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Global Autonomous Finance Market Size, Share & Industry Trends Analysis Report By Solution, By End-Use (Banks, Financial Institutions, Healthcare, Insurance Companies, Telecom, and Others), By Regional Outlook and Forecast, 2022 - 2028

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    Report

  • 196 Pages
  • December 2022
  • Region: Global
  • Marqual IT Solutions Pvt. Ltd (KBV Research)
  • ID: 5723596
The Global Autonomous Finance Market size is expected to reach $33.3 billion by 2028, rising at a market growth of 13.6% CAGR during the forecast period.

Self-learning software agents that optimize front-, middle-, and back-office operations control most of the procedures and activities in an autonomous financial function. In addition to being fully automated, an autonomous finance department may give enhanced real-time and predictive insights, simple compliance, and more flexibility in financial planning. But to implement this transition, CFOs require a robust technology roadmap and a new way of thinking. It depends on self-learning software agents.



Autonomous finance executives gravitate more and more toward autonomous financial solutions because they can automate and improve corporate workflows, operations, and procedures. The expansion of autonomous financial operations may be ascribed to numerous advantages offered to firms, including cost-effectiveness, real-time data analytics & reporting, a decrease in system downtime, and scalability in operations without adding more employees.

Artificial intelligence (AI), cloud computing, and robotic process automation (RPA) are technologies used to construct digital processes and improve the consumer experience while receiving digital and autonomous financial services. Early adopters are predicted to get a competitive edge thanks to autonomous finance fintech organizations' technical capabilities. 89.0% of finance professionals in the BFSI sector feel that businesses who embrace autonomous financial operations early would gain a significant competitive edge over their counterparts, according to receeve GmbH, a debt recovery, and collection platform.

Several financial functions, including accounting, loan application processing, asset management, and liquidity management, now use autonomous finance. As businesses unite to enhance customer experience and technological capabilities, the autonomous finance industry is anticipated to expand. Additionally, the pandemic hastened to shift consumer expectations for digital and omnichannel banking services. The capacity to access financial services remotely was the main driver of this transformation. As a result, market growth is anticipated to be propelled by the acceleration of digitalization and the need for companies to adapt to changing consumer requirements.

COVID-19 Impact Analysis

The COVID-19 pandemic has affected practically all sectors worldwide. During the early phases of the pandemic, many production and research facilities throughout the world were compelled to cease operations. To slow the pandemic's rapid spread, state and national governments instituted lockdown measures and made sure social distance rules were followed. The commercial launch of pharmaceutical and other businesses was also significantly delayed due to the financial crisis that immediately followed the pandemic. As a consequence, the revenue of various small and medium-sized enterprises significantly decreased. Due to COVID-19, the Financial Services Industry (FSI) saw substantial changes. The popularity of digital platforms substantially increased during the pandemic as automation emerged as a crucial trend, and customers of all ages preferred digital interactions with enterprises.

Market Growth Factors

Factors Increasing Artificial Intelligence (AI) Use in the BFSI Industry

Artificial intelligence (AI) in banking, financial services, and insurance (BFSI) is expected to grow, leading to a significant increase in the global autonomous finance market throughout the projection period. The industry's growing emphasis on enhancing customer satisfaction and retention will also contribute to the rise. End-users, such as Banks, Insurance Companies, and Financial Institutions, have started integrating automation into their products to speed up routine financial operations like insurance, bill payment, and subscription renewal. Such machine learning and AI-based solutions can understand user behavior and provide accurate financial advice thanks to advanced algorithms.

Utilizing Financial Apps More Will Help Reduce Human Error

Applications for financial services nowadays are customized to a user's specific financial requirements. These applications independently create and carry out financial plans depending on the user's age, goals, bank balances, risk tolerance, and other traits. A financial service application's primary goal is to reduce the likelihood of human errors and inefficiencies. It also improves investment allocation by entrusting sophisticated algorithms with tasks like automating bill payments and managing portfolios. Numerous venture capital organizations are concentrating on investing in autonomous financial solutions because of the enhanced growth potential of these products in the Banking, Financial Services, and Insurance (BFSI) industry.

