Press release
AI in FinTech Market: Steady Growth and Innovation Drive Market towards $52.19 Billion by 2029
AI in FinTech Market
What Is The Projected Market Size Of The Global AI in FinTech Market And Its Growth Rate?
The AI in FinTech Market has witnessed exponential growth in recent times and is in line for further expansion:
•The market size was $14.13 billion in 2024.
•This number is set to grow to $17.79 billion in 2025 with a CAGR of 25.9%.
•By 2029, the market size is expected to reach $52.19 billion with a CAGR of 30.9%.
The growth during these forecast periods can be attributed to the increasing demand for AI in risk management and fraud prevention, enhanced customer experience, and automation of routine tasks.
What Is Driving The Growth In The AI in FinTech Market?
The AI in FinTech Market is primarily driven by the growing need for fraud detection in financial institutions. AI technology, with machine learning algorithms, provides the ability to learn and manipulate new information from the collected data, enabling banks to gain deeper insights. The more the data is manipulated, the more AI can learn, providing valuable insights from the outset and continuing to grow over time. For instance, according to PricewaterhouseCoopers's survey, 46% of organizations reported instances of fraud, corruption, or other economic crimes within the last 24 months. Additionally, a report by FintechNews suggested banks spent over $217 billion on AI applications for middle-office use cases including fraud prevention and risk assessment in September 2021. These insights underline the crucial role of AI in fraud detection in fintech, thereby driving growth in the market.
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Who Are the Key Players Driving AI in FinTech Market Growth?
Several key players are contributing to the growth of the AI in FinTech Market:
- Alphabet Inc.
- Microsoft Corporation
- Klarna Inc.
- Amazon Web Services Inc.
- Intel Corporation
- International Business Machines Corporation
- PayPal Holdings Inc.
- Square Inc.
- Salesforce.com Inc.
- Stripe Inc.
What Are The Key Trends In The AI in FinTech Market?
Several major trends shaping the AI in FinTech Market growth include:
- Regulatory compliance automation
- Adoption of alternative credit scoring models
- Increasing usage of cross-selling and upselling recommendations
- Enhancements in cybersecurity with AI
- Automation in decentralized finance (DeFi)
What Are The Segments Of The Global AI in FinTech Market?
The AI in FinTech Market is segmented as follows:
- By Type: Solutions, Services
- By Deployment: Cloud, On-premise
- By Application: Asset Management, Risk Investigation, Business Analytics, Regulatory Compliance, Data Collection, Predictive Analytics, Virtual Assistance, Other Applications
Which Region Leads The AI in FinTech Market?
In 2024, North America held the largest share in the AI in FinTech Market. The regions covered in this market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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What Is Covered In The AI in FinTech Market Global Market Report?
- Market Size Analysis: Analyze the AI in FinTech Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the AI in FinTech Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall AI in FinTech Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the AI in FinTech Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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