Global AI in FinTech Market Report 2023: Forecast Market Size, Growth Rate And Key Drivers
17 Mar, 2023
The global AI in fintech market size grew from $9.15 billion in 2022 to $11.59 billion in 2023 at a compound annual growth rate (CAGR) of 26.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The ai in fintech market size is expected to grow to $31.71 billion in 2027 at a CAGR of 28.6%.
Global AI in FinTech Market Key Driver
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 algorithms, 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.
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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, Other Applications
• 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. Among these regions, North America accounts for the largest share in the AI in fintech global market.
Major AI in FinTech Industry Players
Nuance Communications, Next IT Corporation, Trifacta Software Inc., Inbenta Technologies, Zeitgold GmbH
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AI in FinTech Market Overview
The artificial intelligence (AI) in fintech refers to a technology 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.
AI in FinTech Global Market Report 2023 provides data on the global AI in fintech market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The AI in fintech market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.