AI in FinTech is used for a wide array of purposes, such as lending decision making, customer support, fraud detection, credit risk assessment, insurance, wealth management, and others. FinTech companies adopt AI for enhanced efficiency, improvised precision levels, and high-speed query resolution. Moreover, AI in FinTech drives innovation, leading to personalized, fast, and secure services with higher customer satisfaction and global reach.
AI in FinTech provides improved customer services, as AI-powered Fintech can minimize the workload placed on financial institutions as they tackle the most typical and frequent user problems. In addition, many AI powered banking apps offer personalized financial advice to help users achieve their financial goals and track their income and expenses. Furthermore, AI in FinTech helps in fraud detection, which is one of the major problems the finance industry faces nowadays. Therefore, these are some of the factors propelling the market growth. However, AI in FinTech solutions are often built to serve the needs of many consumers and not with inclusivity and diversity in mind. AI systems are vulnerable to biases in their treatment of disabled people. In addition, AI in FinTech is highly unregulated. Therefore, these are some major factors limiting the growth of AI in FinTech market. On the contrary, AI is recognized as being more powerful than the traditional data analytics capabilities of financial institutions. Moreover, advances in technology and adoption of artificial intelligence in the banking sector is expected to provide lucrative growth opportunities for the AI in FinTech market in the coming years.
The AI in FinTech market is segmented on the basis of component, deployment mode, application, and region. By component, it is segmented into solution and services. The solution segment is further bifurcated into software tools and platforms. The software tools segment is further divided into data discovery, data quality & data governance, and data visualization. The services segment is further divided into managed services and professional services. By deployment mode, it is bifurcated into on-premises and cloud. Based on application, it is segregated into virtual assistants (chatbots), business analytics and reporting, customer behavioral analytics, and others. By region, it is analyzed across Asia-Pacific, Europe, North America, and LAMEA.
The report analyzes the profiles of key players operating in the AI in FinTech market, such as Amazon Web Services, Inc., Cisco Systems, Inc., ComplyAdvantage, Cognizant, Capgemini, FICO, Google, Hewlett Packard Enterprise Development LP, HCL Technologies Limited, IBM, Intel Corporation, Inbenta Holdings Inc., Microsoft, Oracle, Saleforce, Inc., SAP SE, and TIBCO Software, Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the AI in FinTech industry.
AI in FinTech provides improved customer services, as AI-powered Fintech can minimize the workload placed on financial institutions as they tackle the most typical and frequent user problems. In addition, many AI powered banking apps offer personalized financial advice to help users achieve their financial goals and track their income and expenses. Furthermore, AI in FinTech helps in fraud detection, which is one of the major problems the finance industry faces nowadays. Therefore, these are some of the factors propelling the market growth. However, AI in FinTech solutions are often built to serve the needs of many consumers and not with inclusivity and diversity in mind. AI systems are vulnerable to biases in their treatment of disabled people. In addition, AI in FinTech is highly unregulated. Therefore, these are some major factors limiting the growth of AI in FinTech market. On the contrary, AI is recognized as being more powerful than the traditional data analytics capabilities of financial institutions. Moreover, advances in technology and adoption of artificial intelligence in the banking sector is expected to provide lucrative growth opportunities for the AI in FinTech market in the coming years.
The AI in FinTech market is segmented on the basis of component, deployment mode, application, and region. By component, it is segmented into solution and services. The solution segment is further bifurcated into software tools and platforms. The software tools segment is further divided into data discovery, data quality & data governance, and data visualization. The services segment is further divided into managed services and professional services. By deployment mode, it is bifurcated into on-premises and cloud. Based on application, it is segregated into virtual assistants (chatbots), business analytics and reporting, customer behavioral analytics, and others. By region, it is analyzed across Asia-Pacific, Europe, North America, and LAMEA.
The report analyzes the profiles of key players operating in the AI in FinTech market, such as Amazon Web Services, Inc., Cisco Systems, Inc., ComplyAdvantage, Cognizant, Capgemini, FICO, Google, Hewlett Packard Enterprise Development LP, HCL Technologies Limited, IBM, Intel Corporation, Inbenta Holdings Inc., Microsoft, Oracle, Saleforce, Inc., SAP SE, and TIBCO Software, Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the AI in FinTech industry.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the ai in fintech market analysis from 2021 to 2031 to identify the prevailing ai in fintech market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the ai in fintech market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global ai in fintech market trends, key players, market segments, application areas, and market growth strategies.
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Key Market Segments
By Component
- Solution
- Services
By Deployment Mode
- On-premise
- Cloud
By Application
- Customer Behavioral Analytics
- Others
- Virtual Assistants (Chatbots)
- Business Analytics and Reporting
By Region
- North America
- U.S.
- Canada
- Europe
- United Kingdom
- Germany
- France
- Spain
- Russia
- Netherlands
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Australia
- Singapore
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
- Key Market Players
- Cisco Systems, Inc.
- Cognizant
- FiCO
- Hewlett Packard Enterprise Development LP
- IBM
- Microsoft
- TIBCO Software, Inc.
- SAP SE
- Amazon Web Services, Inc.
- Capgemini
- Inbenta Holdings Inc.
- ComplyAdvantage
- HCL Technologies Limited
- Oracle Corporation
- Saleforce, Inc.