Market Restraining Factors

Lack of Advanced Communication Technologies in Developing Regions

The success of smart finance technologies is dependent on technological innovation and operational effectiveness. Several countries in the Asia Pacific, the Middle East, Africa, and Latin America are impeded by a lack of essential technology, such as telecom and networking infrastructure, and are unable to quickly implement smart projects due to a variety of circumstances, such as a low budget and a low literacy rate. Several countries have yet to mature or even adopt 4G technology, even though countries like China have completed 5G experiments.

Solution Outlook

Based on the solution, the autonomous finance market is segmented into Asset Management, Auto Payments, Digital Identity Management Systems, Liquidity Management, Loan Application Processing, and Others. The asset management segment generated the significant revenue share in the market during 2021. Algorithms are used in autonomous asset management to manage assets and portfolios automatically. The main driver of category development is autonomous asset management's capacity to mimic human decision-making skills while locating the optimal execution rates for deals.



End-Use Outlook

Based on end-use, the autonomous finance market is divided into banks, financial institutions, healthcare, insurance companies, telecommunications, and others. The telecom segment is registering the promising growth rate during the forecast period. The telecom industry's networks have become more complicated to support emerging technologies like software-defined wide-area networks and network function virtualization.

Regional Outlook

Based on region, the Autonomous Finance Market is divided into North America, Europe, Asia Pacific, and LAMEA. In 2021, North America led the market for autonomous finance and generated a higher revenue share. The environment that supports the early adoption of novel technologies, particularly autonomous banking, is unique to the North American area. In addition, governments strongly emphasize fostering effective governance and a digitized, sustainable financial infrastructure. As a result, American businesses are working together to improve digital capabilities.

The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Oracle Corporation, NICE Ltd., HighRadius Corporation, Signzy Technologies Private Limited, Roots Automation, Inc., ReGov Technologies Sdn Bhd, Fennech Financial Ltd, Auditoria.AI, VIC.AI and ViralGains, Inc.

Scope of the Study

By Solution

  • Auto Payments
  • Digital Identity Management System
  • Loan Application Processing
  • Liquidity Management
  • Asset Management
  • Others

By End-Use

  • Banks
  • Financial Institutions
  • Healthcare
  • Insurance Companies
  • Telecom
  • Others

By Geography

  • North America
  • US
  • Canada
  • Mexico
  • Rest of North America
  • Europe
  • Germany
  • UK
  • France
  • Russia
  • Spain
  • Italy
  • Rest of Europe
  • Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Singapore
  • Malaysia
  • Rest of Asia Pacific
  • LAMEA
  • Brazil
  • Argentina
  • UAE
  • Saudi Arabia
  • South Africa
  • Nigeria
  • Rest of LAMEA

Key Market Players

List of Companies Profiled in the Report:

  • Oracle Corporation
  • NICE Ltd.
  • HighRadius Corporation
  • Signzy Technologies Private Limited
  • Roots Automation, Inc.
  • ReGov Technologies Sdn Bhd
  • Fennech Financial Ltd
  • Auditoria.AI
  • VIC.AI
  • ViralGains, Inc.

