, Narrative Science, Amazon Web Services Inc., Microsoft, HCL Technologies, HP Enterprise Development LP, Intel Corporation, SAP SE, Salesforce Inc., and CISCO System.

 “Global AI in Fintech Market” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for the market players. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitors’ capabilities on different parameters. This will help companies in the formulation of go-to-market strategies and identifying the blue ocean for its offerings.      

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 Market Segmentation:

1.      By Type (Service and Solution)

2.      By Deployment (Cloud and on-Premises)

3.      By Application (Chatbots, Customer Behavioral Analytics, Business Analytics & Reporting, and Others)

4.      By Region (North America, Europe, Asia-Pacific, Rest of the World)

5.      By Company (IBM, Narrative Science, Amazon Web Services Inc., Microsoft, HCL Technologies, HP Enterprise Development LP, Intel Corporation, SAP SE, Salesforce Inc., and CISCO System.)

Key questions answered in the study:

1.      What are the current and future trends of the global AI in fintech industry?

2.      How the industry has been evolving in terms of type, deployment, and application?

3.      How the competition has been shaping across the countries followed by their comparative factorial indexing?

4.      What are the key growth drivers and challenges for the global AI in fintech industry?

5.      What is the customer orientation, purchase behavior, and expectations from the global AI in fintech suppliers across various region and countries?

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Table of content-

 1 MARKET INTRODUCTION

2 RESEARCH METHODOLOGY OR ASSUMPTION

3 MARKET SYNOPSIS

4 EXECUTIVE SUMMARY

5 IMPACT OF COVID-19 ON THE AI IN FINTECH MARKET

6 AI IN FINTECH MARKET REVENUE (USD BN), 2020-2028F

7 MARKET INSIGHTS BY TYPE

8 MARKET INSIGHTS BY DEPLOYMENT

9 MARKET INSIGHTS BY APPLICATION

10 MARKET INSIGHTS BY REGION

11 AI IN FINTECH MARKET DYNAMICS

12 AI IN FINTECH MARKET OPPORTUNITIES

13 AI IN FINTECH MARKET TRENDS

14 DEMAND AND SUPPLY-SIDE ANALYSIS

15 VALUE CHAIN ANALYSIS

16 COMPETITIVE SCENARIO

17 COMPANY PROFILED

18 DISCLAIMER

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