AI in Fintech Market Size To Exceed US$ 87.7 Billion By 2032 | CAGR of 20.9%

IMARC Group, a leading market research company, has recently releases report titled "𝗔𝗜 𝗶𝗻 𝗙𝗶𝗻𝘁𝗲𝗰𝗵 𝗠𝗮𝗿𝗸𝗲𝘁: 𝗚𝗹𝗼𝗯𝗮𝗹 𝗜𝗻𝗱𝘂𝘀𝘁𝗿𝘆 𝗧𝗿𝗲𝗻𝗱𝘀, 𝗦𝗵𝗮𝗿𝗲, 𝗦𝗶𝘇𝗲, 𝗚𝗿𝗼𝘄𝘁𝗵, 𝗢𝗽𝗽𝗼𝗿𝘁𝘂𝗻𝗶𝘁𝘆 𝗮𝗻𝗱 𝗙𝗼𝗿𝗲𝗰𝗮𝘀𝘁 𝟮𝟬𝟮𝟰-𝟮𝟬𝟯𝟮", The global AI in fintech market size reached US$ 14.6 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 87.7 Billion by 2032, exhibiting a growth rate (CAGR) of 20.9% during 2024-2032. 

𝗚𝗿𝗮𝗯 𝗮 𝘀𝗮𝗺𝗽𝗹𝗲 𝗣𝗗𝗙 𝗼𝗳 𝘁𝗵𝗶𝘀 𝗿𝗲𝗽𝗼𝗿𝘁: https://www.imarcgroup.com/ai-in-fintech-market/requestsample

𝗙𝗮𝗰𝘁𝗼𝗿𝘀 𝗔𝗳𝗳𝗲𝗰𝘁𝗶𝗻𝗴 𝘁𝗵𝗲 𝗚𝗿𝗼𝘄𝘁𝗵 𝗼𝗳 𝘁𝗵𝗲 𝗔𝗜 𝗶𝗻 𝗙𝗶𝗻𝘁𝗲𝗰𝗵 𝗜𝗻𝗱𝘂𝘀𝘁𝗿𝘆:

● 𝗗𝗲𝗺𝗮𝗻𝗱 𝗳𝗼𝗿 𝗣𝗿𝗼𝗰𝗲𝘀𝘀 𝗔𝘂𝘁𝗼𝗺𝗮𝘁𝗶𝗼𝗻:

The rising demand for process automation in financial institutions is supporting the market growth. Financial firms are adopting artificial intelligence (AI) to automate intricate and repetitive tasks, such as data analysis, risk assessment, and user service. This automation enhances efficiency, reduces operational costs, and minimizes human errors. Additionally, AI-powered chatbots offer around the clock user service, handling inquiries and transactions without human intervention. Moreover, AI-driven process automation helps in compliance management by keeping track of ever-changing regulations, thus ensuring financial institutions operate within legal boundaries. This efficiency gains not only benefits the institutions in terms of cost savings, but also enhances user satisfaction through quicker and more accurate services.

● 𝗡𝗲𝗲𝗱 𝗳𝗼𝗿 𝗣𝗲𝗿𝘀𝗼𝗻𝗮𝗹𝗶𝘇𝗲𝗱 𝗙𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗦𝗲𝗿𝘃𝗶𝗰𝗲𝘀:

The growing need for personalized financial services is offering a favorable market outlook. Financial institutions are leveraging AI to offer tailored products and advice for better user experience. AI algorithms examine vast amounts of data, including transaction history, spending patterns, and financial goals, to provide customized recommendations and solutions. This personalization extends to wealth management, where AI-driven robo-advisors offer individualized investment strategies. Financial services are enhancing user engagement, loyalty, and lifetime value by delivering personalized experiences. This transformation towards personalization is not just a market trend but a necessity, as individuals expect services that cater specifically to their unique financial situations and goals.

● 𝗔𝗱𝘃𝗮𝗻𝗰𝗲𝗺𝗲𝗻𝘁𝘀 𝗶𝗻 𝗔𝗜 𝗮𝗻𝗱 𝗠𝗮𝗰𝗵𝗶𝗻𝗲 𝗟𝗲𝗮𝗿𝗻𝗶𝗻𝗴 (𝗠𝗟) 𝗧𝗲𝗰𝗵𝗻𝗼𝗹𝗼𝗴𝗶𝗲𝘀:

The increasing improvements in AI and machine learning (ML) technologies are propelling the market growth. These advancements are enhancing the capabilities of AI systems in terms of data processing, pattern recognition, and predictive analytics. Improved algorithms are enabling more accurate credit scoring, fraud detection, and risk management. In addition, ML models can detect fraudulent transactions with high accuracy by analyzing spending patterns and flagging anomalies. Furthermore, advancements in natural language processing (NLP) are improving the effectiveness of digital assistants and chatbots, making them more intuitive and user-friendly. The ongoing research operations in AI are creating more sophisticated and efficient financial tools.

