Global AI in FinTech Market

Artificial intelligence (AI) is a simulation of the human intelligence in machines that are programmed to think and behave like humans. AI helps to complete the job quickly and with relatively few errors. The main technology types of artificial intelligence are machine learning, natural language processing, context-aware computing, computer vision and others. Machine learning is an artificial intelligence (AI) program that allows systems to automatically learn and improve from experience without being explicitly programmed. The AI technology is offered through hardware, software and services that are used by healthcare, automotive, agriculture, retail, marketing, telecommunication, defense, aerospace, media and entertainment and other end use industries. The artificial intelligence market research report is one of a series of new reports from The Business Research Company that provides artificial intelligence market statistics, including artificial intelligence industry global market size, regional shares, competitors with an artificial intelligence market share, detailed artificial intelligence market segments, market trends and opportunities, and any further data you may need to thrive in the artificial intelligence industry. This artificial intelligence market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry. The global artificial intelligence market size will grow from $56.89 billion in 2022 to $73.38 billion in 2023 at a compound annual growth rate (CAGR) of 29.0%. 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 global artificial intelligence market size is expected to grow to $167.29 billion in 2027 at a CAGR of 22.9%. Growing investment in AI technologies contributed to the growth of the Artificial intelligence market. Many companies are investing in AI technologies or AI start-ups to increase the efficiency of AI software as AI enables them to make more informed decisions and achieve better results. For instance, Microsoft has invested around $1 billion in OpenAI a San Francisco company. The two companies had formed a partnership to develop AI supercomputing technologies on Microsoft's cloud Azure. AI is useful across multiple sectors. For instance, AI can lead to breakthroughs in R&D and diagnostics in healthcare sector, it can help make better forecasts in finance, and in manufacturing, it can increase production controls and efficiency. Therefore, rise in investment in AI technologies due to its advantages in every sector is driving the market for the Artificial Intelligence market. The limited number of AI Experts is a major challenge in the Artificial intelligence market. To develop the AI software the company needs AI experts, practitioners, and researchers. According to Tencent, a Chinese multinational technology conglomerate holding company, there are 300k AI researchers and practitioners worldwide, but the market demand is around millions of roles. The limited number of AI experts may harm the Artificial intelligence market. Automated machine learning is being implemented by many companies. It is quite complicated to apply traditional machine learning models for real-world business problems. The better solution is to use Automated machine learning which allows non-machine learning (ML) experts to use machine learning algorithms without being machine learning wizards. For instance, tools like Google cloud AutoML are used to train custom-made and high-quality ML models with a minimum ML expertise. In January 2020, Apple acquired a Seattle-based start-up xnor.ai for a deal amount of $200 million. The acquisition is expected to strengthen in delivering AI capabilities. Xnor.ai is a US-based designer and developer of hardware and software solutions. Major players in the artificial intelligence market are Google, IBM, Baidu, Microsoft, Apple Inc., Ipsoft, NVIDIA corporation, Samsung Electronics Co.Ltd., MicroStrategy Inc., Qlik Technologies Inc., Verint Systems Inc. (Next IT Corp), Qualcomm Technologies, Micron Technology, Xilinx Inc., Intel corporation, ARM Holding, Advanced Micro Devices Inc., Huawei Technologies Co.Ltd., SAP, Intel, Salesforce, Brighterion, KITT.AI, IFlyTek, Megvii Technology, Albert Technologies, H2O.ai, Brainasoft and Yseop. Asia-Pacific was the largest region in the artificial intelligence market in 2022. North America was the second largest region in the global artificial intelligence market. The regions covered in the global artificial intelligence market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. The countries covered in the artificial intelligence market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA. The artificial intelligence market includes revenues earned by entities by offering artificial intelligence software. Artificial Intelligence (AI) is sometimes referred to as machine intelligence. Artificial intelligence is a wide-ranging branch of computer science-related to building smart machines that can perform tasks that require human intelligence. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The global artificial intelligence market is segmented - 1) By Offering: Hardware, Software, Services 2) By Technology: Machine learning, Natural language processing, Context-Aware Computing, Computer Vision, Other Technologies (Image processing, Speech recognition) 3) By End-user Industry: Healthcare, Automotive, Agriculture, Retail, Marketing, Telecommunication, Defense, Aerospace, Media & Entertainment, Other End-User Industries

