AI in FinTech Global Market to Reach $24.17 Billion by 2026

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Aug 31, 2022, 06:15 ET

DUBLIN, Aug. 31, 2022 /PRNewswire/ -- The "AI in FinTech Global Market Report 2022" report has been added to ResearchAndMarkets.com's offering.

The global AI in fintech market is expected to grow from $7.25 billion in 2021 to $9.13 billion in 2022 at a compound annual growth rate (CAGR) of 25.9%. The AI in fintech market is expected to grow to $24.17 billion in 2026 at a CAGR of 27.6%.

North America was the largest region in the AI in fintech market in 2021. The regions covered in the AI in fintech market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The need for fraud detection in fintech or financial institutions is contributing to the growth of AI in the fintech market. Artificial intelligence or machine learning algorithm can learn new information from the data collected, the more data that AI manipulates, the more AI can be learned, and the banks can gain deeper insights with AI technology.

The biggest advantage of AI is that over time the algorithm builds on collecting more data and learning more about how to use it. The advantage is that it starts the moment the AI is deployed and continues to grow without interruption of contribution. According to the 2020 Identity Fraud Report by Javelin Strategy & Research, a US-based insights company for financial institutions, Financial institutions suffered a loss of $16.9 billion in 2019 alone due to account takeover and fraud identity. It's difficult to properly identify, authenticate people on digital channels, and Capgemini Claims the fraud detection systems powered by AI or machine learning algorithms minimize fraud investigation time by 70% and improves the accuracy of detection by 90%. The need for fraud detection in fintech drives the market for AI in fintech.

Technological Advancement is the key trend gaining popularity in the AI in the fintech market. For instance, in 2021, In India, the Robo-advisory technology refers to the digital platforms that provide financial advice through AI, driven software with zero human intervention. It advises the people to pick up the right stock and even suggests replacing the existing stock in the portfolio based on the factors related to valuations, governance, and performance other things.

Scope
Markets Covered:

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; Others

Key Topics Covered:

1. Executive Summary

2. AI in FinTech Market Characteristics

3. AI in FinTech Market Trends And Strategies

4. Impact Of COVID-19 On AI in FinTech

5. AI in FinTech Market Size And Growth

6. AI in FinTech Market Segmentation

7. AI in FinTech Market Regional And Country Analysis

8. Asia-Pacific AI in FinTech Market

9. China AI in FinTech Market

10. India AI in FinTech Market

11. Japan AI in FinTech Market

12. Australia AI in FinTech Market

13. Indonesia AI in FinTech Market

14. South Korea AI in FinTech Market

15. Western Europe AI in FinTech Market

16. UK AI in FinTech Market

17. Germany AI in FinTech Market

18. France AI in FinTech Market

19. Eastern Europe AI in FinTech Market

20. Russia AI in FinTech Market

21. North America AI in FinTech Market

22. USA AI in FinTech Market

23. South America AI in FinTech Market

24. Brazil AI in FinTech Market

25. Middle East AI in FinTech Market

26. Africa AI in FinTech Market

27. AI in FinTech Market Competitive Landscape And Company Profiles

28. Key Mergers And Acquisitions In The AI in FinTech Market

29. AI in FinTech Market Future Outlook and Potential Analysis

30. Appendix

Companies Mentioned