Abhay Rajput's blog : AI In Fintech Market Report 2023 | Size, Trends, Demand, Scope And Analysis 2028

IMARC Group, a leading market research company, has released a report titled “AI in Fintech Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“. According to the report, The global AI in fintech market size reached US$ 11.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 43.6 Billion by 2028, exhibiting a growth rate (CAGR) of 25.5% during 2023-2028.

Artificial intelligence (AI) in fintech allows for the analysis of cash, credit, and investment accounts of an organization. It enables real-time monitoring of changes and customization of advice based on incoming data, providing an overview of the organization’s financial health. It offers numerous benefits, including reduced costs, increased efficiency, few errors, and improved customer experience. At present, AI can identify personally identifiable information (PII) that has been leaked on the dark web and take necessary actions to secure the data, which further enhances data security in the finance industry.

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AI in Fintech Market Trends and Drivers:

The global AI in fintech market is primarily driven by rising product utilization for virtual assistance, debt collection, sentiment, predictive analysis, reporting, and customer behavior analysis. Moreover, numerous technological advancements, including the integration of fintech solutions with machine learning (ML), neural networks, big data, and evolutionary algorithms that offer enhanced monitoring of financial transactions, risk management, speech recognition, and secured network access to banking institutions is positively influencing the market growth. Additionally, the rising use of the power of AI for fintech crypto by fintech companies, from digital banks to payment gateway providers and stock-trading apps to automate workflows, improve decision-making, and add value, has catalyzed market growth. Other factors, including rapid digitization in the BFSI industry, increasing use of smart contracts for financial processes, and significant improvements in IT infrastructure, are also anticipated to drive the market further.

Report Segmentation:

The report has segmented the market into the following categories:

Breakup by Type:

Solutions
Services

Breakup by Deployment Model:

Cloud-based
On-premises

Breakup by Application:

Virtual Assistant (Chatbots)
Credit Scoring
Quantitative and Asset Management
Fraud Detection
Others

Market Breakup by Region:

North America (United States, Canada)
Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa

Competitive Landscape with Key Player:

Amazon Web Services Inc. (Amazon.com Inc)
Google LLC (Alphabet Inc.)
Inbenta Technologies Inc.
Intel Corporation
International Business Machines Corporation
Microsoft Corporation
Salesforce.com Inc.
Samsung Electronics Co. Ltd.
TIBCO Software Inc.
Trifacta
Verint Systems Inc.

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