AI In Fintech Market To Reach US$ 87.7 Billion By 2032, Exhibiting A Growth Rate (CAGR) Of 20.9%

(MENAFN- IMARC Group) IMARC Group's report titled“ AI in Fintech Market Report by Type (Solutions, Services), Deployment Model (Cloud-based, On-premises), Application (Virtual Assistant (Chatbots), Credit Scoring, Quantitative and Asset Management, Fraud Detection, and Others), and Region 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.

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Factors Affecting the Growth of the AI in Fintech Industry:

  • Efficiency and Automation:

AI in fintech assists in automating various tasks, such as data entry, processing, and analysis. AI systems can handle large volumes of data faster and more accurately as compared to humans through machine learning (ML) algorithms. This automation streamlines operations, reduces costs, and frees up human resources for more strategic tasks. Besides this, AI-powered chatbots can handle customer queries, enhancing service quality while cutting down on labor costs. Furthermore, AI can continuously learn, adapt, and improve efficiency over time, making it valuable for fintech firms aiming to stay competitive in a rapidly evolving market landscape.

  • Risk Management and Compliance:

AI mitigates risks and ensures compliance in fintech through advanced analytics and real-time monitoring. AI algorithms can identify potential risks, anomalies, and fraudulent activities more effectively than traditional methods by analyzing vast amounts of data. This proactive approach helps financial institutions detect and prevent fraud, money laundering, and other illegal activities, safeguarding the integrity of the financial system. Moreover, AI facilitates compliance with regulatory requirements by automating reporting processes, ensuring accuracy and timeliness while reducing the burden on compliance teams.

  • Predictive Analytics:

AI empowers predictive analytics in fintech by forecasting trends, market movements, and behavior of individuals based on historical data and real-time insights. ML models can analyze vast datasets to identify patterns, correlations, and predictive signals that inform investment decisions, trading strategies, and risk assessments. By leveraging AI-driven predictive analytics, fintech firms can make data-driven decisions with greater confidence, maximizing returns and minimizing risks. Besides this, AI-powered robo-advisors can offer personalized investment advice tailored as per financial goals of individuals. Additionally, AI-driven trading algorithms can execute trades at optimal times, leveraging predictive insights to capitalize on market opportunities.

Leading Companies Operating in the Global AI in Fintech Industry:

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

AI in Fintech Market Report Segmentation:

By Type:

  • Solutions
  • Services

Solutions represent the largest segment as they are designed to meet specific challenges within the financial industry, such as fraud detection, risk management, and customer service.

By Deployment Mode:

  • Cloud-based
  • On-premises

Cloud-based holds the biggest market share due to the rising focus on cost-effective solutions.

By Application:

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

On the basis of the application, the market has been divided into virtual assistant (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 enjoys a leading position in the AI in fintech market, which can be attributed to the presence of a well-established financial sector.

Global AI in Fintech Market Trends:

AI systems can anticipate individual needs, preferences, and behaviors, allowing fintech companies to tailor products and services accordingly. This personalization leads to higher satisfaction among individuals, increased retention, and enhanced loyalty. Moreover, AI-powered recommendation engines can suggest relevant financial products or investment opportunities based on the transaction history and financial goals of individuals. Additionally, AI-driven virtual assistants can provide instant support and resolve queries and issues in real time, thereby enhancing the overall experience of individuals.

In addition, advancements in AI research, including machine learning (ML) algorithms, natural language processing (NLP), and computer vision, expand the capabilities and applications of AI within the fintech industry, which is impelling the market growth.

Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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.

IMARCs 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 companys expertise.

Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.

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