Artificial Intelligence (AI) in Fintech Market Scope
Fintech AI can predict user behavior using an interface to integrate various artificial intelligence and machine learning techniques, allowing users to gain detailed insights into their data. This can be used to the advantage of banks and fintech companies. AI, or artificial intelligence is changing the financial industry by increasing the speed, accuracy and efficiency of financial services. Artificial intelligence technologies are used to create innovative solutions that improve customer experience, lower costs and promote growth. Additionally, digitization of the banking, financial services and insurance (BFSI) industry across the globe is one of the key drivers for market growth.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | Microsoft Corporation (United States), Salesforce, Inc. (United States), The International Business Machines Corporation (United States), Nuance Communications, Inc. (United States), Upstart Holdings (United States), Intel Corporation (United States), Oracle Corporation (United States), Amazon Web Services, Inc. (United States), Cisco Systems, Inc. (United States) and SAP SE (Germany) |
CAGR | % |
Market players have formed alliances and partnerships in order to take on significant market positions. For instance, the key conversational messaging platform Gupshup revealed in April 2022 that it had acquired the AI-focused private finance company Active.Ai. Gupshup's Customer Experience (CX) capabilities for BFSI clients are strengthened by the purchase.
Microsoft Corporation (United States), Salesforce, Inc. (United States), The International Business Machines Corporation (United States), Nuance Communications, Inc. (United States), Upstart Holdings (United States), Intel Corporation (United States), Oracle Corporation (United States), Amazon Web Services, Inc. (United States), Cisco Systems, Inc. (United States) and SAP SE (Germany) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are HCL Technologies Limited (Noida) and Inbenta Technologies (United States).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Artificial Intelligence (AI) in Fintech market by Type , by Application (Business Analytics and Reporting, Customer Behavioural Analytics, Fraud Detection and Others) and Region with country level break-up.
On the basis of geography, the market of Artificial Intelligence (AI) in Fintech has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2022.
Market Leaders and their expansionary development strategies
In June 2022, Finn AI, the chatbot platform for banks and credit unions powered by artificial intelligence, was acquired by New York-based fintech Glia.
In March 2023, Microsoft has released Microsoft Security Copilot, which empowers defenders at the rapid development of AI. and In February 2021, Microsoft has launched a cloud for the finance industry housed on an integrated platform that includes Microsoft 365, Azure, Dynamics 365, and Microsoft Power Platform.
The Ministry of Electronics and Information Technology (MeitY) in India established four committees to create a framework for policy development and examine problems including exploiting AI, crucial policy enablers needed across diverse industries, and AI-related legal and ethical concerns. The Council of Europe's goal for the European nation is to find situations where AI and norms for human rights, democracy, and the rule of law cross and to offer solutions for standard-setting or capacity-building that are appropriate.
Influencing Trend:
Growing Technological Advancement Due To Digital Platforms That Use AI-Driven Software to Offer Financial Advice with No Human Involvement
Market Growth Drivers:
AI’s Growing Ability to Prevent Fraud and Cyberattacks and Rising Demand of Artificial Intelligence
Challenges:
Risk Associated With Scalability and Data Sensitivity and Legal and Privacy Issues
Restraints:
Stringent Rules and Regulations
Opportunities:
Increasing Number of Fraud Cases
Key Target Audience
Regulatory Bodies, Potential Investors, Insurance Company, Cyber Security Bureau, Technology Companies, Market Research & Consultancy Companies and Others