Dublin, April 26, 2019 (GLOBE NEWSWIRE) -- The "Global AI in Fintech Market By Component (Solution (Software Tools and Platform) and Services (Managed and Professional)), By Deployment Mode (Cloud and On-Premise), By Application, By Region, Competition, Forecast & Opportunities, 2024" report has been added to ResearchAndMarkets.com's offering.
The global AI in Fintech market is forecast to exhibit a CAGR of 26.21% during 2019-2024, growing from $1.44 billion in 2018 to $5.67 billion by 2024, on account of technological advancements and surging penetration of internet.
Fintech or financial technology is the name given to the new technological innovation that aims to compete with traditional financial methods in the delivery of financial services. Following the banking sector, artificial intelligence (AI) is transforming the finance industry. Since AI helps to improve the efficiency and reduce the chances of error, the application of AI in Fintech is increasing at a rapid pace.
The global AI in Fintech market can be categorized based on component, deployment mode, application and regional analysis. In the solution sub-segment, the software tools segment is anticipated to acquire the largest market share, as it helps to extract a large amount of data. Based on the deployment mode, the global AI in Fintech market is bifurcated into cloud and on-premise.
The cloud segment is likely to register the highest CAGR in coming years, as it offers a wide range of solutions to cater to the AI in Fintech market. AI in Fintech caters to various applications such as virtual assistant (chat bot), business analytics & reporting, customer behavioral analytics and others. Business analytics and reporting is the leading segment in the global AI in Fintech market and is poised to grow at a high rate over the course of next five years, as it helps in the analysis of customer behavior.
Regionally, the market for AI in Fintech is gaining traction and expanding to various regions including Asia-Pacific, North America, Europe, South America and the Middle East & Africa. North America is at the forefront of the AI in Fintech market, on the back of high investments in R&D in the developed economies of the US and Canada.
Some of the major players operating in the global AI in Fintech market are IBM Corporation, Amazon Web Services, Microsoft Corporation, Nuance Communications, Inc. IPsoft Inc., etc. Major companies are developing advanced technologies and launching new products in order to stay competitive in the market. Other competitive strategies include mergers & acquisitions and new product developments. In 2017, MIT and IBM partnered to invest in the artificial intelligence platform.
Years considered for this report:
Historical Years: 2014-2017
Base Year: 2018
Estimated Year: 2019
Forecast Period: 2020-2024
Objective of the Study
- To analyze and forecast the global AI in Fintech market size.
- To classify and forecast the global AI in Fintech market based on component, deployment mode, application and regional distribution.
- To identify drivers and challenges for the global AI in Fintech market.
- To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in the global AI in Fintech market.
- To identify and analyze the profile of leading players operating in the global AI in Fintech market.
Key Topics Covered
1. Product Overview
2. Research Methodology
3. Executive Summary
4. Voice of Customer
5. Global AI in Fintech Market Outlook
5.1. Market Size & Forecast
5.1.1. By Value
5.2. Market Share & Forecast
5.2.1. By Component (Solution (Software Tools and Platform) and Services (Managed and Professional)
5.2.2. By Deployment Mode (Cloud and On-premise)
5.2.3. By Application (Business Analytics & Reporting, Customer Behavioral Analytics, Virtual Assistant (Chat bot) and Others)
5.2.4. By Company
5.2.5. By Region
5.3. Competition Outlook
6. North America AI in Fintech Market Outlook
7. Europe AI in Fintech Market Outlook
8. Asia-Pacific AI in Fintech Market Outlook
9. Middle East & Africa AI in Fintech Market Outlook
10. South America AI in Fintech Market Outlook
11. Market Dynamics
12. Market Trends & Developments
13. Competitive Landscape
13.1. Competition Outlook
13.2. Company Profiles (Partial List of Leading Companies)
13.2.1. IBM Corporation
13.2.2. Amazon Web Services Inc.
13.2.3. Microsoft Corporation
13.2.4. Nuance Communications Inc.
13.2.5. IPsoft Inc.
13.2.6. NextIT Corporation
13.2.7. Inbenta Technologies Inc.
13.2.8. Autodesk Inc.
13.2.9. FANUC Corporation
13.2.10. Hanson Robotics Limited
14. Strategic Recommendations
For more information about this report visit https://www.researchandmarkets.com/r/1189f
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Related Topics: Software, Artificial Intelligence