Artificial intelligence is a wide-ranging branch of computer science-related with building smart machines that can perform tasks that require human intelligence. The main technology types of artificial intelligence services are machine learning, computer vision, natural language processing (NLP), and others. Machine learning is an artificial intelligence (AI) program that allows systems to automatically learn and improve from experience without being explicitly programmed. The various software tools used include web-based and cloud application programming interface, processing and modeler, archiving, and data storage that are used to provide managed services and professional services. The services are used by different end users such as banking, financial, and insurance (BFSI), IT and telecom, retail, manufacturing, public sector, energy and utility, and healthcare, among others. The artificial intelligence (AI) services market research report is one of a series of new reports from The Business Research Company that provides artificial intelligence (AI) services market statistics, including artificial intelligence (AI) services industry global market size, regional shares, competitors with an artificial intelligence (AI) services market share, detailed artificial intelligence (AI) services market segments, market trends and opportunities, and any further data you may need to thrive in the artificial intelligence (AI) services industry. This artificial intelligence (AI) services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry. The global artificial intelligence services market size will grow from $12.39 billion in 2022 to $18.34 billion in 2023 at a compound annual growth rate (CAGR) of 48.0%. 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 global artificial intelligence services market size is expected to grow to $55.38 billion in 2027 at a CAGR of 31.8%. The rise in the adoption of cloud-based solutions is a key factor driving the growth of the artificial intelligence services market. Artificial intelligence (AI) as a service lets businesses experiment with AI for different activities without a high initial investment. Experimentation enables many cloud computing platforms to check different machine learning algorithms and helps streamline how data is analyzed and managed. Businesses are deeply interested in cloud-based machine learning, which lets them experiment through their services and help their clients make informed decisions based on the data. For instance, in March 2020, Google announced the beta launch of Cloud AI Platform Pipelines, which provides its customers with repeatable machine learning pipelines that can be installed easily and used for machine learning workflows securely. The integration of AI applications into its cloud draws more customers, thus enhancing market growth over the forecast period. Therefore, the rise in the adoption of cloud-based solutions is expected to drive the growth of the artificial intelligence services market. The risks associated with data breaches and hacks are hampering the growth of the artificial intelligence services market. The World Economic Forum (WEF) has cautioned that new technologies such as the Internet of Things, artificial intelligence, and quantum computing can turn around human lives, but may also make society more vulnerable to cyber-attacks. It was stated that attacks occur on average once every 39 seconds and a single breach could cost as much as $150 million in 2020. Although companies and organizations are aware of these risks, breach activity still takes around six months to detect, and the long delays between original network breach and security responses allow hackers to take advantage of significant quantities of data. According to the State of the breach June 2020, about 16 billion records including credit card numbers, phone numbers, home addresses, and other sensitive information were exposed through data breaches since 2019. Therefore, the risks associated with data breaches and hacking hampers the growth of the artificial intelligence services market. The use of artificial intelligence as a service for human interaction with machines using natural language processing (NLP) is a key trend shaping the artificial intelligence services market. Natural language processing (NLP) is a type of artificial intelligence that explains how human language and computers interact. Machine translation is an enormous technology for NLP that enables us to overcome the challenges to contact people from all over the world and to understand software manuals and catalogs written in a foreign language. For instance, the Livox app, a customizable application in 25 languages helps the disabled to communicate. In January 2021, ServiceNow, a US-based provider of information technology management software for companies, acquired Element AI for $230 million. The acquisition of Element AI would significantly strengthen ServiceNow's commitment to developing the most intelligent workflow platform in the world, allowing staff members to work more quickly and intelligently, simplify business choices, and reach new heights of productivity. Element Ai is a Canada-based artificial intelligence (AI) company. Major players in the artificial intelligence services market are Intel Corp., International Business Machines Corp., Microsoft Corp., SAP SE, SAS Institute Inc., Amazon.com Inc., Salesforce, Google LLC., Oracle Corporation, Fair Isaac Corporation, Alphabet Inc., Apple Inc., CognitiveScale, Inc., Baidu, Inc., BigML, H2O.ai and Baidu Inc. Asia-Pacific was the largest region in the artificial intelligence services market in 2022. North America was the second largest region in the global artificial intelligence services market. The regions covered in the global artificial intelligence services market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. The countries covered in the artificial intelligence services market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA. The artificial intelligence services market includes revenues earned by entities by providing AI services that are used in telecommunications, government, retail, defense and healthcare. Companies in the artificial intelligence market provide outsourced services to cater to business requirements. AI as a service enables individuals and businesses to use AI for different purposes, without significant initial investment and with lower risk. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The global artificial intelligence services market is segmented - 1) By Technology: Machine Learning, Computer Vision, Natural Language Processing (NLP), Other Technology 2) By Services Type: Managed Services, Professional Services 3) By Software Tools: Web-based and Cloud Application Programming Interface, Processing and Modeler, Archiving and Data Storage 4) By Application Type: Fraud Detection, Data Analytics & Visualization, Customer Service and Management, Rsik Management, Compliance & Security 5) By End-User: Banking, Financial, and Insurance (BFSI), IT & Telecom, Retail, Manufacturing, Public Sector, Energy & Utility, Healthcare, Other End-Users

