Global AI in Fintech Market Report and Forecast 2024-2032

Global AI in Fintech Market Outlook

The global AI in fintech market size attained a value of approximately USD 12.61 billion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 19.50%, reaching a value of around USD 62.65 billion by 2032.

AI technology is increasingly being adopted in the fintech sector to enhance decision-making and to facilitate predictive analysis, bolstering the operational efficiency of fintech services. Meanwhile, an unpredicted wave of loan applications are likely to be among the key AI in fintech market trends, fuelling the demand for AI to sanction digital loans. Incorporation of AI in fintech enables efficient 24X7 customer service which has enhanced customer satisfaction in real-time. Technology is constantly evolving with numerous ventures initiated by companies to research and develop new processes to improve the workflow. Artificial intelligence completes many tasks simultaneously, learns self-advancement, removes the need for human intervention, and reduces the margins of error. Usage of AI is helping the financial sector gain real-time actionable insights, creating opportunities for the growth of the market for AI in fintech.

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Global AI in Fintech Market Share by Region

North America accounts for a healthy share of the global market for AI in fintech, owing to the developed financial sector in countries like the United States and Canada. Increased investments in research and development and innovations in AI technology are further strengthening the market in this region. Advancing technology and adoption of internet and mobile banking are expected to augment the AI in fintech market growth further. During the COVID 19 pandemic and post-pandemic, the finance technology market experienced high growth as the industry increasingly adopted internet banking as well as technology tools. Meanwhile, the Asia Pacific region is expected to witness significant growth in the market for AI in fintech.

Market Segmentations

AI in Fintech refers to the usage of artificial intelligence in financial technology, utilising modern technologies and AI to improve operations in the financial industry and provide improved services to end-user customers. It uses computer innovations to complete and deliver financial services, and provides services through software, such as online banking, mobile payment apps, and even cryptocurrency.

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The AI in fintech market segmentation based on type is:

• Solutions

• Services

On the basis of deployment, the market is bifurcated into:

• Cloud

• On-premises

By application, the market is categorised into:

• Chatbots

• Credit Scoring

• Quantitative and Asset Management

• Fraud Detection

• Others

The regional markets for AI in fintech are divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Rising Adoption of Artificial Intelligence is Bolstering the Market Growth

Collaborations in the market for AI in fintech are increasing worldwide, spurred by surge in fund transfers and operations in different sectors, resulting in increasing involvement of technology in financial services. Increasing globalisation has propelled the financial sector to implement advanced technologies such as artificial intelligence to automate and secure processes against fraudulent acts. Organisations which are dealing with data pile up can substantially benefit from using artificial intelligence, machine learning, and big data analysis, creating new ways to track and record transactions and financial assets.

Smart mobile payments are becoming increasingly popular as more people depend on online transactions when they collaborate and conduct business. Accordingly, many key players are launching and providing payment platforms and are continually developing them by adding new features, which is expanding the scope of the AI in fintech market. Adopting advanced technologies has helped fintech evolve in the investment management sector; it assists businesses in evaluating investment possibilities, creating portfolios, and mitigating risks.

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Key Players in the Global Market for AI in Fintech

The report gives a detailed analysis of the following key players in the global AI in fintech market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, investments, expansions of capacity, and plant turnarounds:

• Intel Corporation

• Google LLC

• Microsoft Corporation

• IBM Corporation

• TIBCO Software Inc.

• Super.AI Inc

• NVIDIA Corporation

• ComplyAdvantage

• Amazon Web Services, Inc.

• Amelia US LLC

• Cognizant

• Capgemini SE

• Onfido

• Fair Isaac Corporation (FICO)

• HCL Technologies Limited

• Oracle Corporation

• Salesforce, Inc

• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report