DUBLIN, Jan. 24, 2022-(BUSINESS WIRE)-The report “AI in Fintech Market Research-Global Industry Analysis and Growth Forecast to 2030” was added to ResearchAndMarkets.com’s alay.
Global AI in fintech market size is expected to increase to $ 46,881.9 million in 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 significantly improved. For example, with regard to fraud detection, AI monitors people’s online transactional habits so that any deviation and potential fraud can be identified in real time and stopped there.
Additionally, AI helps automate certain processes in the banking, financial services, and insurance (BFSI) sector, such as online customer interaction through chatbots, claims processing, and responding to requests. frequently asked questions (FAQ). This not only allows BFSI companies to reduce their spending on hiring people for these tasks but also involve these employees in more important tasks, such as decision making and strategizing.
The demand for AI solutions is higher than managed and professional services because the former performs 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 more revenue for AI to fintech market players because when deployed in the cloud, AI understands historical data and learns from it, offers suggestions, and evaluates current trends. AI solutions find the widest application in the fintech sector for quantity and asset management, where they allow analysts to capture high volumes of data with ease.
Mobile payments are the main trend in the market because their increasing volume is encouraging online payment platforms to prepare themselves with AI for better management, higher efficiency, and reduced fraud. The BFSI sector of North America, led by the US, is the largest user of AI solutions. It is considered to have some of the largest IT and financial corporations, developed IT infrastructure, and increasing penetration of advanced technologies.
After initial anticipations during the COVID-19 pandemic, the BFSI sector has once again started using AI solutions, mainly to manage and secure the rising volume of online transactions. In the coming years, AI in the fintech market will witness the fastest growth in Asia-Pacific (APAC) due to economic prosperity and increased investment in its IT sector.
Moreover, the rapid digitization of the BFSI industry in the region, seen in the growing volume of online transactions, is driving the adoption of AI. Further, as part of their growth strategy, solution providers are targeting the unused BFSI sector of APAC.
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 main AI to fintech market players.
Due to the presence of these and many more companies, the market is competitive and characterized by a high number of partnerships and collaborations.
Market Dynamics
Trends
Drivers
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Companies Focused on Cost Reduction and Efficiency Improvement
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Increasing Demand For Process Automation in Financial Organizations
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New Technological Advances
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Analysis of the Impact of Drivers on Market Forecasting
Restrictions
Evaluating the Impact of Restraints on Market Forecasting
Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/pebdgs
Check out the source version at businesswire.com: https://www.businesswire.com/news/home/20220124005543/en/
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