The $ 22.74 billion global AI in FinTech markets through 2026
Dublin, December 24, 2021 (GLOBE NEWSWIRE) – The report “Global AI in Fintech Market (2021-2026) by Component, Application, Deployment Mode, Geography, Competitive Analysis and the Impact of Covid-19 with Ansoff Analysis” has been added at ResearchAndMarkets.com offer.
The global FinTech AI market is estimated to be worth US $ 5.6 billion in 2021 and is expected to reach US $ 22.87 billion by 2026, growing at a CAGR of 32.5%.
AI is a paradigm shift that is transparently changing the financial industry. Various AI applications in FinTech industry are Accurate Decision Making, Automated Customer Support, Claims Management, Insurance Management, Fraud Detection, Virtual Financial Assistance, Predictive Analytics, etc.
Factors such as the availability of spatial data, increasing internet penetration, and the demand for automation in financial institutions are some of the driving factors for the market. However, the lack of qualified consultants to deploy AI in the fintech market and concerns over data privacy may hamper the growth of the market.
The increase in the mobile workforce leading to an increase in the fintech market and the increasing use of AI-based technology solutions in the capital market are opportunities for the growth of the market. The challenges for the market are the difficulty in dealing with the rapidly expanding reach of AI in Fintech and the development of smart and human-responsive Fintech solutions.
- By component, the market is categorized into Solutions and Services segments. Among them, the Solutions segment is expected to grow at the highest CAGR.
- By Application, the market is categorized into virtual assistance, business analysis and reporting, customer behavior analysis, and other segments. Among them, the Business Analytics & Reporting segment is estimated to hold the maximum market share.
- By mode of deployment, the market is categorized into Cloud and On-premises segments. Among them, the On-premise segment should contribute to the strongest growth.
- By geography, North America is expected to dominate the market.
- Availability of spatial data
- Growing Internet Penetration
- Automation demand in financial institutions
- Concerns about data privacy
- Lack of qualified consultants to deploy AI in Fintech
- Increase in mobile workforce leading to increased innovation in FinTech market
- Growing use of AI-based technology solution in the capital market
- Difficulty coping with the rapidly expanding reach of AI in Fintech
- Development of an intelligent and human-aware Fintech solution
- Microsoft and Finastra Partner to Make Finance More Digital – Jul 20, 2020
- AI Fintech Riskfuel is expanding in the insurance space – May 11, 2021
Some of the companies covered in this report are
- Google LLC
- Microsoft Corporation
- IBM Company
- Intel company
- Inbenta Technologies Inc.
- Nuance Communications Inc. (acquired by Microsoft Corp.)
- Salesforce.com Inc.
- Amazon Web Service Inc.
- Ipsoft Inc.
- Narrative science
- Active intelligence Pte Ltd
- TIBCO software (Alpine Data Labs)
- Trifacta software inc.
- Data Minr Inc.
- Sift Science Inc.
- Pefin Holdings
- WealthFront Inc.
- Sentifi SA
- Next It Corp.
For more information on this report, visit https://www.researchandmarkets.com/r/dbgof1