Artificial Intelligence (AI) in Fintech Market - Global Size, Share, Trend Analysis, Opportunity and Forecast Report, 2019–2029, Segmented By Component (Solutions, Services); By Deployment Mode (Cloud-based, On-Premises); By Application (Virtual Assistant, Business Analytics and Reporting, Customer Behavioral Analytics, Fraud Detection, Quantitative & Access Management); By Region (North America, Europe, Asia Pacific, Latin America, Middle East and Africa)
Global Artificial Intelligence (AI) in Fintech Market Size Booming to Touch USD 58 Billion by 2029
Global artificial intelligence (AI) in fintech market is flourishing because of increasing awareness of the benefits of cloud-based firewalls among small- and medium-sized organizations, surging demand for personalized financial services, and investments in R&D of innovative financial products, solutions, and services.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated global artificial intelligence (AI) in fintech market size at USD 11.78 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects global artificial intelligence in fintech market size to grow at a robust CAGR of 25.7% reaching a value of USD 58.05 billion by 2029. Major growth factors of global artificial intelligence in fintech market include increasing technology advancements, enhancing financial service providers' business processes, increasing internet penetration and geographic data availability. AI and machine learning (ML) have benefited banks and fintech firms in processing vast amounts of client data. Increasing awareness of the benefits of cloud-based firewalls among small and medium-sized businesses, particularly in developing countries, will generate significant market expansion prospects. The increasing usage and integration of smart mobile payment solutions is a key trend in AI in the fintech industry, as customers globally are increasingly reliant on digital payment methods rather than traditional wallets. Many market participants offer payment platforms and are constantly adding new features like as voice commands and biometric access control (fingerprint and facial recognition). Therefore, such factors are expected to boost the expansion of global artificial intelligence in fintech market during the period in analysis. However, strict laws regulating finance & banking sectors and data privacy & security concerns are anticipated to restrain the overall market expansion.
Global Artificial Intelligence (AI) in Fintech Market – Overview
Artificial reasoning, commonly known as Artificial Intelligence (AI), is the subject area that enables computers to learn human knowledge and conduct language using advanced AI and coding calculations. By increasing effectiveness, inorganic intelligence assists Fintech organizations in addressing human concerns. AI enhances results by applying approaches learned from portions of Human Intelligence at a human scale in the past. AI PCs execute human-like functions, such as learning, dynamic, arranging, and discourse recognition. Fintech, or fiscal innovation, is the term used to describe a new mechanical development that aims to compete with traditional monetary methods in the delivery of monetary administrations. Following in the footsteps of the financial sector, Artificial Intelligence (AI) is transforming the accountancy industry. It saves time, increases production, and reduces the likelihood of errors. Artificial intelligence can help in the production of a large number of reports. It is used to forecast the precise conclusion and to find the relationship between global events and their impact on prices through predictive analysis.
Impact of COVID -19 on Global Artificial Intelligence (AI) in Fintech Market
Covid-19 has been beneficial to the market. The corporate activity has been halted, resulting in disruptions in global supply chains, border restrictions, and travel restrictions imposed by government authorities. As a result, banks and fintech firms have adopted a work-from-home attitude. Furthermore, the rising adoption of artificial intelligence and machine learning tools in banking businesses for performing vital operations around the world has generated a considerable scope for market expansion. Furthermore, by the end of 2020, worldwide corporations have increased their investments in cloud technologies to enable convenient remote working.
Global Artificial Intelligence (AI) in Fintech Market – By Deployment Mode
Based on deployment mode, global artificial intelligence in fintech market is bifurcated into Cloud-based and On-Premises. The on-premises segment held a significant market share in 2021, since on-premises deployment allows firms to build software or services on a financial institution's hardware or infrastructure. However, the cloud segment is predicted to dominate owing to AI-based algorithms that recognize current rules, provide suggestions, and benefit from historical data in a cloud setting. Cloud computing and artificial intelligence (AI) can improve output, efficiency, and digital security in data management and authentication. This automated system also eliminates human errors in data processing. AI in the cloud analyzes historical data, adjusts based on it, makes recommendations, and evaluates current patterns.