Unique Offerings

  • Exhaustive coverage
  • The highest number of Market tables and figures
  • Subscription-based model available
  • Guaranteed best price
  • Assured post sales research support with 10% customization free

Table of Contents

Chapter 1. Market Scope & Methodology
1.1 Market Definition
1.2 Objectives
1.3 Market Scope
1.4 Segmentation
1.4.1 Global Autonomous Finance Market, by Solution
1.4.2 Global Autonomous Finance Market, by End-Use
1.4.3 Global Autonomous Finance Market, by Geography
1.5 Methodology for the research

Chapter 2. Market Overview
2.1 Introduction
2.1.1 Overview
2.1.1.1 Market Composition and Scenario
2.2 Key Factors Impacting the Market
2.2.1 Market Drivers
2.2.2 Market Restraints

Chapter 3. Global Autonomous Finance Market by Solution
3.1 Global Auto Payments Market by Region
3.2 Global Digital Identity Management System Market by Region
3.3 Global Loan Application Processing Market by Region
3.4 Global Liquidity Management Market by Region
3.5 Global Asset Management Market by Region
3.6 Global Others Market by Region

Chapter 4. Global Autonomous Finance Market by End-Use
4.1 Global Banks Market by Region
4.2 Global Financial Institutions Market by Region
4.3 Global Healthcare Market by Region
4.4 Global Insurance Companies Market by Region
4.5 Global Telecom Market by Region
4.6 Global Others Market by Region

