AI in Fintech Market Size to Reach USD 17440 Million by 2027 at CAGR 17.9% - Valuates Reports

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BANGALORE, India, Sept. 30, 2021 /PRNewswire/ -- The AI in Fintech Market is Segmented by Type (Software Tools, Platforms), Application (Virtual Assistant, Business Analytics and Reporting, Customer Behavioral Analytics, Others). The report covers global opportunity analysis and industry forecasts from 2020 to 2027. It is published in Valuates Reports under Business Services Category.

The global AI in Fintech market is projected to reach USD 17440 Million by 2027, from USD 5350.8 Million in 2020, at a CAGR of 17.9% during the forecast period 2021-2027.

Major Factors Driving the Growth of AI in Fintech Market are:

The increasing need for Fintech companies to cut down their operational cost is expected to drive the growth of AI in fintech. Artificial intelligence in fintech is enabling businesses to reduce costs, automate processes, and reduce the likelihood of error.

The growing need for enhanced customer interaction is expected to drive the AI in Fintech market growth. FinTech companies are increasingly relying on Ai based virtual assistance to solve customer queries and effectively interact with customers. Chatbots enable businesses to cut costs while increasing customer satisfaction. The most common AI solutions are Robo advisors and automated customer support, which assist in improving customer experience.

Customer Behavioral Analytics offered by AI in fraud detections and claims management is expected to drive the growth of AI in the fintech market. Financial cybercrime is on the rise as a result of digital transformation, but thanks to AI and ML, both organizations and users can now protect themselves and their account data. Analytics tools gather evidence and analyze data that is required for conviction. Then, artificial intelligence tools learn and monitor user behavior patterns to identify the rarity and warning signs of fraud attempts and incidents. 

The need for enhanced Business Analytics and Reporting is expected to further fuel the growth of AI in fintech market during the forecast period. The banking and finance sector needs to make sense of huge volumes of data for making critical decisions. Recognizing this, the industry has been quick to adopt AI to automate reporting in order to speed up and improve its decision-making processes. Predictive analysis can aid in the calculation of credit scores and the prevention of bad loans. 

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Trends Influencing The Growth of AI in Fintech Market

The growing adoption of automated virtual financial assistants in fintech companies is expected to drive the growth of AI in fintech. Users can use automated financial assistants and planners to help them make financial decisions. These include events, stock, and bond price trends based on the user's financial goals and personal portfolio, which can aid in making recommendations about which bonds and stocks to buy or sell. These systems, dubbed "Robo-Advisors," are increasingly being offered by both established financial institutions and Fintech startups.

The need for predictive analytics in the financial industry is expected to drive the growth of AI in the fintech market. In the fintech industry, predictive analytics offered by AI can have a direct impact on overall business strategy, sales nurturing, revenue generation, and resource optimization. It has the potential to be a game-changer by improving business operations, internal processes, and outperforming competitors. Analytics collaborates closely with organizations across a wide range of industries to collect and organize data, analyze it with cutting-edge algorithms and technology, and quickly deploy customized, prescriptive solutions tailored to each customer.

The need for behavioral analytics in the financial industry to identify malicious activities and detect frauds is expected to fuel the AI in the fintech market during the forecast period. A behavioral analytics system records clients' website interactions and uses the data to keep track of them and confirm their identity when they're online. Web browsers have long collected data on mouse movements and typing, but few internet users are aware that they are being watched in such fine detail. In addition, the technology is used to detect user behavior that indicates an attempt to open fraudulent accounts using stolen identities. Behavioral analytics adds another layer of security to other forms of identification.

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AI in Fintech Market Share Analysis

Based on region, North America is expected to be the most lucrative region during the forecast period. Due to the region's strong economy, robust presence of prominent AI software and system suppliers, and combined investment by government and private organizations for the development and growth of R&D activities, the region has also seen the highest adoption of AI in Fintech solutions. 

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Major Players in the AI In Fintech Industry

• Microsoft (US)
• Google (California, US)
• Salesforce.com (US)
• IBM (US)
• Intel (US)
• Amazon Web Services (US)
• Inbenta Technologies (US)
• IPsoft (US)
• Nuance Communications (US)
• ComplyAdvantage.com (US)

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SIMILAR REPORTS 

-  FinTech Market contains segmentation By Type (API, AI, Blockchain, Distributed Computing, Cryptography), By Application (Financing, Asset Management, Payments) and Regional

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-  Global Payments Market Size, Status and Forecast 2021-2027

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