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AI In Fintech Market Overview
The Market for AI in Fintech is forecast to reach $11 billion by 2026, growing at a CAGR of 29.7% from 2021 to 2026. Artificial Intelligence (AI) has taken the tech world by storm, allowing companies to automate their high value and complicated processes. The reason to make a shift towards machine learning is also motivated by reduction in cost, increasing efficiency, reducing error and better customer experience. The AI in fintech is majorly driven by credit card fraud detection. With the help of Generative Adversarial Network, AI can spot the difference between real data and hacked data in each transaction and send alert to banks. The biggest challenge with AI is the sensitive issue of data privacy and security, which most fintech companies are facing. The fintech sector is governed by strict compliance to regulations and governance since any data breach or security failure could be disastrous.
Report Coverage
The report: “AI In Fintech Market – Forecast (2021-2026)”, by IndustryARC covers an in-depth analysis of the following segments of the AI In Fintech Market.
By Type – Solutions, Services.
By Deployment – Cloud, On Premises.
By Application – Credit Scoring, Personal Assistants, Compliance & Fraud Detection, Debt Collection, Virtual Assistant, Asset Management, Insurance, Debt Collection, Virtual Assistant, Sentiment Analysis, Predictive Analytics, Business Analytics & Reporting, Customer Behavioral Analytics.
By End Use Industry – Retail Banking, Investment Banking, Hedge Funds, Stock Trading Firms and Others.
By Geography - North America (U.S, Canada, Mexico), South America(Brazil, Argentina and others), Europe (Germany, UK, France, Italy, Spain, Russia and Others), APAC(China, Japan India, SK, Aus and Others), and RoW (Middle east and Africa).
Key Takeaways
- Advent of technology is bringing up a new breakthrough every now and then and AI has certainly changed the way of data collection, data integration, analysis and deployment.
- As far as financial technology is concerned, the trend of these “robo-advisors” has brought in a drastic improvement in customer interaction and customized revenues.
- Systems such as chatbots, voice systems, and text chats are designed to replace the human intervention while being cost efficient. They are even intended to recognize and prevent fraud attempts. On the other hand, automated financial assistants and planners became handy in monitoring events and help customers in making financial decisions.
AI In Fintech Market Segment Analysis - By Deployment
On Premises has dominated the AI In Fintech Market as compared to the other deployment. Cloud deployment model however is going to be witness significant growth during the forecast period. Artificial intelligence is still in its progressive stage and its influence may be more significant in the near future. With the adoption of AI in finance sector, various startups are giving tough competition to giant players. An impressive growth is expected in the fintech industry with the development in other technologies, such as blockchain and cybersecurity along with AI. Some big companies such as Google and IBM have started building their own blockchain. The major technological advancement has been driven by increased focus on cloud services which has further raised the demand for cloud deployment of AI technology solutions.
AI In Fintech Market Segment Analysis - By Applications
AI can be used to find the relation between world events and their impact on prices by using predictive analysis. This information is very useful for any kind of wealth investment. AI in financial services are used to protect the details of their customer. AI is playing major role by quickly assessing the large algorithms to protect from fraudulent cases. AI is used to advise the accurate result. P2P organization analyze their potential customer’s behavior and detect all the risk in the cooperation with that particular customer.AI also helps in analyses consumer’s details who doesn’t have past credit history or his credit history is destroyed. This growing list of applications will be the major driver of adoption of AI in Fintech sector.
AI In Fintech Market Segment Analysis - By Geography
North America region holds the largest market share in the Artificial Intelligence in Fintech Market at 44%. However, Asia Pacific witnesses highest growth during the forecast period. North American Artificial Intelligence in Fintech Market is mainly driven by the large number of startups and emerged companies offering AI services to financial services. The key applications include Virtual Assistant, Business Analytics & Reporting, Customer Behavioral Analytics among others.
AI In Fintech Market Drivers
Focus of Companies on Cost Reduction and Improving Efficiency
Artificial Intelligence in fintech is allowing companies to cut down their cost, automate their process and reduce the chances of error. AI Chatbots are used by companies as customer assistants for various purposes such as sales, customer care executive (over phone), and online chat executive. AI is empowering small finance companies as it is affordable as well as chances of error occurrence is very low. In addition, the insightful details about the cash flow and income and expense is gaining the traction from the end user as this helps companies to reduce their expenses.
