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AI in FinTech Industry Analysis by The Business Research Company

Business Research Company’s AI in Fintech Market research report expands on key drivers, trends, and opportunities for market growth.

LONDON, June 30, 2022 /PRNewswire/ — AI in the fintech market consists of sales of AI as software by entities (organizations, sole traders, and partnerships) that are used in the fintech space. AI is part of fintech companies in terms of collecting data, analyzing information, securing and facilitating transactions, creating customer-centric products and streamlining processes. It offers stronger security, better analytics and insights, virtual assistance, and chatbots.

The size of the global AI in fintech market is expected to grow from $7.25 billion in 2021 for $9.13 billion in 2022 at a compound annual growth rate (CAGR) of 25.9%. The size of the global AI in fintech market is expected to reach $24.17 billion in 2026 at a CAGR of 27.6%.

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AI in FinTech market segmentation

1) By type: Solutions, Services

2) By deployment: cloud, on-premises

3) By Application: Asset Management, Risk Investigation, Business Analytics, Regulatory Compliance, Data Collection, Predictive Analytics, Virtual Assistance, Others

AI in FinTech Market Outlook

The need for fraud detection in fintech or financial institutions is contributing to the growth of AI in the fintech market. Artificial intelligence or machine learning algorithms can learn new information from collected data. The more data AI manipulates, the more AI can be learned, and thus banks can gain deeper insights through AI technology. The biggest advantage of AI is that over time the algorithm relies on collecting more data and learning how to use it. The advantage is that it starts the moment the AI ​​is deployed and continues to grow with no interruption in contribution.

Key players and their strategies in the AI ​​industry in FinTech

Key Players of Fintech AI Market include Microsoft, Google, IBM Corporation, Intel Corporation, Amazon Web Services, IPsoft, Salesforce Inc, Nuance Communications, Next IT Corporation, Trifacta Software Inc, Inbenta Technologies, Zeitgold GmbH and Onfido.

Mergers and acquisitions are an important strategy in the AI ​​FinTech sector. In May 2020, Cleareye.ai, Inc, a US-based fintech company, has acquired AIWare.ai for an undisclosed amount. Through this acquisition, Cleareye.ai combines the AIWare.ai and Cleareye.ai teams to strengthen their ability to deliver solutions such as Artificial Intelligence Leveraging, Bionics Automation and Advanced Analytics. Aiware.ai is an Indian startup specializing in AI and providing services in the fintech industry.

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