Competitive Landscape
Major players operating in global artificial intelligence in fintech market include BigML, Inc., Cisco Systems, Inc., FICO, Hewlett Packard Enterprise Development LP, RapidMiner, Inc., SAP SE, SAS Institute Inc., Microsoft, Google, LLC, Salesforce.com Inc., IBM, Intel Corporation, Amazon Web Services, Inc., Inbenta Technologies, IPsoft, Nuance Communications, ComplyAdvantage, Affirm, Inc, Upstart Network, Inc., and Inbenta Technologies. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global Artificial Intelligence (AI) in Fintech Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global Artificial Intelligence (AI) in Fintech Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
- 1. Research Framework
- 1.1. Research Objective
- 1.2. Product Overview
- 1.3. Market Segmentation
- 2. Executive Summary
- 3. Global Artificial Intelligence (AI) in Fintech Market Insights
- 3.1. Industry Value Chain Analysis
- 3.2. DROC Analysis
- 3.2.1. Growth Drivers
- 3.2.1.1. Surging demand for personalized financial services
- 3.2.1.2. Rising awareness of the benefits of cloud-based firewalls among small- and medium-sized organizations
- 3.2.1.3. Growth in investment for research and development to carve way for innovations
- 3.2.2. Restraints
- 3.2.2.1. Strict laws regulating finance & banking sectors
- 3.2.2.2. Data privacy & security concerns
- 3.2.3. Opportunities
- 3.2.3.1. Rising cyberattacks
- 3.2.3.2. Growing industrial infrastructure coupled with prevalence of limited number of vendors offering services
- 3.2.4. Challenges
- 3.2.4.1. Complexities associated with the deployment of cloud-based deployment models
- 3.3. Technology Advancements/Recent Developments
- 3.4. Regulatory Framework
- 3.5. Porter’s Five Forces Analysis
- 3.5.1. Bargaining Power of Suppliers
- 3.5.2. Bargaining Power of Buyers
- 3.5.3. Threat of New Entrants
- 3.5.4. Threat of Substitutes
- 3.5.5. Intensity of Rivalry
- 4. Global Artificial Intelligence (AI) in Fintech Market Overview
- 4.1. Market Size & Forecast, by Value, 2019–2029
- 4.1.1. By Value (USD Million)
- 4.2. Market Share & Forecast
- 4.2.1. By Component
- 4.2.1.1. Solutions
- 4.2.1.2. Services
- 4.2.2. By Deployment Mode
- 4.2.2.1. Cloud-based
- 4.2.2.2. On-Premises
- 4.2.3. By Application
- 4.2.3.1. Virtual Assistant
- 4.2.3.2. Business Analytics and Reporting
- 4.2.3.3. Customer Behavioral Analytics
- 4.2.3.4. Fraud Detection
- 4.2.3.5. Quantitative & Access Management
- 4.2.3.6. Others
- 4.2.4. By Region
- 4.2.4.1. North America
- 4.2.4.2. Europe
- 4.2.4.3. Asia Pacific (APAC)
- 4.2.4.4. Latin America
- 4.2.4.5. Middle East and Africa (MEA)
- 5. North America Artificial Intelligence (AI) in Fintech Market
- 5.1.1. Market Size & Forecast, by Value, 2019–2029
- 5.1.2. By Value (USD Million)
- 5.2. Market Share & Forecast
- 5.2.1. By Component
- 5.2.2. By Deployment Mode
- 5.2.3. By Application
- 5.2.4. By Country
- 5.2.4.1. US
- 5.2.4.1.1. By Component
- 5.2.4.1.2. By Deployment Mode