New Technological Advancements drives Adoption of AI in Fintech
According to McAfee cybercrime currently costs the global economy around $600 billion, or 0.8% of global GDP. One of the biggest cybercrimes is credit card fraud. Thus companies are designing a new generation of algorithms that are Convolutional Neural Networks and are based on the visual cortex, which is a small segment of cells that are sensitive to specific regions of the visual field in the human body. This means that they are able to extract elementary visual features like oriented edges, end-points and corners. This technology can study the spending data of an individual and be able to determine, based on this information, whether they performed the most recent transaction on their credit card or if someone else was using their credit card data.
Another application driven by new technology developments has been robo advisors. Robo-advisor keep monitoring on the events, stocks, bond and price trend according to user’s requirement which help them in making suggestion regarding which stock needs to be sell or buy. They play very important role in risk management, speech recognition, network security access to big data etc. These technology developments will create new avenues of opportunity for AI in Fintech thereby driving the market growth.
AI In Fintech Market Challenges
Concerns Regarding Data Privacy
The biggest challenge with AI is the sensitive issue of data privacy and security, which most fintech companies are facing. The fintech sector is governed by strict compliance to regulations and governance since any data breach or security failure could be disastrous. Privacy concerns are cropping up as companies feed more and more consumer and vendor data into advanced, AI-fuelled algorithms to create new bits of sensitive information, unbeknownst to affected consumers and employees. This is especially prevalent in the retail banking sector, where consumer data collection has been at the forefront in terms of big data challenges. These data privacy concerns will hinder the adoption of AI especially in banking sector.
Market Landscape
Product launches, acquisitions, and R&D activities are key strategies adopted by players in the AI In Fintech Market. Microsoft, Google, IBM, Intel, Affirm, Upstart, Sigmoidal, Zest Finance and Amazon are considered to be the key players of the Artificial Intelligence in Fintech Market.
Acquisitions/Technology Launches/Partnerships
- In 2017, IBM has acquired three companies namely Agile 3 solutions(USA), XCC(Germany), and Vivant Digital (Australia) thus showcasing its focus to expand its AI in fintech sector.
- Yukka Labs (Fintech startup) has launched a new product named Yukka news and trends which enables traders and investors organize efficient way to view real time finance news and gain critical market insights. Kavout is AI driven investment platform for investors of all level to give them clear insight to make smart investment.
