(MENAFN- IMARC Group)
IMARC Group, a leading market research company, has recently releases report titled “AI in Fintech Market: Global industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032”, The global AI in fintech market size reached US$ 14.6 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 87.7 Billion by 2032, exhibiting a growth rate (CAGR) of 20.9% during 2024-2032.
Grab a sample PDF of this report:
https://www.imarcgroup.com/ai-in-fintech-market/requestsample
Factors Affecting the Growth of the AI in Fintech Industry:
Demand for Process Automation:
The rising demand for process automation in financial institutions is supporting the market growth. Financial firms are adopting artificial intelligence (AI) to automate intricate and repetitive tasks, such as data analysis, risk assessment, and user service. This automation enhances efficiency, reduces operational costs, and minimizes human errors. Additionally, AI-powered chatbots offer around the clock user service, handling inquiries and transactions without human intervention. Moreover, AI-driven process automation helps in compliance management by keeping track of ever-changing regulations, thus ensuring financial institutions operate within legal boundaries. This efficiency gains not only benefits the institutions in terms of cost savings, but also enhances user satisfaction through quicker and more accurate services.
Need for Personalized Financial Services:
The growing need for personalized financial services is offering a favorable market outlook. Financial institutions are leveraging AI to offer tailored products and advice for better user experience. AI algorithms examine vast amounts of data, including transaction history, spending patterns, and financial goals, to provide customized recommendations and solutions. This personalization extends to wealth management, where AI-driven robo-advisors offer individualized investment strategies. Financial services are enhancing user engagement, loyalty, and lifetime value by delivering personalized experiences. This transformation towards personalization is not just a market trend but a necessity, as individuals expect services that cater specifically to their unique financial situations and goals.
Advancements in AI and Machine Learning (ML) Technologies:
The increasing improvements in AI and machine learning (ML) technologies are propelling the market growth. These advancements are enhancing the capabilities of AI systems in terms of data processing, pattern recognition, and predictive analytics. Improved algorithms are enabling more accurate credit scoring, fraud detection, and risk management. In addition, ML models can detect fraudulent transactions with high accuracy by analyzing spending patterns and flagging anomalies. Furthermore, advancements in natural language processing (NLP) are improving the effectiveness of digital assistants and chatbots, making them more intuitive and user-friendly. The ongoing research operations in AI are creating more sophisticated and efficient financial tools.
Leading Companies Operating in the Global AI in Fintech Industry:
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.
AI in Fintech Market Report Segmentation:
By Type:
Solutions represent the largest segment, owing to the growing demand for AI-driven solutions to enhance financial processes and decision-making.
By Deployment Model:
Cloud-based exhibits a clear dominance in the market due to its flexibility and scalability.
By Application:
Virtual Assistant (Chatbots) Credit Scoring Quantitative and Asset Management Fraud Detection Others
Based on the application, the market has been divided into virtual assistance (chatbots), credit scoring, quantitative and asset management, fraud detection, and others.
Regional Insights:
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
North America dominates the market as there is a strong presence of fintech innovation and increasing investment.
Global AI in Fintech Market Trends:
The growing use of predictive analytics is positively influencing the market. The rising employment of AI algorithms to predict future market trends, user behavior, and credit risks is contributing to the market growth. This application of AI extends beyond traditional data analysis, utilizing complex algorithms to forecast future events based on historical data. Predictive analytics aids in investment strategies, identifying potential loan defaults and even anticipating market fluctuations. This trend is enhancing how financial decisions are made, shifting from reactive to proactive strategies and allowing for more informed, data-driven decision-making.
Other Key Points Covered in the Report:
COVID-19 Impact Porters Five Forces Analysis Value Chain Analysis Strategic Recommendations
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC Group's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.
Contact US:
IMARC Group
134 N 4th St. Brooklyn, NY 11249, USA
Email:
Tel No:(D) +91 120 433 0800
United States: +1-631-791-1145 | United Kingdom: +44-753-713-2163
MENAFN26022024004122016232ID1107898432
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.