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AI in FinTech Global Market Report 2023: North America Leads AI in Fintech Market, Driven by Fraud Detection Needs and Innovation

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Global AI in Fintech Market

Global AI in Fintech Market
Global AI in Fintech Market

Dublin, Sept. 14, 2023 (GLOBE NEWSWIRE) -- The "AI in FinTech Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.

The global AI in fintech market showcased remarkable growth, expanding from $9.15 billion in 2022 to $11.59 billion in 2023, recording an impressive compound annual growth rate (CAGR) of 26.8%. Despite these gains, the market operated against the backdrop of the Russia-Ukraine war, which disrupted the world's pursuit of economic recovery from the COVID-19 pandemic, particularly in the short term. This geopolitical conflict led to widespread economic sanctions, commodity price hikes, supply chain disruptions, and inflationary pressures across goods and services, impacting global markets.

Notwithstanding these challenges, the AI in fintech market anticipates continued expansion, with projections pointing towards reaching $31.71 billion by 2027, at a robust CAGR of 28.6%.

In this context, the AI in fintech market research report emerges as an essential resource, offering extensive insights into market statistics, trends, and opportunities. Covering global market size, regional shares, competitors' standings, market segments, trends, and more, the report equips businesses with the necessary intelligence to excel in the AI in fintech sector. With an in-depth analysis of the current landscape and future scenarios, this report is an invaluable tool for understanding the industry's dynamics.

Technological Advancements Driving Transformation

A noteworthy trend in the AI in fintech market is the surge in technological advancements. For instance, in India in 2021, robo-advisory technology, driven by AI, emerged as a digital platform providing financial advice without human intervention. These platforms guide users in selecting stocks, offering recommendations based on factors such as valuations, governance, and performance.

Industry Consolidation and Expansion

The market also witnessed significant industry developments, including acquisitions. Cleareye.ai, Inc., a US-based fintech company, acquired AIWare.ai in May 2020, uniting the strengths of both companies to provide solutions that leverage artificial intelligence, bionic automation, and advanced analytics. AIWare.ai, an Indian startup, specializes in AI services for the fintech industry.

Geographical Insights and Growing Fraud Detection Needs

North America held the dominant position in the AI in fintech market in 2022. Geographical coverage spans Asia-Pacific, Western Europe, Eastern Europe, North America, South America, and the Middle East and Africa. Key countries analyzed include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.

The increasing need for fraud detection in fintech and financial institutions is a driving force behind the market's growth. Leveraging AI algorithms for fraud detection and prevention offers continuous learning capabilities, enabling deeper insights as more data is processed over time. In 2022, PricewaterhouseCoopers reported that 46% of surveyed organizations in the UK experienced economic crimes including fraud and corruption. Additionally, banks globally invested over $217 billion in AI-based solutions for middle-office tasks, focusing on fraud prevention and risk assessment.

Leading Players and Comprehensive Market Scope

  • Microsoft

  • Google

  • IBM Corporation

  • Intel Corporation

  • Amazon Web Services

  • IPsoft

  • Salesforce Inc

  • Nuance Communications

  • Next IT Corporation

  • Trifacta Software Inc

  • Inbenta Technologies

  • Zeitgold GmbH

  • Onfido

Key Questions Addressed

This comprehensive report addresses critical questions to guide businesses and investors:

  • Where is the largest and fastest-growing AI in fintech market?

  • How does the market correlate with the overall economy and similar markets?

  • What factors will shape the future of the AI in fintech market?

Scope and Segmentation

The report encompasses various market aspects, including product types, deployment options, and application areas:

  1. By Type: Solutions; Services

  2. By Deployment: Cloud; On-premise

  3. By Application: Asset Management; Risk Investigation; Business Analytics; Regulatory Compliance; Data Collection; Predictive Analytics; Virtual Assistance; Other Applications

Why Purchase the Report

This report provides an encompassing global perspective on the market across 50+ geographies. It evaluates the COVID-19 pandemic's impact and its post-pandemic responses. Furthermore, the report assesses the implications of the Russia-Ukraine war on agriculture, energy, mineral commodities, and its influence on the market. It also measures the impact of high global inflation on market expansion. With regional insights, growth segment identification, and competitor benchmarking, the report supports informed decisions based on reliable data and analysis.


Key Attributes:

Report Attribute

Details

No. of Pages

200

Forecast Period

2023 - 2027

Estimated Market Value (USD) in 2023

$11.59 billion

Forecasted Market Value (USD) by 2027

$31.71 billion

Compound Annual Growth Rate

28.6%

Regions Covered

Global


For more information about this report visit https://www.researchandmarkets.com/r/jl9iqi

About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

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