Chapter 5. Global Autonomous Finance Market by Region
5.1 North America Autonomous Finance Market
5.1.1 North America Autonomous Finance Market by Solution
5.1.1.1 North America Auto Payments Market by Country
5.1.1.2 North America Digital Identity Management System Market by Country
5.1.1.3 North America Loan Application Processing Market by Country
5.1.1.4 North America Liquidity Management Market by Country
5.1.1.5 North America Asset Management Market by Country
5.1.1.6 North America Others Market by Country
5.1.2 North America Autonomous Finance Market by End-Use
5.1.2.1 North America Banks Market by Country
5.1.2.2 North America Financial Institutions Market by Country
5.1.2.3 North America Healthcare Market by Country
5.1.2.4 North America Insurance Companies Market by Country
5.1.2.5 North America Telecom Market by Country
5.1.2.6 North America Others Market by Country
5.1.3 North America Autonomous Finance Market by Country
5.1.3.1 US Autonomous Finance Market
5.1.3.1.1 US Autonomous Finance Market by Solution
5.1.3.1.2 US Autonomous Finance Market by End-Use
5.1.3.2 Canada Autonomous Finance Market
5.1.3.2.1 Canada Autonomous Finance Market by Solution
5.1.3.2.2 Canada Autonomous Finance Market by End-Use
5.1.3.3 Mexico Autonomous Finance Market
5.1.3.3.1 Mexico Autonomous Finance Market by Solution
5.1.3.3.2 Mexico Autonomous Finance Market by End-Use
5.1.3.4 Rest of North America Autonomous Finance Market
5.1.3.4.1 Rest of North America Autonomous Finance Market by Solution
5.1.3.4.2 Rest of North America Autonomous Finance Market by End-Use
5.2 Europe Autonomous Finance Market
5.2.1 Europe Autonomous Finance Market by Solution
5.2.1.1 Europe Auto Payments Market by Country
5.2.1.2 Europe Digital Identity Management System Market by Country
5.2.1.3 Europe Loan Application Processing Market by Country
5.2.1.4 Europe Liquidity Management Market by Country
5.2.1.5 Europe Asset Management Market by Country
5.2.1.6 Europe Others Market by Country
5.2.2 Europe Autonomous Finance Market by End-Use
5.2.2.1 Europe Banks Market by Country
5.2.2.2 Europe Financial Institutions Market by Country
5.2.2.3 Europe Healthcare Market by Country
5.2.2.4 Europe Insurance Companies Market by Country
5.2.2.5 Europe Telecom Market by Country
5.2.2.6 Europe Others Market by Country
5.2.3 Europe Autonomous Finance Market by Country
5.2.3.1 Germany Autonomous Finance Market
5.2.3.1.1 Germany Autonomous Finance Market by Solution
5.2.3.1.2 Germany Autonomous Finance Market by End-Use
5.2.3.2 UK Autonomous Finance Market
5.2.3.2.1 UK Autonomous Finance Market by Solution
5.2.3.2.2 UK Autonomous Finance Market by End-Use
5.2.3.3 France Autonomous Finance Market
5.2.3.3.1 France Autonomous Finance Market by Solution
5.2.3.3.2 France Autonomous Finance Market by End-Use
5.2.3.4 Russia Autonomous Finance Market
5.2.3.4.1 Russia Autonomous Finance Market by Solution
5.2.3.4.2 Russia Autonomous Finance Market by End-Use
5.2.3.5 Spain Autonomous Finance Market
5.2.3.5.1 Spain Autonomous Finance Market by Solution
5.2.3.5.2 Spain Autonomous Finance Market by End-Use
5.2.3.6 Italy Autonomous Finance Market
5.2.3.6.1 Italy Autonomous Finance Market by Solution
5.2.3.6.2 Italy Autonomous Finance Market by End-Use
5.2.3.7 Rest of Europe Autonomous Finance Market
5.2.3.7.1 Rest of Europe Autonomous Finance Market by Solution
5.2.3.7.2 Rest of Europe Autonomous Finance Market by End-Use
5.3 Asia Pacific Autonomous Finance Market
5.3.1 Asia Pacific Autonomous Finance Market by Solution
5.3.1.1 Asia Pacific Auto Payments Market by Country
5.3.1.2 Asia Pacific Digital Identity Management System Market by Country
5.3.1.3 Asia Pacific Loan Application Processing Market by Country
5.3.1.4 Asia Pacific Liquidity Management Market by Country
5.3.1.5 Asia Pacific Asset Management Market by Country
5.3.1.6 Asia Pacific Others Market by Country
5.3.2 Asia Pacific Autonomous Finance Market by End-Use
5.3.2.1 Asia Pacific Banks Market by Country
5.3.2.2 Asia Pacific Financial Institutions Market by Country
5.3.2.3 Asia Pacific Healthcare Market by Country
5.3.2.4 Asia Pacific Insurance Companies Market by Country
5.3.2.5 Asia Pacific Telecom Market by Country
5.3.2.6 Asia Pacific Others Market by Country
5.3.3 Asia Pacific Autonomous Finance Market by Country
5.3.3.1 China Autonomous Finance Market
5.3.3.1.1 China Autonomous Finance Market by Solution
5.3.3.1.2 China Autonomous Finance Market by End-Use
5.3.3.2 Japan Autonomous Finance Market
5.3.3.2.1 Japan Autonomous Finance Market by Solution
5.3.3.2.2 Japan Autonomous Finance Market by End-Use
5.3.3.3 India Autonomous Finance Market
5.3.3.3.1 India Autonomous Finance Market by Solution
5.3.3.3.2 India Autonomous Finance Market by End-Use
5.3.3.4 South Korea Autonomous Finance Market
5.3.3.4.1 South Korea Autonomous Finance Market by Solution
5.3.3.4.2 South Korea Autonomous Finance Market by End-Use
5.3.3.5 Singapore Autonomous Finance Market
5.3.3.5.1 Singapore Autonomous Finance Market by Solution
5.3.3.5.2 Singapore Autonomous Finance Market by End-Use
5.3.3.6 Malaysia Autonomous Finance Market
5.3.3.6.1 Malaysia Autonomous Finance Market by Solution
5.3.3.6.2 Malaysia Autonomous Finance Market by End-Use
5.3.3.7 Rest of Asia Pacific Autonomous Finance Market
5.3.3.7.1 Rest of Asia Pacific Autonomous Finance Market by Solution
5.3.3.7.2 Rest of Asia Pacific Autonomous Finance Market by End-Use
5.4 LAMEA Autonomous Finance Market
5.4.1 LAMEA Autonomous Finance Market by Solution
5.4.1.1 LAMEA Auto Payments Market by Country
5.4.1.2 LAMEA Digital Identity Management System Market by Country
5.4.1.3 LAMEA Loan Application Processing Market by Country
5.4.1.4 LAMEA Liquidity Management Market by Country
5.4.1.5 LAMEA Asset Management Market by Country
5.4.1.6 LAMEA Others Market by Country
5.4.2 LAMEA Autonomous Finance Market by End-Use
5.4.2.1 LAMEA Banks Market by Country
5.4.2.2 LAMEA Financial Institutions Market by Country
5.4.2.3 LAMEA Healthcare Market by Country
5.4.2.4 LAMEA Insurance Companies Market by Country
5.4.2.5 LAMEA Telecom Market by Country
5.4.2.6 LAMEA Others Market by Country
5.4.3 LAMEA Autonomous Finance Market by Country
5.4.3.1 Brazil Autonomous Finance Market
5.4.3.1.1 Brazil Autonomous Finance Market by Solution
5.4.3.1.2 Brazil Autonomous Finance Market by End-Use
5.4.3.2 Argentina Autonomous Finance Market
5.4.3.2.1 Argentina Autonomous Finance Market by Solution
5.4.3.2.2 Argentina Autonomous Finance Market by End-Use
5.4.3.3 UAE Autonomous Finance Market
5.4.3.3.1 UAE Autonomous Finance Market by Solution
5.4.3.3.2 UAE Autonomous Finance Market by End-Use
5.4.3.4 Saudi Arabia Autonomous Finance Market
5.4.3.4.1 Saudi Arabia Autonomous Finance Market by Solution
5.4.3.4.2 Saudi Arabia Autonomous Finance Market by End-Use
5.4.3.5 South Africa Autonomous Finance Market
5.4.3.5.1 South Africa Autonomous Finance Market by Solution
5.4.3.5.2 South Africa Autonomous Finance Market by End-Use
5.4.3.6 Nigeria Autonomous Finance Market
5.4.3.6.1 Nigeria Autonomous Finance Market by Solution
5.4.3.6.2 Nigeria Autonomous Finance Market by End-Use
5.4.3.7 Rest of LAMEA Autonomous Finance Market
5.4.3.7.1 Rest of LAMEA Autonomous Finance Market by Solution
5.4.3.7.2 Rest of LAMEA Autonomous Finance Market by End-Use

