Press release
Generative AI in Fintech Market to Grow at a CAGR of 24.5% by 2032
Generative AI has been making significant strides in the FinTech market, offering a wide range of applications and opportunities for growth.
Market Size and Growth:
The generative AI in fintech Market is projected to grow from USD 1,111.0 million in 2023 to USD 7,984.6 million by 2032, exhibiting a compound annual growth rate (CAGR) of 24.5% during the forecast period (2023 - 2032). Indicating exponential growth and a dynamic landscape in reshaping the future of financial technology.
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Generative AI in Fintech Market- Key Companies Include,
Adobe Inc.
Genie AI Ltd.
Google LLC
IBM Corporation
Microsoft Corporation
MOSTLY AI Inc.
Open AI
Palantir
Synthesis AI
Trovata AI
Veesual AI
Applications in FinTech:
Generative AI finds versatile applications in FinTech, including enhancing chatbot conversations, automating complex tasks, transforming customer experiences, redefining market analysis, asset management, and preventing fraud.
Regional Dominance:
North America currently dominates the market of generative AI for FinTech, holding a substantial market share, while Asia Pacific is anticipated to experience the fastest CAGR, driven by an escalating demand for generative AI-based solutions.
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Challenges and Opportunities:
While generative AI holds much promise for FinTech, the industry is still slow to adopt the technology due to limited regulation. Financial institutions must be careful in their implementation of the new technology to comply with regulatory requirements.
The potential transformational impact of generative AI in the longer term is seen in the context of a much wider trend in FinTech: lower transactional friction, which has been rapidly reducing due to the acceleration of digital financial products, open banking, and real-time payment adoption.
Generative AI is poised to play a pivotal role in shaping the future of financial technology, offering transformative impact and innovative uses in various segments of the financial industry.
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