Increasing Demand for Process Automation to Bolster the Growth of the Global AI in the Fintech Market

Thu, 24 September 2020 7:41

The global AI in fintech market is witnessing a surge due to the growing need for process automation across the fintech industry. Additionally, the increasing availability of data sources has helped the fintech companies enhance their footprints in various fields. Further, the surge in internet penetration across all the regions and the availability of advanced infrastructure has bolstered its growth. Besides, it's easy to use mobile financial applications platforms' interface to enable many people to prefer digital ways. Similarly, the increasingly mobile workforce and AI-enabled technology solutions in the capital market have boosted its growth. However, the lack of a skilled workforce and the difficulty of coping with the rapidly expanding scope of AI in the Fintech solution have restrained the market's growth. 

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  • The global AI in the Fintech market is expected to grow from USD 6.7 Billion in the year 2019 to USD 39.8 Billion 2029 at a compound annual growth rate (CAGR) of 22% in the forecast period.
  • The repercussions of COVID-19, such as lockdown and social distancing, have led to a surge in the utilization of digitals services in the financial sector, thereby massively increasing the technology adoption, thus bolstering the growth of the Global AI in the Fintech Market.
  • North America dominates the AI in Fintech Market on account of the presence of favorable technical infrastructure, a higher number of fintech companies, and major players.
  • The Asia-Pacific to exhibit the fastest growth in the AI in the Fintech Market due to the favoring government initiative, the emergence of digital technology, higher adoption latest technologies, and increasing foreign direct investments.
  • The software segment caters to the highest market share among the global AI's different components in the Fintech Market.
  • The cloud segment caters to the highest market share among the different deployment types in Global AI in Fintech Market.

According to Straits research, the major key players in the Global AI in Fintech Market are Microsoft (the U.S.), Google (the U.S.), Salesforce.com (the U.S.), IBM (the U.S.), Intel (the U.S.), Amazon Web Services (the U.S.), Inbenta Technologies (the U.S.), IPsoft (the U.S.), Nuance Communications (the U.S.), and ComplyAdvantage.com (the U.S.) among others.

AI in Fintech Market Segmentation

By Component

  • Solutions
    • Software Tools
    • Platforms
  • Services
    • Managed Services
    • Professional Services

By Deployment Mode

  • Cloud
  • On-Premises

By Application Area

  • Virtual Assistant (Chatbots)
  • Business Analytics and Reporting
  • Customer Behavioral Analytics
  • Others (includes market research, advertising, and marketing campaign)

By Region

North America

  • The U.S.
  • Canada
  • Mexico

Europe

  • The U.K.
  • Italy
  • France
  • Spain
  • Germany
  • Rest of Europe

The Middle East and Africa (MEA)

  • Saudi Arabia
  • Egypt
  • South Africa
  • Rest of MEA

Asia-Pacific

  • India
  • China
  • Japan
  • Australia
  • South Korea
  • Rest of Asia-Pacific

South America

  • Colombia
  • Brazil
  • Chile
  • Peru
  • Argentina
  • Rest of South America

" Crucial Insights The Report Provides:"

* Known and Unknown Adjacencies Influencing the Growth of Market

* Explorable Revenue Sources

* Customer Behaviour Analysis

* Target Partners

* Customized Geographical Data Based on Customers as well as Competitors

* Analysis of Market Size and CAGR between the Forecast Periods

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