According to the report by Expert Market Research (EMR), the Global AI in Fintech Market Size reached a value of approximately USD 10.55 billion in 2022. Aided by the increasing demand for personalised financial services and the escalating utilisation of AI technologies in financial operations, the market is projected to further grow at a CAGR of 19.50% between 2023 and 2028 to reach a value of USD 30.72 billion by 2028.
Artificial intelligence (AI) in Fintech refers to the use of AI technology to automate processes and decision-making in the financial services industry. It covers topics like natural language processing, machine learning, predictive analytics, and chatbots. These technologies make it possible to deliver improved services, such as individualised financial advice, effective fraud detection, and responsive customer care.
The rising consumer preference for personalised financial services is a significant factor driving the global AI in fintech market growth. With growing awareness of the benefits of personalisation in enhancing customer experience and engagement, there has been a significant shift towards the adoption of AI technologies that enable such customised offerings.
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In addition to personalisation, the increasing adoption of AI in fraud detection and prevention has contributed significantly to the AI in fintech market expansion. AI-based systems can identify patterns and anomalies in data that human analysts might miss, thereby enhancing the effectiveness of fraud detection and reducing the risk of financial losses.
The widening application of AI technologies in various financial operations further increases the AI in fintech market demand. AI is being extensively utilised in trading, where machine learning algorithms can analyse market trends and make trading decisions faster and more accurately than human traders. It is also becoming an integral part of robo-advisory services, which offer automated, algorithm-driven financial planning services with minimal human supervision.
Furthermore, the ongoing digital transformation in the banking sector is fostering an increased focus on AI as a key component of Fintech solutions. With the rise of digital banking and the growing popularity of online financial services, AI has become crucial in providing efficient, reliable, and secure financial services.
Additionally, smart mobile payments are growing in popularity as more people rely on internet transactions for communication and commerce. As a result, a number of companies are introducing and offering payment platforms while also continuously improving them by adding new features, which is broadening the application of AI in fintech market.
Market Segmentation
The market can be divided based on type, deployment, application, and region.
Market Breakup by Type
- Solutions
- Services
Market Breakup by Deployment
- Cloud
- On-premises
Market Breakup by Application
- Chatbots
- Credit Scoring
- Quantitative and Asset Management
- Fraud Detection
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global AI in fintech companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- Intel Corporation
- Google LLC
- Microsoft Corporation
- IBM Corporation
- TIBCO Software Inc.
- 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
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