Cloud Service refers to a wide range of on-demand services offered to businesses and customers over the internet. These services are designed to provide easy and affordable access to applications and resources without needing internal infrastructure or hardware. It refers to the servers accessed over the internet and the software and databases on those servers. The main types of cloud services are software as a service (SaaS), platform as a service (PaaS), infrastructure as a service (IaaS) and business process as a service (BPaaS). Software as a service (SaaS) refers to providing complete applications over the Internet. It is also called web-based software, on-demand software, or hosted software. Establishments providing SaaS offer access to their software and hardware, managing access to the application, its security, availability, and performance. Users only need to think about the usage of the service provided and not about how the service is provided or maintained or how the underlying infrastructure is managed. The deployment method used include public cloud, private cloud, hybrid cloud and large enterprises, small and medium enterprises size organizations utilize them. The cloud services are mainly used for storage, backup, and disaster recovery, application development and testing, database management, business analytics, integration and orchestration, customer relationship management and others and used in industries including BFSI, media and entertainment, IT and telecommunications, energy and utilities, government and public sector, retail and consumer goods, manufacturing and others. The cloud services market research report is one of a series of new reports from The Business Research Company that provides cloud services market statistics, including cloud services industry global market size, regional shares, competitors with a cloud services market share, detailed cloud services market segments, market trends and opportunities, and any further data you may need to thrive in the cloud services industry. This cloud services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry. The global cloud services market grew from $446.1 billion in 2022 to $489.77 billion in 2023 at a compound annual growth rate (CAGR) of 9.8%. 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 cloud services market is expected to grow to $698.01 billion in 2027 at a CAGR of 9.3%. The impact of COVID-19 (COVID-19) is expected to drive the cloud services market in the forecast period as the increasing number of people are working from home due to lockdowns imposed by governments globally that restrict the gathering of people in public places. Steps by national governments to contain the transmission have resulted in people working from home by accessing work-related systems and applications through the cloud. For instance, cloud spending rose 37% to $29 billion during the first quarter of 2020. This trend is likely to persist, as the exodus to virtual work underscores the urgency for scalable, secure, reliable, cost-effective off-premises technology services. In fact, despite the inevitable economic downturn in the wake of the pandemic, cloud spending is estimated to rise 19% for the full year, even as IT spending as a whole is forecasted to fall 8%. Thus, uncertainty surrounding the duration of the spread of COVID-19 is expected to lead to more companies adopting cloud technology to support their employees working from home, thereby driving the market growth. Security, password protection, and corporate and financial information protection were key issues for the cloud services industry. Similarly, in March 2020 it was reported that the real names, site usernames, gender, location, and phone numbers for 172 million users had been posted for sale on dark web markets. Due to security breaches, the need for firewall protection and network separation to ensure privacy was another major need across all industries. Routine security assessments undertaken with the help of security researchers were needed to analyze programming vulnerabilities, adding to the cloud services industry costs restraining the overall attractiveness of the market. Cloud service providers are increasingly using artificial intelligence to increase the efficiency and speed of cloud computing services. Artificial intelligence leverages computers and machines to mimic the problem-solving and decision-making capabilities of the human mind. Using AI in cloud services can increase productivity and efficiency while automating repetitive tasks and supporting human capabilities. The advantages of using AI for cloud-based services include lowering adoption costs, facilitates co-creation, innovation, and driving AI-powered transformation for enterprises. Cloud service providers can use AI-powered network security tools to track and evaluate network traffic. For example, the IBM cloud park for automation and Amazon GuardDut are some of the AI based cloud services that are used for providing prebuilt workflows for AI-powered automation and for threat detecting. In addition, in 2020, Salesforce, the leading customer relationship management platform introduced a tool named Einstein, which offers the ability to capture customer data, making it easier to track and personalize customer relationships. Major companies in the cloud services market include Microsoft, Amazon.com Inc., SAP SE, International Business, Machines Corporation, Nippon Telegraph And Telephone Corp, Intel Corporation, Dell Technologies Inc., Apple, Tencent Holdings Co Ltd and Orange SA. North America was the largest region in the cloud services market in 2022. Western Europe was the second largest region cloud services market. The regions covered in the hardware support services market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the cloud services market report are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela and Vietnam. The cloud services market includes revenues earned by entities by providing cloud services that can be used for the delivery of information technology resources and applications on-demand through an internet platform. Companies in the cloud services market provide access to servers, storage, databases and a broad set of application services managed by a hardware networking. This market includes sales of storage servers which are used to store, access, secure and manage digital data, files and services. It also includes sales of public cloud services, private cloud services, hybrid cloud services and multi-cloud services offered by providers are included. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The global cloud services market is segmented - 1) By Type: Software as a service (SaaS), Platform as a service (PaaS), Infrastructure as a service (IaaS), Business Process as a service (BPaaS) 2) By End-User Industry: BFSI, Media And Entertainment, IT and Telecommunications, Energy And Utilities, Government And Public Sector, Retail And Consumer Goods, Manufacturing, Other End User Industries 3) By Application: Storage, Backup, and Disaster Recovery, Application Development and Testing, Database Management, Business Analytics, Integration and Orchestration, Customer Relationship Management, Other Applications 4) By Deployment Model: Public Cloud, Private Cloud, Hybrid Cloud 5) By Organisation Size: Large Enterprises, Small And Medium Enterprises

Information technology (IT) is the use of computers, storage, networking and other physical devices, infrastructure and processes to create, process, store, secure and exchange all forms of electronic data. The main type of information technology (IT) are IT services, computer hardware, telecom, and software products. Computer hardware is the physical components that a computer system requires to function and encompasses everything within a PC or laptop. The services are used by large, small, and medium enterprises of financial services, retail and wholesale, manufacturing, healthcare and others. The information technology (IT) market research report is one of a series of new reports from The Business Research Company that provides information technology (IT) market statistics, including information technology (IT) industry global market size, regional shares, competitors with information technology (IT) market share, detailed information technology (IT) market segments, market trends and opportunities, and any further data you may need to thrive in the information technology (IT) industry. This information technology (IT) market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry. The global information technology market grew from $8179.48 billion in 2022 to $8852.41 billion in 2023 at a compound annual growth rate (CAGR) of 8.2%. 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 information technology market is expected to grow to $11995.97 billion in 2027 at a CAGR of 7.9%. The demand for cloud computing services is expected to drive the demand for IT services during the forecast period. In the cloud computing model, data is stored on the internet by a cloud computing provider, who manages and operates data storage as a service. Many companies are now choosing applications hosted in the cloud for their day-to-day operations. For example, according to statistics provided by hostingtribunal.com, 60% of computing workloads were running in the public cloud in 2019. Similarly, 94% of enterprise workloads are expected to be processed by cloud data centers in 2021. Companies are also opting for cloud-based data storage, thus boosting the demand for IT services. The outbreak of COVID-19 disease (COVID-19) has acted as a significant restraint on the information technology market in 2020 as supply chains were disrupted due to trade restrictions and employees working for these establishments faced difficulties related to infrastructure and communication owing to lockdowns imposed by governments globally, forcing them to work from home. COVID-19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally, including Western Europe, North America, and Asia. Steps by national governments to contain the transmission have resulted in a decline in economic activity, with countries entering a state of 'lock down,' and the outbreak had a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the information technology market will recover from the shock across the forecast period as it is a 'black swan event and not related to ongoing or fundamental weaknesses in the market or the global economy. Over the past five years there has been an increasing prevalence of low cost open source alternatives. Open source has become a preferred platform for developing new technology. In the past, software publishers would open source software that was not making money, but now companies are open sourcing software to increase their presence and share in the market. Supabase, a YC-incubated startup that offers developers an open-source alternative, announced that it had raised a $6 million in funding to create new open-source tools. Major companies in the information technology (IT) market include Apple, Microsoft, Verizon Communications, China Mobile, AT&T Inc., Huawei, Deutsche Telekom AG, Dell Technologies Inc., Samsung Electronics Co., Ltd. and Comcast Corporation. Asia-Pacific was the largest region in the information technology (IT) market in 2022. North America was the second largest region of the information technology market. The regions covered in the information technology market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. The countries covered in the information technology (IT) market are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela and Vietnam. Major companies in the information technology (IT) market include Apple, Microsoft, Verizon Communications, China Mobile, AT&T Inc., Huawei, Deutsche Telekom AG, Dell