LONDON – The AI in fintech industry consists of sales of AI as software by entities (organizations, sole traders, and partnerships) that are used in the fintech space. AI is a part of fintech companies in terms of collection of data, analyzing information, securing and facilitating transactions, creating customer-centric products, and streamlining processes. It provides stronger security, better analytics, and insights, virtual assistance, and chatbots.
The global AI in fintech industry size is expected to grow from $7.25 billion in 2021 to $9.13 billion in 2022 at a compound annual growth rate (CAGR) of 25.9%. The global AI in fintech market size is expected to grow to $24.17 billion in 2026 at a CAGR of 27.6%.
AI in FinTech Market Segmentation
1) By Type: Solutions, Services
2) By Deployment: Cloud, On-Premise
3) By Application: Asset Management, Risk Investigation, Business Analytics, Regulatory Compliance, Data Collection, Predictive Analytics, Virtual Assistance, Others
AI in FinTech Market Outlook
The need for fraud detection in fintech or financial institutions is contributing to the growth of AI in the fintech market. Artificial intelligence or machine learning algorithms can learn new information from the data collected. The more data that AI manipulates, the more AI can be learned, and banks can thus gain deeper insights with AI technology. The biggest advantage of AI is that over time the algorithm builds on collecting more data and learning more about how to use it. The advantage is that it starts the moment the AI is deployed and continues to grow without interruption of contribution.
Key Players And Their Strategies In The AI in FinTech Industry
Major players in the AI in fintech market are Microsoft, Google, IBM Corporation, Intel Corporation, Amazon Web Services, IPsoft, Salesforce Inc, Nuance Communications, Next IT Corporation, Trifacta Software Inc, Inbenta Technologies, Zeitgold GmbH, and Onfido.
Mergers and acquisitions are an important strategy in the FinTech AI industry. In May 2020, Cleareye.ai, Inc, a US-based fintech company, acquired AIWare.ai for an undisclosed deal amount. Through this acquisition, Cleareye.ai combines both company teams of AIWare.ai and Cleareye.ai to strengthen their ability to offer solutions such as leveraging artificial intelligence, bionic automation, and advanced analytics. Aiware.ai is an Indian startup that specializes in AI and provides services in the fintech industry.
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Source: The Business Reseach Company