1. Ai In Fintech Market - Overview
1.1 Definitions and Scope
2. Ai In Fintech Market - Executive summary
2.1 Market Revenue, Market Size and Key Trends by Company
2.2 Key Trends by type of Application
2.3 Key Trends segmented by Geography
3. Ai In Fintech Market
3.1 Comparative analysis
3.1.1 Product Benchmarking - Top 10 companies
3.1.2 Top 5 Financials Analysis
3.1.3 Market Value split by Top 10 companies
3.1.4 Patent Analysis - Top 10 companies
3.1.5 Pricing Analysis
4. Ai In Fintech Market - Startup companies Scenario Premium
4.1 Top 10 startup company Analysis by
4.1.1 Investment
4.1.2 Revenue
4.1.3 Market Shares
4.1.4 Market Size and Application Analysis
4.1.5 Venture Capital and Funding Scenario
5. Ai In Fintech Market - Industry Market Entry Scenario Premium
5.1 Regulatory Framework Overview
5.2 New Business and Ease of Doing business index
5.3 Case studies of successful ventures
5.4 Customer Analysis - Top 10 companies
6. Ai In Fintech Market Forces
6.1 Drivers
6.2 Constraints
6.3 Challenges
6.4 Porters five force model
6.4.1 Bargaining power of suppliers
6.4.2 Bargaining powers of customers
6.4.3 Threat of new entrants
6.4.4 Rivalry among existing players
6.4.5 Threat of substitutes
7. Ai In Fintech Market -Strategic analysis
7.1 Value chain analysis
7.2 Opportunities analysis
7.3 Product life cycle
7.4 Suppliers and distributors Market Share
8. Ai In Fintech Market - By Component (Market Size -$Million / $Billion)
8.1 Solutions
8.1.1 Software Tools
8.1.1.1 Data Discovery
8.1.1.2 Data Quality and Data Governance
8.1.1.3 Data Visualization
8.1.2 Platforms
8.2 Services
8.2.1 Managed Services
8.2.2 Professional Services
9. Ai In Fintech Market - By Application Area (Market Size -$Million / $Billion)
9.1 Virtual Assistants (Chatbots)
9.2 Business Analytics and Reporting
9.2.1 Regulatory and Compliance Management
9.2.2 Predictive Analytics
9.3 Customer Behavioral Analytics
9.3.1 Credit Scoring
9.3.2 Asset and Portfolio Management
9.3.3 Debt Collection
9.3.4 Insurance Premium
9.4 Others
10. Ai In Fintech - By Deployment Mode (Market Size -$Million / $Billion)
10.1 Cloud
10.2 On-Premises
11. Ai In Fintech- By Geography (Market Size -$Million / $Billion)
11.1 Ai In Fintech Market - North America Segment Research
11.2 North America Market Research (Million / $Billion)
11.2.1 Segment type Size and Market Size Analysis
11.2.2 Revenue and Trends
11.2.3 Application Revenue and Trends by type of Application
11.2.4 Company Revenue and Product Analysis
11.2.5 North America Product type and Application Market Size
11.2.5.1 U.S
11.2.5.2 Canada
11.2.5.3 Mexico
11.2.5.4 Rest of North America
11.3 Ai In Fintech- South America Segment Research
11.4 South America Market Research (Market Size -$Million / $Billion)
11.4.1 Segment type Size and Market Size Analysis
11.4.2 Revenue and Trends
11.4.3 Application Revenue and Trends by type of Application
11.4.4 Company Revenue and Product Analysis
11.4.5 South America Product type and Application Market Size
11.4.5.1 Brazil
11.4.5.2 Venezuela
11.4.5.3 Argentina
11.4.5.4 Ecuador
11.4.5.5 Peru
11.4.5.6 Colombia
11.4.5.7 Costa Rica
11.4.5.8 Rest of South America
11.5 Ai In Fintech- Europe Segment Research
11.6 Europe Market Research (Market Size -$Million / $Billion)
11.6.1 Segment type Size and Market Size Analysis
11.6.2 Revenue and Trends
11.6.3 Application Revenue and Trends by type of Application
11.6.4 Company Revenue and Product Analysis
11.6.5 Europe Segment Product type and Application Market Size
11.6.5.1 U.K
11.6.5.2 Germany
11.6.5.3 Italy
11.6.5.4 France
11.6.5.5 Netherlands
11.6.5.6 Belgium
11.6.5.7 Denmark
11.6.5.8 Spain
11.6.5.9 Rest of Europe
11.7 Ai In Fintech - APAC Segment Research
11.8 APAC Market Research (Market Size -$Million / $Billion)
11.8.1 Segment type Size and Market Size Analysis
11.8.2 Revenue and Trends
11.8.3 Application Revenue and Trends by type of Application
11.8.4 Company Revenue and Product Analysis
11.8.5 APAC Segment - Product type and Application Market Size
11.8.5.1 China
11.8.5.2 Australia
11.8.5.3 Japan
11.8.5.4 South Korea
11.8.5.5 India
11.8.5.6 Taiwan
11.8.5.7 Malaysia
