The AI in FinTech Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s AI in FinTech Global Market Report 2024, The AI in fintech market size has grown exponentially in recent years. It will grow from $11.35 billion in 2023 to $14.41 billion in 2024 at a compound annual growth rate (CAGR) of 27.1%. The growth in the historic period can be attributed to risk management and fraud prevention, enhanced customer experience, automation of routine tasks, data analytics for decision-making, algorithmic trading and investment.
The AI in fintech market size is expected to see exponential growth in the next few years. It will grow to $39.44 billion in 2028 at a compound annual growth rate (CAGR) of 28.6%. The growth in the forecast period can be attributed to expanding use of chatbots and virtual assistants, increased focus on regulatory compliance, robo-advisors for wealth management. Major trends in the forecast period include regulatory compliance automation, alternative credit scoring models, cross-selling and upselling recommendations, cybersecurity enhancement with AI, decentralized finance (DeFi) automation.
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. According to PricewaterhouseCoopers’s survey in 2022, a UK-based financial service provider, in the previous 24 months, fraud, corruption, or other economic crimes were reported by 46% of the organizations polled. Moreover, in September 2021, according to the FintechNews, a Switzerland-based financial and fintech firm, banks are deploying AI-based solutions at an unprecedented rate, spending more than $217 billion on AI applications for middle-office use cases including fraud prevention and risk assessment. The need for fraud detection in fintech drives the market for AI in fintech.
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The AI in fintech market covered in this report is segmented –
1) By Type: Solutions, Services
2) By Deployment: Cloud, On-premise
3) By Application: Asset Management, Risk Investigation, Business Analytics, Regulatory Compliance, Data Collection, Predictive Analytics, Virtual Assistance, Other Applications
Major companies operating in the AI in the fintech market are focusing on developing innovative technologies such as AI-based wealth management platforms. AI-based wealth management platforms are financial technology solutions that leverage artificial intelligence (AI) and machine learning (ML) algorithms to provide personalized and automated investment and financial planning services. For instance, in July 2023, TIFIN, a US-based fintech company launched the ‘TIFIN.AI’. These capabilities are applied in wealth management to enhance advice and product offerings across various use cases. These include leveraging AI for client portfolio insights for advisors, exploring alternative investment opportunities, facilitating wealth management services in the workplace, and addressing insurance-related aspects, among other applications.
The ai in fintech market report table of contents includes:
1. Executive Summary
2.AI in FinTech Market Characteristics
3.AI in FinTech Market Trends And Strategies
4.AI in FinTech market analysis
5.AI in FinTech Market Size And Growth
6.AI in FinTech Segmentation
7.AI in FinTech Regional And Country Analysis
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27.AI in FinTech Competitive Landscape And Company Profiles
28. AI in FinTech Key Mergers And Acquisitions
29.AI in FinTech Future Outlook and Potential Analysis
TOP MAJOR PLAYERS:
- Alphabet Inc.
- Microsoft Corporation
- Klarna Inc.
- Amazon Web Services Inc.
- Intel Corporation,
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