Dublin, Dec. 24, 2021 (GLOBE NEWSWIRE) -- The "Global AI in Fintech Market (2021-2026) by Component, Application, Deployment Mode, Geography, Competitive Analysis and the Impact of Covid-19 with Ansoff Analysis" report has been added to ResearchAndMarkets.com's offering.
The Global AI in Fintech Market is estimated to be USD 5.6 Bn in 2021 and is expected to reach USD 22.87 Bn by 2026, growing at a CAGR of 32.5%.
AI is a paradigm shift that is seamlessly changing the financial sector. Various applications of AI in Fintech sector are accurate decision making, automated customer support, claim management, insurance management, fraud detection, virtual financial assistance, predictive analysis, and others.
Factors such as availability of spatial data, growing internet penetration, and demand for automation in financial institutions are some of the driving factors for the market. However, the lack of skilled consultants to deploy AI in the Fintech market and concerns related to data privacy may create hindrances in the growth of the market.
Increasing mobile workforce leading to surge in Fintech market and increasing use of AI-enabled technological solutions in the capital market are opportunities for the market's growth. The challenges for the market are the difficulty of coping with the rapidly expanding scope of AI in Fintech and the development of smart human-aware Fintech solutions.
Market Segmentation
- By Component, the market is classified into Solutions and Services segments. Amongst them, the Solutions segment is expected to grow at the highest CAGR.
- By Application, the market is classified into Virtual Assistance, Business Analytics & Reporting, Customer Behaviour Analytics and Other segments. Amongst them, the Business Analytics & Reporting segment is estimated to have the maximum market share.
- By Deployment Mode, the market is classified into Cloud and On-premises segments. Amongst them, the On-premises segment is expected to contribute the highest growth.
- By Geography, North America is projected to lead the market.
Market Influencers
Drivers
- Availability of Spatial Data
- Growing Internet Penetration
- Demand for Automation in Financial Institutions
Restraints
- Concerns Regarding Data Privacy
- Lack of Skilled Consultants to Deploy AI in Fintech
Opportunities
- Increasing Mobile Workforce Leading to Surge in Innovation in Fintech Market
- Increasing Use of AI-Enabled Technological Solution in Capital Market
Challenges
- Difficulty to Cope with Rapidly Expanding Scope of AI in Fintech
- Development of Smart Human-Aware Fintech Solution
Recent Developments
- Microsoft and Finastra partner to make Finance more digital - Jul 20, 2020
- AI Fintech firm Riskfuel expands into Insurance Space - May 11, 2021
Company Profiles
Some of the companies covered in this report are
- Google LLC
- Microsoft Corporation
- IBM Corporation
- Intel Corporation
- Inbenta Technologies Inc.
- Nuance Communications Inc. (Acquired by Microsoft Corp.)
- ComplyAdvantage.com
- Salesforce.com Inc.
- Amazon Web Service Inc.
- Samsung
- Ipsoft Inc.
- Narrative Science
- Active Intelligence Pte Ltd
- TIBCO Software (Alpine Data Labs)
- Trifacta Software Inc.
- Data Minr Inc.
- Sift Science Inc.
- Pefin Holdings
- WealthFront Inc.
- Sentifi AG
- Next It Corp.
For more information about this report visit https://www.researchandmarkets.com/r/dbgof1