11.8.5.8 Hong kong
11.8.5.9 Rest of APAC
11.9 Ai In Fintech - Middle East Segment and Africa Segment Research
11.10 Middle East & Africa Market Research (Market Size -$Million / $Billion)
11.10.1 Segment type Size and Market Size Analysis
11.10.2 Revenue and Trend Analysis
11.10.3 Application Revenue and Trends by type of Application
11.10.4 Company Revenue and Product Analysis
11.10.5 Middle East Segment Product type and Application Market Size
11.10.5.1 Israel
11.10.5.2 Saudi Arabia
11.10.5.3 UAE
11.10.6 Africa Segment Analysis
11.10.6.1 South Africa
11.10.6.2 Rest of Middle East & Africa
12. Ai In Fintech Market - Entropy
12.1 New product launches
12.2 M&A s, collaborations, JVs and partnerships
13. Ai In Fintech Market - Industry / Segment Competition landscape Premium
13.1 Market Share Analysis
13.1.1 Market Share by Country- Top companies
13.1.2 Market Share by Region- Top 10 companies
13.1.3 Market Share by type of Application - Top 10 companies
13.1.4 Market Share by type of Product / Product category- Top 10 companies
13.1.5 Market Share at a global level - Top 10 companies
13.1.6 Best Practises for companies
14. Ai In Fintech Market - Key Company List by Country Premium
15. Ai In Fintech Market Company Analysis
15.1 Market Share, Company Revenue, Products, M&A, Developments
15.2 Amazon Web Services
15.3 Complyadvantage.Com
15.4 Google
15.5 IBM
15.6 Inbenta Technologies
15.7 Intel
15.8 Ipsoft
15.9 Microsoft
15.10 Next It Corp.
15.11 Nuance Communications
15.12 Salesforce.Com
15.13 Samsung
15.14 Company 13
15.15 Company 14 & More
*Financials would be provided on a best efforts basis for private companies
16. Ai In Fintech Market - Appendix
16.1 Abbreviations
16.2 Sources
17. Ai In Fintech Market - Methodology
17.1 Research Methodology
17.1.1 Company Expert Interviews
17.1.2 Industry Databases
17.1.3 Associations
17.1.4 Company News
17.1.5 Company Annual Reports
17.1.6 Application Trends
17.1.7 New Products and Product database
17.1.8 Company Transcripts
17.1.9 R&D Trends
17.1.10 Key Opinion Leaders Interviews
17.1.11 Supply and Demand Trends
LIST OF TABLES
1.Global AI Fintech Market Analysis By Component Market 2023-2030 ($M)1.1 Solutions Market 2023-2030 ($M) - Global Industry Research
1.1.1 Software Tools Market 2023-2030 ($M)
1.1.2 Platforms Market 2023-2030 ($M)
1.2 Services Market 2023-2030 ($M) - Global Industry Research
1.2.1 Managed Services Market 2023-2030 ($M)
1.2.2 Professional Services Market 2023-2030 ($M)
2.Global AI Fintech Market Analysis By Deployment Mode Market 2023-2030 ($M)
2.1 Cloud Market 2023-2030 ($M) - Global Industry Research
2.2 On-Premises Market 2023-2030 ($M) - Global Industry Research
3.Global AI Fintech Market Analysis By Component Market 2023-2030 (Volume/Units)
3.1 Solutions Market 2023-2030 (Volume/Units) - Global Industry Research
3.1.1 Software Tools Market 2023-2030 (Volume/Units)
3.1.2 Platforms Market 2023-2030 (Volume/Units)
3.2 Services Market 2023-2030 (Volume/Units) - Global Industry Research
3.2.1 Managed Services Market 2023-2030 (Volume/Units)
3.2.2 Professional Services Market 2023-2030 (Volume/Units)
4.Global AI Fintech Market Analysis By Deployment Mode Market 2023-2030 (Volume/Units)
4.1 Cloud Market 2023-2030 (Volume/Units) - Global Industry Research
4.2 On-Premises Market 2023-2030 (Volume/Units) - Global Industry Research
5.North America AI Fintech Market Analysis By Component Market 2023-2030 ($M)
5.1 Solutions Market 2023-2030 ($M) - Regional Industry Research
5.1.1 Software Tools Market 2023-2030 ($M)
5.1.2 Platforms Market 2023-2030 ($M)
5.2 Services Market 2023-2030 ($M) - Regional Industry Research
5.2.1 Managed Services Market 2023-2030 ($M)
5.2.2 Professional Services Market 2023-2030 ($M)
6.North America AI Fintech Market Analysis By Deployment Mode Market 2023-2030 ($M)
6.1 Cloud Market 2023-2030 ($M) - Regional Industry Research
6.2 On-Premises Market 2023-2030 ($M) - Regional Industry Research
7.South America AI Fintech Market Analysis By Component Market 2023-2030 ($M)
7.1 Solutions Market 2023-2030 ($M) - Regional Industry Research
7.1.1 Software Tools Market 2023-2030 ($M)
