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Generative Artificial Intelligence In Fintech Market 2024 - Industry Share, Growth Opportunities, Leading Companies And Outlook By 2033
Generative Artificial Intelligence In Fintech Market
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According to The Business Research Company's, The generative artificial intelligence (AI) in the fintech market size has grown exponentially in recent years. It will grow from $1.19 billion in 2023 to $1.61 billion in 2024 at a compound annual growth rate (CAGR) of 35%. The growth in the historic period can be attributed to the increasing availability of financial data, demand for automated financial services, growth in digital transactions, regulatory support for fintech innovation, need for improved risk management, and rising use of AI in customer service.
The generative artificial intelligence (AI) in the fintech market size is expected to see exponential growth in the next few years. It will grow to $5.36 billion in 2028 at a compound annual growth rate (CAGR) of 35.2%. The growth in the forecast period can be attributed to the growing focus on personalized financial services, increasing adoption of AI for fraud detection, demand for efficient compliance solutions, expansion of AI-driven asset management tools, rise in AI-powered predictive analytics, emphasis on real-time decision-making, growth in digital and online banking services. Major trends in the forecast period include the integration of AI with blockchain technology, development of advanced AI-driven trading algorithms, growth of AI-powered personal finance management tools, innovations in AI for credit scoring and lending, advancements in generative AI for financial forecasting and planning.
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Market Drivers and Trends:
The increasing shift towards digital banking is expected to propel the growth of generative artificial intelligence in the fintech market going forward. Digital banking refers to using digital technology to offer and manage banking services and transactions through online platforms and mobile applications. The demand for digital banking is due to convenience, the adoption of smartphones, advancements in financial technology, and the need for enhanced security and efficiency in managing financial transactions. Generative artificial intelligence enhances digital banking by automating complex tasks, personalizing customer interactions, and improving decision-making processes while enabling financial institutions to optimize operations, manage risks, and deliver more efficient and tailored banking experiences. For instance, in April 2024, UK Finance Limited, a UK-based trade association for the banking and financial services sector, reported that digital-only bank accounts were experiencing significant growth, increasing from 24% in 2023 to 36% in 2024. Therefore, the increasing shift towards digital banking drives the generative artificial intelligence in the fintech market.
Major companies operating in the generative artificial intelligence in fintech market are focused on developing advanced AI solutions, such as generative AI bond assistants, to enhance bond trading efficiency and support real-time pricing and portfolio management decisions. Generative AI bond assistants support bond trading and investment by providing real-time analysis, enhancing liquidity discovery, and assisting in identifying and selecting bonds based on user criteria. For instance, in June 2023, LTX by Broadridge, a US-based company that provides a trading platform for the corporate bond industry, launched BondGPT. This new generative AI application by OpenAI's GPT-4 is designed to enhance the efficiency and effectiveness of trading in the U.S. corporate bond market. BondGPT provides users with a conversational interface to ask bond-related questions and identify corporate bonds based on specific criteria. The application integrates real-time liquidity information from LTX's Liquidity Cloud and uses advanced bond similarity technology to match bonds with similar characteristics to user-defined parameters. This innovation aims to simplify the bond selection and portfolio construction processes, offering asset managers, hedge funds, and dealers improved liquidity discovery and pricing decision support.
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Major Key Players of the Market:
Google LLC, Microsoft Corporation, Amazon Web Services Inc., Intel Corporation, International Business Machines Corporation, Morgan Stanley, Salesforce Inc., Capgemini Services SAS, Mastercard International Inc., Infosys Ltd., Adobe Inc., Temenos AG, Upstart Network Inc., Darktrace Holdings Limited, C3.AI inc., DataRobot Inc., Kore.AI inc., AlphaSense Inc., H2O.AI inc., Zest AI inc., Kasisto Inc., CLARA Analytics Inc., Zapata Computing Inc.
Generative Artificial Intelligence In Fintech Market 2024 Key Insights:
• The generative artificial intelligence (AI) in the fintech market size is expected to see exponential growth in the next few years. It will grow to $5.36 billion in 2028 at a compound annual growth rate (CAGR) of 35.2%.
• Digital Banking Surge Fuels Growth Of The Generative AI in Fintech Market
• Enhancing Bond Trading Efficiency And Real-Time Decision Support With Innovations Such As LTX's Bondgpt
• North America was the largest region in the generative artificial intelligence (AI) in the fintech market in 2023
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