- Intel Corporation
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: AI IN FINTECH MARKET, BY COMPONENT
CHAPTER 5: AI IN FINTECH MARKET, BY DEPLOYMENT MODE
CHAPTER 6: AI IN FINTECH MARKET, BY APPLICATION
CHAPTER 7: AI IN FINTECH MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report, the ai in fintech market was valued at $8.2 billion in 2021, and is estimated to reach $61.3 billion by 2031, growing at a CAGR of 22.5% from 2022 to 2031.AI in FinTech Market Expected to Reach $61.30 Billion by 2031 - Allied Market Research
According to a recent report published by Allied Market Research, titled, 'AI in FinTech Market by Component, Deployment Mode, and Application: Global Opportunity Analysis and Industry Forecast, 2022-2031,”The global AI in FinTech market was valued at $8.23 billion in 2021, and is projected to reach $61.30 billion by 2031, growing at a CAGR of 22.5% from 2022 to 2031.
Companies in the financial sector are leveraging artificial intelligence to analyze and manage data from multiple sources to provide valuable insights. These innovative results help banks overcome the difficulties they face on an everyday basis while providing day-to-day services such as loan management or payment processing. Moreover, AI in FinTech powers many solutions aimed at enhancing security precautions. For instance, banks offer apps that can be accessed only with facial or fingerprint recognition. This is made possible due in large part to Artificial Intelligence. Furthermore, some experts claim that passwords and usernames will be replaced by AI-backed security solutions in the near future. Speech recognition, face recognition, and other biometric data can add a supplementary security layer and are more difficult to bypass than traditional passwords.
The FinTech industry is distinguished by its high degree of innovation within a complex ecosystem that includes, financial service providers, and start-ups. Furthermore in recent years, artificial intelligence (AI) has been adopted by various FinTechs for strategic decision making, customer insights, understanding consumer purchasing behavior, and improving the digital transaction experience. For instance, Government of India recently announced the rapid digitalization of the banking sector as part of the Digital India initiative that will stimulate financial inclusion. RBI further promoted its policy of Secure and Informed Digital Banking. Moreover, Allied Digital Services Ltd, a publicly-traded global IT solutions, services and master systems integration company, officially announced the launch of its new FinTech product 'FinoAllied' which is an AI-Powered conversational banking platform, that comes with built-in banking services and transactions fully ready to be offered to the customers through various digital channels of the banks. Allied Digital sources claim that FinoAllied could be helpful for small and mid-size banks that are struggling in their digital transformation.
On the basis of component, the solution segment is the highest growing segment. This is attributed to the fact that most of the FinTechs have started adopting AI and advance machine learning algorithms to manage the massive volume of data being generated for meaningful insights and better-informed decisions. Moreover, companies majorly focus on creating novel opportunities for growth and revenue generation, thereby increasing the preference for AI and advance machine learning algorithms across FinTech industries.
Based on region, North America attained the highest growth in 2021. This is attributed to the fact that the vast majority of financial advisors in North America believe that artificial intelligence (AI) will transform FinTech sector and help in driving the business growth. Furthermore, against increasingly challenging market conditions, AI has the potential to help FinTech sustain and drive new growth, by creating operating efficiencies and transforming the customer experience through more hyper-personalized insights and products.
According to Aarti Goswami, Research Analyst, BFSI at Allied Market Research, 'The small and mid-size banks can highly benefit by rapidly provisioning digitalization through AI in FinTech. Artificial Intelligence can provide a full-scale customer experience, promote larger customer footprints, subscribe to the pay-as-you-use model, save investments, and bring operational efficiency while remaining compliant. Moreover, AI is a critical part of the FinTech space in terms of collecting data, analyzing information, safeguarding and facilitating transactions, creating customer-centric products, and streamlining processes.”
The COVID-19 had resulted in a positive impact on the AI in FinTech market, since most of the banks and other financial institutions readily adopted technology during the pandemic. Artificial intelligence was one of the most widely adopted technology by FinTechs worldwide during the pandemic. Therefore, the COVID-19 had a positive impact on the AI in FinTech market.
Key findings of the study
By application, the virtual assistant (chatbot) segment led the AI in FinTech market in terms of revenue in 2021.By deployment mode, the on-premises segment accounted for the highest AI in FinTech market share in 2021.
By region, North America generated the highest revenue in 2021.
The key players profiled in the AI in FinTech market analysis are Amazon Web Services, Inc., Cisco Systems, Inc., ComplyAdvantage, Cognizant, Capgemini, FICO, Google, Hewlett Packard Enterprise Development LP, HCL Technologies Limited, IBM, Intel Corporation, Inbenta Holdings Inc., Microsoft, Oracle, Saleforce, Inc., SAP SE, and TIBCO Software, Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
Companies Mentioned
- Cisco Systems, Inc.
- Cognizant
- FiCO
- Hewlett Packard Enterprise Development LP
- IBM
- Microsoft
- TIBCO Software, Inc.
- SAP SE
- Amazon Web Services, Inc.
- Capgemini
- Inbenta Holdings Inc.
- ComplyAdvantage
- HCL Technologies Limited
- Oracle Corporation
- Saleforce, Inc.
- Intel Corporation
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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