7.1.2 Platforms Market 2023-2030 ($M)
7.2 Services Market 2023-2030 ($M) - Regional Industry Research
7.2.1 Managed Services Market 2023-2030 ($M)
7.2.2 Professional Services Market 2023-2030 ($M)
8.South America AI Fintech Market Analysis By Deployment Mode Market 2023-2030 ($M)
8.1 Cloud Market 2023-2030 ($M) - Regional Industry Research
8.2 On-Premises Market 2023-2030 ($M) - Regional Industry Research
9.Europe AI Fintech Market Analysis By Component Market 2023-2030 ($M)
9.1 Solutions Market 2023-2030 ($M) - Regional Industry Research
9.1.1 Software Tools Market 2023-2030 ($M)
9.1.2 Platforms Market 2023-2030 ($M)
9.2 Services Market 2023-2030 ($M) - Regional Industry Research
9.2.1 Managed Services Market 2023-2030 ($M)
9.2.2 Professional Services Market 2023-2030 ($M)
10.Europe AI Fintech Market Analysis By Deployment Mode Market 2023-2030 ($M)
10.1 Cloud Market 2023-2030 ($M) - Regional Industry Research
10.2 On-Premises Market 2023-2030 ($M) - Regional Industry Research
11.APAC AI Fintech Market Analysis By Component Market 2023-2030 ($M)
11.1 Solutions Market 2023-2030 ($M) - Regional Industry Research
11.1.1 Software Tools Market 2023-2030 ($M)
11.1.2 Platforms Market 2023-2030 ($M)
11.2 Services Market 2023-2030 ($M) - Regional Industry Research
11.2.1 Managed Services Market 2023-2030 ($M)
11.2.2 Professional Services Market 2023-2030 ($M)
12.APAC AI Fintech Market Analysis By Deployment Mode Market 2023-2030 ($M)
12.1 Cloud Market 2023-2030 ($M) - Regional Industry Research
12.2 On-Premises Market 2023-2030 ($M) - Regional Industry Research
13.MENA AI Fintech Market Analysis By Component Market 2023-2030 ($M)
13.1 Solutions Market 2023-2030 ($M) - Regional Industry Research
13.1.1 Software Tools Market 2023-2030 ($M)
13.1.2 Platforms Market 2023-2030 ($M)
13.2 Services Market 2023-2030 ($M) - Regional Industry Research
13.2.1 Managed Services Market 2023-2030 ($M)
13.2.2 Professional Services Market 2023-2030 ($M)
14.MENA AI Fintech Market Analysis By Deployment Mode Market 2023-2030 ($M)
14.1 Cloud Market 2023-2030 ($M) - Regional Industry Research
14.2 On-Premises Market 2023-2030 ($M) - Regional Industry Research
LIST OF FIGURES
1.US Ai In Fintech Market Revenue, 2023-2030 ($M)2.Canada Ai In Fintech Market Revenue, 2023-2030 ($M)
3.Mexico Ai In Fintech Market Revenue, 2023-2030 ($M)
4.Brazil Ai In Fintech Market Revenue, 2023-2030 ($M)
5.Argentina Ai In Fintech Market Revenue, 2023-2030 ($M)
6.Peru Ai In Fintech Market Revenue, 2023-2030 ($M)
7.Colombia Ai In Fintech Market Revenue, 2023-2030 ($M)
8.Chile Ai In Fintech Market Revenue, 2023-2030 ($M)
9.Rest of South America Ai In Fintech Market Revenue, 2023-2030 ($M)
10.UK Ai In Fintech Market Revenue, 2023-2030 ($M)
11.Germany Ai In Fintech Market Revenue, 2023-2030 ($M)
12.France Ai In Fintech Market Revenue, 2023-2030 ($M)
13.Italy Ai In Fintech Market Revenue, 2023-2030 ($M)
14.Spain Ai In Fintech Market Revenue, 2023-2030 ($M)
15.Rest of Europe Ai In Fintech Market Revenue, 2023-2030 ($M)
16.China Ai In Fintech Market Revenue, 2023-2030 ($M)
17.India Ai In Fintech Market Revenue, 2023-2030 ($M)
18.Japan Ai In Fintech Market Revenue, 2023-2030 ($M)
19.South Korea Ai In Fintech Market Revenue, 2023-2030 ($M)
20.South Africa Ai In Fintech Market Revenue, 2023-2030 ($M)
21.North America Ai In Fintech By Application
22.South America Ai In Fintech By Application
23.Europe Ai In Fintech By Application
24.APAC Ai In Fintech By Application
25.MENA Ai In Fintech By Application
26.Microsoft, Sales /Revenue, 2015-2018 ($Mn/$Bn)
27.Google, Sales /Revenue, 2015-2018 ($Mn/$Bn)
28.IBM, Sales /Revenue, 2015-2018 ($Mn/$Bn)
29.Intel, Sales /Revenue, 2015-2018 ($Mn/$Bn)
30.Inbenta Technologies, Sales /Revenue, 2015-2018 ($Mn/$Bn)
31.Nuance Communications, Sales /Revenue, 2015-2018 ($Mn/$Bn)
32.Complyadvantage.Com, Sales /Revenue, 2015-2018 ($Mn/$Bn)
33.Salesforce.Com, Sales /Revenue, 2015-2018 ($Mn/$Bn)
34.Amazon Web Services, Sales /Revenue, 2015-2018 ($Mn/$Bn)
35.Samsung, Sales /Revenue, 2015-2018 ($Mn/$Bn)
36.Ipsoft, Sales /Revenue, 2015-2018 ($Mn/$Bn)
37.Next It Corp., Sales /Revenue, 2015-2018 ($Mn/$Bn)