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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.Speak directly to the analyst to clarify any post sales queries you may have.
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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.
Some of the leading players operating in the global AI in Fintech market are IBM Corporation, Amazon Web Services, Microsoft Corporation, Nuance Communications, Inc. IPsoft Inc., etc.
The author performed both primary as well as exhaustive secondary research for this study. Initially, the author sourced a list of solution & service providers across the globe. Subsequently, the author conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, the author could include the service providers which could not be identified due to the limitations of secondary research. The author analyzed the service offerings, distribution channels and presence of all major service providers across the globe.
The author calculated the global AI in Fintech market size by using a bottom-up approach, where data for various application segments was recorded and forecast for the future years. The author sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these product types and applications for getting an appropriate, overall market size. Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also studied.
Key Target Audience:
- AI in Fintech solution & service providers
- Research organizations and consulting companies
- Government bodies such as regulating authorities and policymakers
- Organizations, forums and alliances related to AI in Fintech
The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as service providers and partners, end-users. The report also provides useful insights about which market segments should be targeted over the coming years in order to strategize investments and capitalize on growth opportunities.
Report Scope:
In this report, the global AI in Fintech market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Market, by Component:
- Solution
- Software Tools
- Platform
- Services
- Managed
- Professional
Marker, by Deployment Mode:
- On-premise
- Cloud
Market, by Application:
- Business Analytics & Reporting
- Customer Behavioral Analytics
- Virtual Assistant (Chat bot)
- Others
Market, by Region:
North America
- United States
- Canada
- Mexico
Europe
- United Kingdom
- Germany
- France
- Spain
- Italy
Asia-Pacific
- China
- Japan
- Australia
- India
- Singapore
South America
- Brazil
- Argentina
- Columbia
Middle East & Africa
- UAE
- Saudi Arabia
- South Africa
- Qatar
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in the global AI in Fintech market.
Available Customizations
With the given market data, the author offers customizations according to a company’s specific needs. The following customization options are available for the report:
Company Information
- Detailed analysis and profiling of additional market players (up to five).
*Note - Custom Research License:
10% specific customization is available free of any additional cost, for both the single user and enterprise license, as above. However, alternatively, if you are looking for additional content data or insight related to the scope of the report, you may purchase the new “Custom Research License”. Please enquire for pricing.
The custom research will be delivered in printable PDF format along with the report’s data excel sheet. This license offers 80 analyst hours. It is strongly recommended for an organization which wants to execute short ‘bespoke’ research projects related to the scope of the purchased report.
Table of Contents
1. Product Overview2. Research Methodology3. Executive Summary4. Voice of Customer12. Market Trends & Developments
5. Global AI in Fintech Market 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
13. Competitive Landscape
14. Strategic Recommendations
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- IBM Corporation
- Amazon Web Services, Inc
- Microsoft Corporation
- Nuance Communications, Inc.
- IPsoft Inc.
- NextIT Corporation
- Inbenta Technologies Inc
- Autodesk, Inc.
- FANUC Corporation
- Hanson Robotics Limited