𝗟𝗲𝗮𝗱𝗶𝗻𝗴 𝗖𝗼𝗺𝗽𝗮𝗻𝗶𝗲𝘀 𝗢𝗽𝗲𝗿𝗮𝘁𝗶𝗻𝗴 𝗶𝗻 𝘁𝗵𝗲 𝗚𝗹𝗼𝗯𝗮𝗹 𝗔𝗜 𝗶𝗻 𝗙𝗶𝗻𝘁𝗲𝗰𝗵 𝗜𝗻𝗱𝘂𝘀𝘁𝗿𝘆:

● Amazon Web Services Inc. (Amazon.com Inc)
● Google LLC (Alphabet Inc.)
● Inbenta Technologies Inc.
● Intel Corporation
● International Business Machines Corporation
● Microsoft Corporation
● Salesforce.com Inc.
● Samsung Electronics Co. Ltd.
● TIBCO Software Inc.
● Trifacta
● Verint Systems Inc.

𝗘𝘅𝗽𝗹𝗼𝗿𝗲 𝗳𝘂𝗹𝗹 𝗿𝗲𝗽𝗼𝗿𝘁 𝘄𝗶𝘁𝗵 𝘁𝗮𝗯𝗹𝗲 𝗼𝗳 𝗰𝗼𝗻𝘁𝗲𝗻𝘁𝘀: https://www.imarcgroup.com/ai-in-fintech-market

𝗔𝗜 𝗶𝗻 𝗙𝗶𝗻𝘁𝗲𝗰𝗵 𝗠𝗮𝗿𝗸𝗲𝘁 𝗥𝗲𝗽𝗼𝗿𝘁 𝗦𝗲𝗴𝗺𝗲𝗻𝘁𝗮𝘁𝗶𝗼𝗻:

𝗕𝘆 𝗧𝘆𝗽𝗲:

● Solutions
● Services

Solutions represent the largest segment, owing to the growing demand for AI-driven solutions to enhance financial processes and decision-making.

𝗕𝘆 𝗗𝗲𝗽𝗹𝗼𝘆𝗺𝗲𝗻𝘁 𝗠𝗼𝗱𝗲𝗹:

● Cloud-based
● On-premises

Cloud-based exhibits a clear dominance in the market due to its flexibility and scalability.

𝗕𝘆 𝗔𝗽𝗽𝗹𝗶𝗰𝗮𝘁𝗶𝗼𝗻:

● Virtual Assistant (Chatbots)
● Credit Scoring
● Quantitative and Asset Management
● Fraud Detection
● Others

Based on the application, the market has been divided into virtual assistance (chatbots), credit scoring, quantitative and asset management, fraud detection, and others.

𝗥𝗲𝗴𝗶𝗼𝗻𝗮𝗹 𝗜𝗻𝘀𝗶𝗴𝗵𝘁𝘀:

● North America (United States, Canada)
● Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
● Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
● Latin America (Brazil, Mexico, Others)
● Middle East and Africa

North America dominates the market as there is a strong presence of fintech innovation and increasing investment.

𝗚𝗹𝗼𝗯𝗮𝗹 𝗔𝗜 𝗶𝗻 𝗙𝗶𝗻𝘁𝗲𝗰𝗵 𝗠𝗮𝗿𝗸𝗲𝘁 𝗧𝗿𝗲𝗻𝗱𝘀:

The growing use of predictive analytics is positively influencing the market. The rising employment of AI algorithms to predict future market trends, user behavior, and credit risks is contributing to the market growth. This application of AI extends beyond traditional data analysis, utilizing complex algorithms to forecast future events based on historical data. Predictive analytics aids in investment strategies, identifying potential loan defaults and even anticipating market fluctuations. This trend is enhancing how financial decisions are made, shifting from reactive to proactive strategies and allowing for more informed, data-driven decision-making.

