Press release
AI in FinTech Market Anticipated To Witness Robust Growth, Surpassing $52.19 Billion By 2029
AI in FinTech Market
What Is the Current AI in FinTech Market Size and Its Estimated Growth Rate?
The dimension of the AI in fintech market has expanded massively over the past few years. It is projected to expand from $14.13 billion in 2024 to $17.79 billion in 2025, with a compound annual growth rate (CAGR) of 25.9%. The growth during the historical timeframe is owed to factors such as risk management and fraud prevention, improved customer service, automation of mundane tasks, utilization of data analytics for decision-making, and algorithm-based trading and investment.
The AI in fintech sector is poised to witness steep expansion in the upcoming years, reaching a market worth of $52.19 billion in 2029 with a CAGR of 30.9%. The proliferation of chatbots, virtual assistants, and an intensified emphasis on regulatory compliance, as well as the use of robo-advisors for wealth management, are key contributors to this growth in the forecast period. The period is also expected to see an uptick in regulatory compliance automation, alternative credit scoring models, cross-selling, upselling recommendations, AI-boosted cybersecurity, and decentralized finance (DeFi) automation, marking significant trends for the period.
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How Are Emerging Segments Shaping the AI in FinTech Market Landscape?
The AI in fintech market covered in this report is segmented -
1) By Type: Solutions, Services
2) By Deployment: Cloud, On-premise
3) By Application: Asset Management, Risk Investigation, Business Analytics, Regulatory Compliance, Data Collection, Predictive Analytics, Virtual Assistance, Other Applications
Subsegments:
1) By Solutions: Fraud Detection and Prevention Solutions, Credit Scoring And Risk Assessment Tools, Algorithmic Trading Platforms, Robo-Advisors For Investment Management, Customer Service Chatbots
2) By Services: AI Consulting Services, Implementation and Integration Services, Maintenance and Support Services, Training And Education Services, Managed Services For AI Systems
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Which Growth Factors Are Influencing AI in FinTech Market Expansion?
Increasing demand for fraud detection in financial or fintech institutions is fueling the evolution of artificial intelligence (AI) in the fintech market. AI or machine learning tools have the ability to ingest new information from the data they handle, and the more data they work with, the more they learn. This enables banks to gain substantial insights through AI technology. One of the major benefits of AI is that its learning algorithm develops over time, as it handles more data and learns to use it more efficiently. This benefit is initiated from the moment AI is deployed and it continues to grow uninterruptedly. As per the 2022 PricewaterhouseCoopers survey, a financial service center based in the UK mentioned that in the past 24 months, 46% of organizations surveyed reported incidents of fraud, or various economic crimes, corruption inclusive. Furthermore, in September 2021, as per FintechNews, a Switzerland-based finance and fintech organization, banks have been implementing AI-powered solutions at an unexpected pace, investing greater than $217 billion on AI applications to tackle middle-office functions such as fraud prevention and risk evaluation. These needs for detecting fraud in the fintech realm are propelling the AI in fintech market.
Who Are the Dominant Players Across Different AI in FinTech Market Segments?
Major companies operating in the AI in fintech market include 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., Social Finance Inc., Robinhood Markets Inc., Nuance Communications Inc., Affirm Inc., Revolut Ltd., Adyen N.V., Ant Financial Services Group, On Deck Capital Inc., Kabbage Inc., Plaid Inc., IPsoft Inc., Onfido Limited, Betterment LLC, Funding Circle Limited, Wealthfront Corporation, Kensho Technologies Inc., Inbenta Technologies Inc., Trifacta Inc., Next IT Corporation, Zeitgold GmbH, ZestFinance Inc., Ayasdi Inc., FeedzAI inc., Numerai LLC, Riskified Ltd., Oscar Health Inc., Ripple Labs Inc., Chainalysis Inc., ThetaRay Ltd., Darktrace Limited, TruValue Labs Inc., Wealthsimple Inc., TrueAccord Corporation
What Are the Latest Developing Trends in the AI in FinTech Market?
Major businesses in the AI in fintech market are honing their focus on technological advancements, such as AI-powered banking platforms. The objective of these advancements is not only to improve customer experiences but also to streamline operations through tailored services, fraud detection, and enhanced risk management. Achieving greater efficiency and security in financial solutions is the ultimate aim. An AI-powered banking platform utilizes artificial intelligence to boost services like user customization, fraud detection, and customer support. It streamlines operations and sharpens decision-making via advanced data analysis and automation. For example, Responsible Generative AI Solutions were launched by the Swiss software company, Temenos, in May 2024. The primary purpose was to improve operational efficiency and decision-making through data-driven insights while promoting ethical practices, transparency, and risk control. These advancements foster innovation and personalization, keeping organizations competitive in a fast-paced environment.
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Which Geographic Regions Are Expected to Dominate the AI in FinTech Market in the Coming Years?
North America was the largest region in the AI in fintech market in 2024. The regions covered in the AI in fintech market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the AI in FinTech Market?
2. What is the CAGR expected in the AI in FinTech Market?
3. What Are the Key Innovations Transforming the AI in FinTech Industry?
4. Which Region Is Leading the AI in FinTech Market?
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