Technologies Inc., Samsung Electronics Co., Ltd. and Comcast Corporation. Asia-Pacific was the largest region in the information technology (IT) market in 2022. North America was the second largest region of the information technology market. The regions covered in the information technology market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the information technology (IT) market are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela and Vietnam. The information technology (IT) market consists of revenues earned by entities by providing IT services such as computer networking, broadcasting, systems design services and information distribution technologies like television and telephones and other equipment used during the process. The market value includes the value of related goods sold by the service provider or included within the service offering. The information technology market also includes sales of computers, computer peripherals and telecommunications equipment which are used in providing IT services. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The global information technology market is segmented - 1) By Type: IT Services, Computer Hardware, Telecom, Software Products 2) By Organization Size: Large Enterprise, Small and Medium Enterprise 3) End User Industry: Financial Services, Retail & Wholesale, Manufacturing, Healthcare, Other End User Industries Subsegments Covered: Hardware Support Services, Software And BPO Services, Cloud Services, Computer Peripheral Equipment, Computer Storage Devices And Servers, Computers, Wireless Telecommunication Carriers, Wired Telecommunication Carriers, Communications Hardware, Satellite & Telecommunication Resellers, Operating Systems & Productivity Software Publishing, Database, Storage & Backup Software Publishing, Business Analytics & Enterprise Software, Video Game Software, Design, Editing & Rendering Software

RegTech, or regulatory technology, is a set of enterprises that employ cloud computing technology and software-as-a-service (SaaS) to assist businesses in complying with regulations more efficiently and cost-effectively. RegTech's primary functions are regulatory surveillance, monitoring, and compliance. The RegTech IS engaged in providing regulatory processes within the financial industry via advanced technologies. The main types of components in RegTech are solutions and services. The RegTech services reduce the threats such as cyberattacks, security breaches, or money laundering by using regulatory-driven transformations. The different modes of deployment include cloud, on-premises and are deployed in various organization sizes such as large enterprises, small and medium-sized enterprises (SMEs). It is used in risk and compliance management, identity management, regulatory reporting, anti-money laundering (AML) and fraud management, regulatory intelligence, and is implemented in several verticals such as banks, insurance companies, fintech firms, it and telecom, public sector, energy and utilities, others. The RegTech market research report is one of a series of new reports from The Business Research Company that provides RegTech market statistics, including RegTech industry global market size, regional shares, competitors with a RegTech market share, detailed RegTech market segments, market trends and opportunities, and any further data you may need to thrive in the RegTech industry. This RegTech market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry. The global regtech market size grew from $9.93 billion in 2022 to $12.37 billion in 2023 at a compound annual growth rate (CAGR) of 24.5%. 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 regtech market size is expected to grow to $30.4 billion in 2027 at a CAGR of 25.2%. The rising number of fraudulent activities such as money laundering in the financial sector is expected to propel the growth of the RegTech market in the forecast period. Fraudulent activities such as money laundering have increased and therefore financial organizations need a more powerful RegTech framework that can help risk and compliance teams manage the deluge of ever-increasing regulatory compliance and progressively sophisticated breaches successfully. For example, in 2022, according to a report published by LexisNexis Risk Solutions, a US-based global data and analytics company, the costs of fraud for U.S. and Canadian financial services companies are rising. U.S. financial services companies pay $4.23 instead of $3.64 for every $1 lost to fraud, a 16.2% increase. Canadian financial services companies' costs increased by 19.6%, from $3.16 in 2020 to $3.78 in 2022. Thus, the rising number of fraudulent activities increases the demand for the RegTech market. The application of AI, ML, and blockchain technologies has emerged as a key trend in the RegTech market. Major companies operating in the RegTech sector are increasingly adopting AI, ML, and blockchain technologies to automate processes such as data management analysis and due diligence. For instance, in January 2021, Darktrace, a UK-based AI cyber security company launched the fifth version of autonomous response technology for general accessibility, allowing businesses to benefit from the cloud while also safeguarding themselves from new cyber-threats. Compliance with regulations including GDPR, HIPAA, and the DFS Cyber Security Regulations adds to the long list of issues that security professionals face. In November 2022, Regnology, a Germany-based software provider specializing in regulatory reporting solutions, acquired b.fine for an undisclosed amount. This acquisition improves the integration of SupTech and RegTech and leverages powerful connections to provide more automated and standardized procedures to new clients throughout Europe and beyond. b.fine a Belgian RegTech company that helps financial institutions improve the reporting process. Major players in the regtech market are Abside RegTech, Accuity, ACTICO, Acuant Inc., Ascent Technologies Inc., BearingPoint Software Solutions GmbH, Broadridge Financial Solutions Inc., BWise Beheer B.V., Compliance Solutions Strategies, Sysnet Global Solutions, Trulioo, ComplyAdvantage, Fenergo, IBM Corporation, Infrasoft Technologies, Jumio, London Stock Exchange Group plc, MetricStream Inc., NICE Actimize, RIMES Technologies Corporation, and VERMEG. North America was the largest region in the regtech market in 2022. The regions covered in the RegTech report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. The countries covered in the regtech market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The RegTech market includes revenues earned by entities by client identification, monitoring, reporting, data protection, data warehousing and analytics, legal and regulatory analysis, training and general compliance. