NEW YORK, Nov. 10, 2021 /PRNewswire/ — The global AI in fintech market size is projected to increase to $46,881.9 million by 2030 from $7,702.7 million in 2020, at a 19.8% CAGR between 2020 and 2030. With AI, the efficiency of financial processes and the security of money-related data can be improved massively. For instance, in regard to fraud detection, AI monitors people’s online transactional behavior so that any deviation and a potential fraud can be identified in real time and stopped right there.
Moreover, AI helps in automating several processes in the banking, financial services, and insurance (BFSI) sector, such as online customer engagement via chatbots, claims processing, and answering frequently asked questions (FAQs). This not only allows BFSI companies to reduce their expenditure in hiring humans for these tasks but also engage these employees in more-important tasks, such as decision making and strategizing.
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Key Findings of Global AI in Fintech Market Report
- AI solutions have been in a higher demand than managed and professional services because the former conduct question and answer (Q&A) processing, natural language processing (NLP) and generation, facial recognition, video and image analysis, and speech recognition.
- Cloud deployment has brought in more revenue for AI in fintech market players because when deployed on the cloud, AI understands the historical data and learns from it, offers suggestions, and analyzes the current trends.
- AI solutions find the widest application in the fintech sector for quantitative and asset management, where they allow analysts to extract high volumes of data with ease.
- Mobile payments are the key trend in the market as their increasing volume is encouraging online payment platforms to equip themselves with AI for better management, higher efficiency, and reduced fraud.
- The BFSI sector of North America, led by that of the U.S., is the largest user of AI solutions. This is ascribed to the presence of some of the largest IT and financial corporations, developed IT infrastructure, and rising penetration of advanced technologies.
- After the initial hiccups during the COVID-19 pandemic, the BFSI sector has again started adopting AI solutions, primarily to manage and secure the rising volume of online transactions.
In the years to come, the AI in fintech market will witness the fastest growth in Asia-Pacific (APAC) on account of the economic prosperity and increasing investments in its IT sector. Moreover, the rapid digitization of the regional BFSI industry, apparent in the surging volume of online transactions, is driving the adoption of AI. Further, as part of their growth strategy, solution providers are targeting the untapped BFSI sector of APAC.
Browse detailed report on AI in Fintech Market Opportunities and its Emerging Trends By 2030
Amazon Web Services Inc., Microsoft Corporation, Intel Corporation, Oracle Corporation, Alphabet Inc., IBM Corporation, HCL Technologies Limited, SAS Institute Inc., Salesforce.com, Cognizant Technology Solutions Corporation, IPsoft Incorporated, and Capgemini SE are the major AI in fintech market players. Due to the presence of these and many more companies, the market is competitive and characterized by the high number of partnerships and collaborations.
AI in Fintech Market Segment Analysis
AI in Fintech Market Based on Component
- Software tools
AI in Fintech Market Based on Deployment
AI in Fintech Market Based on Application
- Credit Scoring
- Fraud Detection
- Quantitative and Asset Management
- North America
- Asia-Pacific (APAC)
- South Korea
- Latin America (LATAM)
- Middle East and Africa (MEA) By component
- South Africa
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BFSI Security Market – North America has been the largest user of BFSI security solutions in the past, and it is further projected to make the most use of these solutions in the coming years. This is owing to the strict data regulations and policies, which emphasize strongly on data protection and security, adoption of cloud-based data storage solutions, growing inclination of financial institutions and banks toward digitization.
AI in BFSI Market – Currently, the AI in BFSI market is observing the trend of the usage of advanced AI-based data analytics to improve compliance and deal with fraudulent transactions. Moreover, AI algorithms find application in anti-laundering activities to reduce the time taken.
Fraud Detection and Prevention Market – Geographically, the fraud detection and prevention market is predicted to exhibit huge expansion in the Asia-Pacific (APAC) and North American regions in the forthcoming years. This will be because of the rising prevalence of various types of frauds in these regions.
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SOURCE P&S Intelligence