- 5.2.4.1.3. By Application
- 5.2.4.2. Canada
- 5.2.4.2.1. By Component
- 5.2.4.2.2. By Deployment Mode
- 5.2.4.2.3. By Application
- 6. Europe Artificial Intelligence (AI) in Fintech Market
- 6.1. Market Size & Forecast, by Value, 2019–2029
- 6.1.1. By Value (USD Million)
- 6.2. Market Share & Forecast
- 6.2.1. By Component
- 6.2.2. By Deployment Mode
- 6.2.3. By Application
- 6.2.4. By Country
- 6.2.4.1. Germany
- 6.2.4.1.1. By Component
- 6.2.4.1.2. By Deployment Mode
- 6.2.4.1.3. By Application
- 6.2.4.2. UK
- 6.2.4.2.1. By Component
- 6.2.4.2.2. By Deployment Mode
- 6.2.4.2.3. By Application
- 6.2.4.3. Italy
- 6.2.4.3.1. By Component
- 6.2.4.3.2. By Deployment Mode
- 6.2.4.3.3. By Application
- 6.2.4.4. France
- 6.2.4.4.1. By Component
- 6.2.4.4.2. By Deployment Mode
- 6.2.4.4.3. By Application
- 6.2.4.5. Spain
- 6.2.4.5.1. By Component
- 6.2.4.5.2. By Deployment Mode
- 6.2.4.5.3. By Application
- 6.2.4.6. The Netherlands
- 6.2.4.6.1. By Component
- 6.2.4.6.2. By Deployment Mode
- 6.2.4.6.3. By Application
- 6.2.4.7. Rest of Europe
- 6.2.4.7.1. By Component
- 6.2.4.7.2. By Deployment Mode
- 6.2.4.7.3. By Application
- 7. Asia Pacific Artificial Intelligence (AI) in Fintech Market
- 7.1. Market Size & Forecast, by Value, 2019–2029
- 7.1.1. By Value (USD Million)
- 7.2. Market Share & Forecast
- 7.2.1. By Component
- 7.2.2. By Deployment Mode
- 7.2.3. By Application
- 7.2.4. By Country
- 7.2.4.1. China
- 7.2.4.1.1. By Component
- 7.2.4.1.2. By Deployment Mode
- 7.2.4.1.3. By Application
- 7.2.4.2. India
- 7.2.4.2.1. By Component
- 7.2.4.2.2. By Deployment Mode
- 7.2.4.2.3. By Application
- 7.2.4.3. Japan
- 7.2.4.3.1. By Component
- 7.2.4.3.2. By Deployment Mode
- 7.2.4.3.3. By Application
- 7.2.4.4. South Korea
- 7.2.4.4.1. By Component
- 7.2.4.4.2. By Deployment Mode
- 7.2.4.4.3. By Application
- 7.2.4.5. Australia & New Zealand
- 7.2.4.5.1. By Component
- 7.2.4.5.2. By Deployment Mode
- 7.2.4.5.3. By Application
- 7.2.4.6. Indonesia
- 7.2.4.6.1. By Component
- 7.2.4.6.2. By Deployment Mode
- 7.2.4.6.3. By Application
- 7.2.4.7. Malaysia
- 7.2.4.7.1. By Component
- 7.2.4.7.2. By Deployment Mode
- 7.2.4.7.3. By Application
- 7.2.4.8. Singapore
- 7.2.4.8.1. By Component
- 7.2.4.8.2. By Deployment Mode
- 7.2.4.8.3. By Application
- 7.2.4.9. Philippines
- 7.2.4.9.1. By Component
- 7.2.4.9.2. By Deployment Mode
- 7.2.4.9.3. By Application
- 7.2.4.10. Vietnam
- 7.2.4.10.1. By Component
- 7.2.4.10.2. By Deployment Mode
- 7.2.4.10.3. By Application
- 7.2.4.11. Rest of Asia Pacific
- 7.2.4.11.1. By Component
- 7.2.4.11.2. By Deployment Mode
- 7.2.4.11.3. By Application
- 8. Latin America Artificial Intelligence (AI) in Fintech Market
- 8.1. Market Size & Forecast, by Value, 2019–2029
- 8.1.1. By Value (USD Million)
- 8.2. Market Share & Forecast
- 8.2.1. By Component
- 8.2.2. By Deployment Mode
- 8.2.3. By Application
- 8.2.4. By Country
- 8.2.4.1. Brazil
- 8.2.4.1.1. By Component
- 8.2.4.1.2. By Deployment Mode