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The global regtech market is segmented - 1) By Component: Solutions, Services 2) By Deployment Type: Cloud, On-Premises 3) By Organization Size: Large Enterprises, Small and Medium-sized Enterprises (SMEs) 4) By Application: Risk And Compliance Management, Identity Management, Regulatory Reporting, Anti-Money laundering (AML) And Fraud Management, Regulatory Intelligence 5) By End User: Banks, Insurance Companies, FinTech Firms, IT And Telecom, Public Sector, Energy And Utilities, Other End Users

Insurtech refers to technological innovations created and implemented to improve the efficiency of the insurance industry. Insurtech provides authority for the insurance business's creation, distribution, and management. The main types of products in insurtech are health insurance, life insurance, travel insurance, car insurance, business insurance, home insurance, and others. The health insurance offers insurance coverage for the medical, surgical, prescription drug, and sometimes dental expenses incurred by the insured, depending upon the health insurance coverage plan. The different technologies include blockchain, cloud computing, IoT, machine learning, Robo advisory, and others and are deployed on-premises, in the cloud. It offers solutions, and services and is used by various sectors such as the automotive industry, banking, and financial services, government sector, healthcare industry, manufacturing industry, retail industry, and others. The insurtech market research report is one of a series of new reports from The Business Research Company that provides insurtech market statistics, including insurtech industry global market size, regional shares, competitors with an insurtech market share, detailed insurtech market segments, market trends, and opportunities, and any further data you may need to thrive in the insurtech industry. This insurtech market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry. The global insurtech market size grew from $10.44 billion in 2022 to $13.49 billion in 2023 at a compound annual growth rate (CAGR) of 29.3%. 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 insurtech market size is expected to grow to $39.44 billion in 2027 at a CAGR of 30.7%.. Insurtech is cost-effective which is contributing to the growth of the insurtech market. Insurtech is more cost-effective than traditional insurance companies as insurtech eliminates the need for a middle man between the insurance provider and customer. Through digitization and highly responsive customer engagement software, insurtech reduces the steps taken by a customer during their onboarding and claim processing experience, lowering the overall cost of the insurance policy. For instance, in 2020, Accenture, an Ireland-based professional services company reported that around 96% of insurers are willing to adopt digital ecosystems as it is having a major impact on the insurance industry. Insurtech companies are increasingly using hyper-automation to satisfy the rising client demands and to provide competitive pricing. Hyper automation is a combination of machine learning (ML), artificial intelligence (AI), and robotic process automation (RPA) that allows insurtech professionals in conducting business more quickly, efficiently, and securely. According to a study by Cigniti, an India-based software company, more than 65% of insurtech companies are likely to adopt at least partial hyper-automation by 2024, as new technologies and evolving client expectations drive rapid transition in the industry. In June 2021, MGA CorvusInsurTech, a US-based company offering insurtech services acquired Wingman Insurance for an undisclosed amount. This purchase presents additional opportunities for MGA CorvusInsurTech as they launched an acquisition strategy and maintained organic development by increasing their presence in the small and midsize business sector and establishing the option to white label their products and services as they further examine different product lines. Wingman Insurance is a US-based company that provides digital insurance services. Major players in the insurtech market are Quantemplate Limited, Oscar Health, Shift Technologies Inc., ZhongAn, Trov Inc., Neos, Clover Health, Acko General Insurance, Lemonade Inc., Metromile Inc., Damco Group, DXC Technology, Insurance Technology Services, Majesco, Bauxy, Anorak Technologies, Moonshot-Internet, and KFin Technologies Private Limited. North America was the largest region in the insurtech service market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. The countries covered in the insurtech market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The insurtech market includes revenues earned by entities by providing solutions that integrate the traditional insurance industry with modern technologies. The term insurtech refers to applying technological innovations to extract cost and efficiency from the current insurance industry model. Insurtech intends to collect information from a variety of sources, including automotive GPS tracking and activity trackers on wristwatches. The information gathered can be utilized to create more precisely defined risk groups, allowing for more competitive pricing of products. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The global insurtech market is segmented - 1) By Product: Health Insurance, Life Insurance, Travel Insurance, Car Insurance, Business Insurance, Home Insurance, Other Products 2) By Technology: Blockchain, Cloud Computing, IoT, Machine Learning, Robo Advisory, Other Technologies 3) By Offering: Solutions, Services 4) By Deployment: On-Premise, Cloud 5) By Application: Automotive Industry, Banking And Financial Services, Government Sector, Healthcare Industry, Manufacturing Industry, Retail Industry, Other Applications