Chapter 6. Company Profiles
6.1 Oracle Corporation
6.1.1 Company Overview
6.1.2 Financial Analysis
6.1.3 Segmental and Regional Analysis
6.1.4 Research & Development Expense
6.1.5 SWOT Analysis
6.2 NICE Ltd.
6.2.1 Company Overview
6.2.2 Financial Analysis
6.2.3 Segmental and Regional Analysis
6.2.4 Research & Development Expenses
6.2.5 Recent strategies and developments:
6.2.5.1 Product Launches and Product Expansions:
6.3 HighRadius Corporation
6.3.1 Company Overview
6.3.2 Recent strategies and developments:
6.3.2.1 Partnerships, Collaborations, and Agreements:
6.4 Signzy Technologies Private Limited
6.4.1 Company Overview
6.5 Roots Automation, Inc.
6.5.1 Company Overview
6.6 ReGov Technologies SDN BHD
6.6.1 Company Overview
6.7 Fennech Financial Ltd
6.7.1 Company Overview
6.8 Auditoria.AI
6.8.1 Company Overview
6.9 VIC.AI
6.9.1 Company Overview
6.9.2 Recent strategies and developments:
6.9.2.1 Partnerships, Collaborations, and Agreements:
6.10. ViralGains, Inc.
6.10.1 Company Overview

Companies Mentioned

  • Oracle Corporation
  • NICE Ltd.
  • HighRadius Corporation
  • Signzy Technologies Private Limited
  • Roots Automation, Inc.
  • ReGov Technologies Sdn Bhd
  • Fennech Financial Ltd
  • Auditoria.AI
  • VIC.AI
  • ViralGains, Inc.

Methodology

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