𝗜𝗳 𝘆𝗼𝘂 𝗻𝗲𝗲𝗱 𝘀𝗽𝗲𝗰𝗶𝗳𝗶𝗰 𝗶𝗻𝗳𝗼𝗿𝗺𝗮𝘁𝗶𝗼𝗻 𝘁𝗵𝗮𝘁 𝗶𝘀 𝗻𝗼𝘁 𝗰𝘂𝗿𝗿𝗲𝗻𝘁𝗹𝘆 𝘄𝗶𝘁𝗵𝗶𝗻 𝘁𝗵𝗲 𝘀𝗰𝗼𝗽𝗲 𝗼𝗳 𝘁𝗵𝗲 𝗿𝗲𝗽𝗼𝗿𝘁, 𝘄𝗲 𝘄𝗶𝗹𝗹 𝗽𝗿𝗼𝘃𝗶𝗱𝗲 𝗶𝘁 𝘁𝗼 𝘆𝗼𝘂 𝗮𝘀 𝗮 𝗽𝗮𝗿𝘁 𝗼𝗳 𝘁𝗵𝗲 𝗰𝘂𝘀𝘁𝗼𝗺𝗶𝘇𝗮𝘁𝗶𝗼𝗻.

𝗢𝘁𝗵𝗲𝗿 𝗧𝗿𝗲𝗻𝗱𝗶𝗻𝗴 𝗥𝗲𝗽𝗼𝗿𝘁𝘀 𝗕𝘆 𝗜𝗠𝗔𝗥𝗖 𝗚𝗿𝗼𝘂𝗽

𝗦𝗮𝘁𝗲𝗹𝗹𝗶𝘁𝗲 𝗗𝗮𝘁𝗮 𝗦𝗲𝗿𝘃𝗶𝗰𝗲 𝗠𝗮𝗿𝗸𝗲𝘁: https://www.imarcgroup.com/satellite-data-service-market

𝗪𝗶𝗿𝗲𝗹𝗲𝘀𝘀 𝗣𝗼𝘀 𝗧𝗲𝗿𝗺𝗶𝗻𝗮𝗹𝘀 𝗠𝗮𝗿𝗸𝗲𝘁: https://www.imarcgroup.com/wireless-pos-terminals-market

𝗧𝗲𝗹𝗲𝗰𝗼𝗺 𝗔𝗻𝗮𝗹𝘆𝘁𝗶𝗰𝘀 𝗠𝗮𝗿𝗸𝗲𝘁: https://www.imarcgroup.com/telecom-analytics-market

𝗕𝘂𝘀𝗶𝗻𝗲𝘀𝘀 𝗣𝗿𝗼𝗰𝗲𝘀𝘀 𝗠𝗮𝗻𝗮𝗴𝗲𝗺𝗲𝗻𝘁 𝗠𝗮𝗿𝗸𝗲𝘁: https://www.imarcgroup.com/business-process-management-market

𝟯𝗱 𝗠𝗲𝘁𝗿𝗼𝗹𝗼𝗴𝘆 𝗠𝗮𝗿𝗸𝗲𝘁: https://www.imarcgroup.com/3d-metrology-market

𝗩𝗲𝗿𝘀𝗶𝗼𝗻 𝗖𝗼𝗻𝘁𝗿𝗼𝗹 𝗦𝘆𝘀𝘁𝗲𝗺𝘀 𝗠𝗮𝗿𝗸𝗲𝘁: https://www.imarcgroup.com/version-control-systems-market

𝗔𝗳𝗳𝗲𝗰𝘁𝗶𝘃𝗲 𝗖𝗼𝗺𝗽𝘂𝘁𝗶𝗻𝗴 𝗠𝗮𝗿𝗸𝗲𝘁: https://www.imarcgroup.com/affective-computing-market

𝗧𝗮𝗴 𝗠𝗮𝗻𝗮𝗴𝗲𝗺𝗲𝗻𝘁 𝗦𝘆𝘀𝘁𝗲𝗺 𝗠𝗮𝗿𝗸𝗲𝘁: https://www.imarcgroup.com/tag-management-system-market

𝗦𝗶𝗺𝘂𝗹𝗮𝘁𝗶𝗼𝗻 𝗦𝗼𝗳𝘁𝘄𝗮𝗿𝗲 𝗠𝗮𝗿𝗸𝗲𝘁: https://www.imarcgroup.com/simulation-software-market

𝗖𝗼𝗻𝘁𝗮𝗰𝘁 𝗨𝗦:

IMARC Group

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Email: sales@imarcgroup.com

Tel No:(D) +91 120 433 0800

United States: +1-631-791-1145 | United Kingdom: +44-753-713-2163

𝐀𝐛𝐨𝐮𝐭 𝐔𝐬:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

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