- 8.2.4.1.3. By Application
- 8.2.4.2. Mexico
- 8.2.4.2.1. By Component
- 8.2.4.2.2. By Deployment Mode
- 8.2.4.2.3. By Application
- 8.2.4.3. Argentina
- 8.2.4.3.1. By Component
- 8.2.4.3.2. By Deployment Mode
- 8.2.4.3.3. By Application
- 8.2.4.4. Peru
- 8.2.4.4.1. By Component
- 8.2.4.4.2. By Deployment Mode
- 8.2.4.4.3. By Application
- 8.2.4.5. Rest of Latin America
- 8.2.4.5.1. By Component
- 8.2.4.5.2. By Deployment Mode
- 8.2.4.5.3. By Application
- 9. Middle East & Africa Artificial Intelligence (AI) in Fintech Market
- 9.1. Market Size & Forecast, by Value, 2019–2029
- 9.1.1. By Value (USD Million)
- 9.2. Market Share & Forecast
- 9.2.1. By Component
- 9.2.2. By Deployment Mode
- 9.2.3. By Application
- 9.2.4. By Country
- 9.2.4.1. Saudi Arabia
- 9.2.4.1.1. By Component
- 9.2.4.1.2. By Deployment Mode
- 9.2.4.1.3. By Application
- 9.2.4.2. UAE
- 9.2.4.2.1. By Component
- 9.2.4.2.2. By Deployment Mode
- 9.2.4.2.3. By Application
- 9.2.4.3. Qatar
- 9.2.4.3.1. By Component
- 9.2.4.3.2. By Deployment Mode
- 9.2.4.3.3. By Application
- 9.2.4.4. Kuwait
- 9.2.4.4.1. By Component
- 9.2.4.4.2. By Deployment Mode
- 9.2.4.4.3. By Application
- 9.2.4.5. South Africa
- 9.2.4.5.1. By Component
- 9.2.4.5.2. By Deployment Mode
- 9.2.4.5.3. By Application
- 9.2.4.6. Nigeria
- 9.2.4.6.1. By Component
- 9.2.4.6.2. By Deployment Mode
- 9.2.4.6.3. By Application
- 9.2.4.7. Algeria
- 9.2.4.7.1. By Component
- 9.2.4.7.2. By Deployment Mode
- 9.2.4.7.3. By Application
- 9.2.4.8. Rest of MEA
- 9.2.4.8.1. By Component
- 9.2.4.8.2. By Deployment Mode
- 9.2.4.8.3. By Application
- 10. Competitive Landscape
- 10.1. List of Key Players and Their Offerings
- 10.2. Global Artificial Intelligence (AI) in Fintech Company Market Share Analysis, 2022
- 10.3. Competitive Benchmarking, By Operating Parameters
- 10.4. Key Strategic Developments (Mergers, Acquisitions, Partnerships)
- 11. Impact of Covid-19 on Global Artificial Intelligence (AI) in Fintech Market
- 12. Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT Analysis)
- 12.1. BigML, Inc.
- 12.2. Cisco Systems, Inc.
- 12.3. FICO
- 12.4. Hewlett Packard Enterprise Development LP
- 12.5. RapidMiner, Inc.
- 12.6. SAP SE
- 12.7. SAS Institute Inc.
- 12.8. Microsoft
- 12.9. Google, LLC
- 12.10. Salesforce.com Inc.
- 12.11. IBM
- 12.12. Intel Corporation
- 12.13. Amazon Web Services, Inc.
- 12.14. Inbenta Technologies
- 12.15. IPsoft
- 12.16. Nuance Communications
- 12.17. ComplyAdvantage
- 12.18. Affirm, Inc
- 12.19. Upstart Network, Inc.
- 12.20. Inbenta Technologies
- 12.21. Other Prominent Players
- 13. Key Strategic Recommendations
- 14. Research Methodology
- 14.1. Qualitative Research
- 14.1.1. Primary & Secondary Research
- 14.2. Quantitative Research
- 14.3. Market Breakdown & Data Triangulation
- 14.3.1. Secondary Research
- 14.3.2. Primary Research
- 14.4. Breakdown of Primary Research Respondents, By Region
- 14.5. Assumptions & Limitations
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