AI in pharma refers to the use of automated algorithms to jobs that normally need human intelligence. Large datasets including disease patterns can be successfully identified by AI solutions in pharma, and they can also assist in understanding which medication formulations would be most effective for treating certain ailments. The artificial intelligence (AI) in the pharma market covered in the report is segmented by technology into context-aware processing, natural language processing, querying method, and deep learning; by drug type into the small molecule, large molecules; by application into diagnosis, clinical trial research, drug discovery, research and development, epidemic prediction. The artificial intelligence (AI) in pharma market research report is one of a series of new reports from The Business Research Company that provides artificial intelligence (AI) in pharma market statistics, including artificial intelligence (AI) in pharma industry global market size, regional shares, competitors with artificial intelligence (AI) in pharma market share, detailed artificial intelligence (AI) in pharma market segments, market trends and opportunities, and any further data you may need to thrive in the artificial intelligence (AI) in pharma industry. This artificial intelligence (AI) in pharma market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry. The global AI in pharma market size grew from $1.24 billion in 2022 to $1.64 billion in 2023 at a compound annual growth rate (CAGR) of 32.8%. 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 pharma market size is expected to grow to $4.61 billion in 2027 at a CAGR of 29.4%. The growing adoption of artificial intelligence (AI) for clinical trials research is driving its demand for AI in the pharmaceutical market. To bring a new drug to the market takes on an average 10–15 years approximately and half of this time is consumed during the clinical trial phases of the drug development cycle. Hence, using AI models and analytics tools can accelerate the clinical trial phases, perception of diseases, identify suitable cases and key investigators to inform site selection, and support novel clinical study designs. For instance, in January 2020, Pfizer, an American pharmaceutical company, tied up with a biotech startupInsilico Medicine to identify drug targets. With AI tools Pfizer can speed up drug discovery and reduce drug development costs in the drug development processes. Thus, increasing the adoption of AI for clinical trials research is driving AI in the pharma market. A lack of skilled professionals may hamper the growth of artificial intelligence in the pharma market. In 2022, according to the report published by UNLEASH, a UK-based digital media platform, IBM, and Morning Consult conducted surveys of more than 1,000 tech job seekers, more than 600 tech workers, and more than 300 tech recruiters in the UK, Spain, and Germany to determine the AI skills gap in Europe and found around 28% of recruiters report having difficulty locating candidates with deep learning, machine learning, and data engineering and analytics experience. The shortage of AI skills is seen as a major barrier to the pace of technology’s adoption. In fact, 56% of senior AI professionals thought that a lack of additional, qualified AI workers was the single most important hurdle to be overcome in terms of obtaining the necessary level of AI implementation beyond business operations. Therefore, the lack of skilled professionals may hamper the growth of AI in the pharma market. Companies operating in the AI for the pharma market are introducing new AI tools that will be beneficial for the pharma companies and this is a key trend in AI in the pharma market. AI helps in quality control, predictive maintenance, waste reduction, design optimization, and process automation. For instance, in August 2022, Sanford Health, a US-based non-profit, integrated healthcare delivery system,and Sharp HealthCare, a US-based non-profit organization in healthcarepartnered with Dandelion Health, a US-based healthcare artificial intelligence (AI) company, introduced a comprehensive data platform that gives health institutions access to high-quality, representative patient data for clinical AI development. The Dandelion Platform is made to give health AI developers secure, ethical access to patient datasets which includes include images, waveforms, and structured health records, so they may make tools and products that will help patients and clinicians. In October 2021, Nurosene Health Inc., a Canada-based company focused on delivering innovative AI-based technology solutions that support mental performance and wellness acquired Netramark Incorporated for an undisclosed amount. Through this acquisition, Nurosene Health Inc aims to strengthen its capabilities in AI-based neuroscience product offerings. Netramark Incorporated is a Canada-based pharma tech company that utilizes AI, novel mathematical methods, and quantum computing to optimize new drug development, clinical trials, treatment, and diagnosis. Major players in the AI in pharma market are Novartis, IBM Watson, Microsoft Corporation, Merck, GNS Healthcare., Google, AstraZeneca, Atomwise, Inc., Exscientia, and Cyclica. North America was the largest region in the AI in pharma market in 2022. The regions covered in the AI in pharma market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. The countries covered in the AI in pharma market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The AI in pharma market includes revenues earned by entities by implementing quality control, addressing supply chain problems in the production line, and minimising material waste. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The global ai in pharma market is segmented - 1) By Technology: Context-Aware Processing, Natural Language Processing, Querying Method, Deep Learning 2) By Drug Type: Small Molecule, Large Molecules 3) By Application: Diagnosis, Clinical Trial Research, Drug Discovery, Research and Development, Epidemic Prediction

