AI in FinTech Global Market Sees Growth Rate Of 28% Through 2022

The global AI in fintech market size is expected to grow from $7.25 billion in 2021 to $9.13 billion in 2022 at a compound annual growth rate (CAGR) of 25.9%. The global AI in fintech market size is expected to grow to $24.17 billion in 2026 at a CAGR of 27.6%.

What is the Global AI in FinTech Market?

The AI in fintech market consists of sales of AI as software by entities (organizations, sole traders, and partnerships) that are used in the fintech space. AI is a part of fintech companies in terms of collection of data, analyzing information, securing and facilitating transactions, creating customer-centric products, and streamlining processes. It provides stronger security, better analytics, and insights, virtual assistance, and chatbots.

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What drives the Global AI in FinTech Market?

The need for fraud detection in fintech or financial institutions is contributing to the growth of AI in the fintech market. Artificial intelligence or machine learning algorithm can learn new information from the data collected, the more data that AI manipulates, the more AI can be learned, and the banks can gain deeper insights with AI technology. The biggest advantage of AI is that over time the algorithm builds on collecting more data and learning more about how to use it. The advantage is that it starts the moment the AI is deployed and continues to grow without interruption of contribution. According to the 2020 Identity Fraud Report by Javelin Strategy & Research, a US-based insights company for financial institutions, Financial institutions suffered a loss of $16.9 billion in 2019 alone due to account takeover and fraud identity. It's difficult to properly identify, authenticate people on digital channels, and Capgemini Claims the fraud detection systems powered by AI or machine learning algorithms minimize fraud investigation time by 70% and improves the accuracy of detection by 90%. The need for fraud detection in fintech drives the market for AI in fintech.

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Global AI in FinTech Market Segments
The global AI in fintech market is segmented:
By Type: Solutions, Services
By Deployment: Cloud, On-Premise
By Application: Asset Management, Risk Investigation, Business Analytics, Regulatory Compliance, Data Collection, Predictive Analytics, Virtual Assistance, Others
By Geography: The regions covered in the AI in fintech market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

AI in FinTech Global Market Report 2022provides market size and growth forecasts for the global AI in fintech market, global AI in fintech market share, AI in fintech market segments and geographies, AI in fintech market competitive landscape including leading competitors’ revenues, profiles and market shares. The AI in fintech market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.

Global AI in FinTech Industry Playersinclude Microsoft, Google, IBM Corporation, Intel Corporation, Amazon Web Services, IPsoft, Salesforce Inc, Nuance Communications, Next IT Corporation, Trifacta Software Inc, Inbenta Technologies, Zeitgold GmbH, and Onfido. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.