Blockchain is an immutable shared ledger that records online transactions, tracks assets, and builds trust in a business network. The main types of blockchain in banking and financial services are public blockchain, private blockchain, and others. Public blockchain doesn't require permission and is a distributed ledger technology that lets anyone join and make transactions, each peer features a copy of the ledger. The blockchain in banking and financial services are used by banking, insurance, and non-banking financial companies (NBFCs). The different applications include fund transaction management, real-time loan funding, liquidity management, and others. The blockchain in banking and financial services market research report is one of a series of new reports from The Business Research Company that provides blockchain in banking and financial services market statistics, including blockchain in banking and financial services industry global market size, regional shares, competitors with a blockchain in banking and financial services market share, detailed blockchain in banking and financial services market segments, market trends and opportunities, and any further data you may need to thrive in the blockchain in banking and financial services industry. This blockchain in banking and financial services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry. The global blockchain in banking and financial services market size grew from $1.89 billion in 2022 to $3.07 billion in 2023 at a compound annual growth rate (CAGR) of 62.1%. 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 blockchain in banking and financial services market size is expected to grow to $19.27 billion in 2027 at a CAGR of 58.3%. The increasing adoption of blockchain in banking and the rising use of cryptocurrency will propel the growth of the blockchain in the banking and financial services market during the forecast period. Blockchain in banking and financial services offers a wide array of advantages such as capital optimization, reduction in operational costs for banks, increased transparency, and helps to increase financial solutions. Blockchain in cryptocurrency helps to record each transaction and serves as a distributed ledger and obviates the need for any central authority to maintain such records. For instance, in October 2020, JPMorgan Chase shared that its cryptocurrency, JPM Coin, is being used commercially for the first time to send payments around the world. Also, they announced to launch new business unit Onyx, blockchain, and digital currency for financial systems. Therefore, the increasing adoption of blockchain in banking and the rising use of cryptocurrency will drive the growth of the blockchain in the banking and financial services market. The reduction in fraud through blockchain is shaping the blockchain in the banking and financial services market. Major companies operating in the banking and financial services sector are adopting the use of blockchain to help reduce fraudulent transactions, such as the use of smart contracts which allow the buyer and seller to create if / then contracts in which one step of the process won’t be fulfilled until the one before it has been verified completely. Blockchain also helps verify the legitimacy of every part of the supply chain process and blockchain provides security through its non-repudiation and disintermediation of data storage which helps prevent misappropriating company assets. For instance, in March 2021, IntellectEU, a US-based technology company focused on digital finance collaborated with KPMG to develop the ClaimShare solution which uses enterprise blockchain, R3 Corda, in combination with R3’s new software technology Conclave. Conclave allows confidential computing, by which insurers can’t share detailed information about claims without the other insurer seeing them. In June 2021, Deutsche Borse, a German-based capital market company acquired a majority stake in, Crypto Finance AG for an amount of $108.6 million. With this acquisition, Deutsche Börse expands its digital asset offering by providing a direct entry point for investments, as well as post-trade services. Crypto Finance AG is a Switzerland-based company that provides blockchain financial services in crypto asset management. Major players in the blockchain in banking and financial services market are Microsoft Corporation, IBM, Infosys, Amazon Web Services, Hewlett Packard Enterprise, R3, Intel, Oracle Corporation, SAP SE, Accenture plc, JPMorgan Chase & Co., Bitfury Group Limited, Auxesis Services & Technologies (P) Ltd., ConsenSys, Akamai Technologies Inc., and AlphaPoint. North America was the largest region in the blockchain in banking and financial services market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the blockchain in banking and financial services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. The countries covered in the blockchain in banking and financial services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The blockchain in the banking and financial services market includes revenues earned by entities by offering public blockchain, private blockchain, and other blockchain services for banking and financial services. Blockchain offers a form of digitalized, decentralized public record of all transactions. Blockchain was designed to record everything of value and not just transactions. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The global blockchain in banking and financial services market is segmented - 1) By Type: Public Blockchain, Private Blockchain, Other Types 2) By End-user: Banking, Insurance, Non-Banking Financial Companies (NBFCs) 3) By Application: Fund Transaction Management, Real Time Loan Funding, Liquidity Management, Other Applications