According to a market report by Lucintel, the future of artificial intelligence in the global fintech market looks promising with opportunities in virtual assistant (chatbots), business analytic and reporting, customer behavioural analytic, fraud detection, and quantitative & asset management applications. The global fintech market in terms of use of artificial intelligence is expected to reach an estimated $4.1 billion by 2028 with a CAGR of 23.6% from 2023 to 2028. The major drivers for this market are the increasing use of AI in the financial sector to identify and stop fraud through online banking platforms and growing trend of digitalization in the financial, banking, and insurance sectors.
In this market, solution and service are the two major component segments. Lucintel forecasts that solution will remain the larger component segment over the forecast period due to the growing demand for AI-based banking software to gather data and extract accurate data that might help businesses in expansion and will also aid in detecting and opposing financial fraud, while enhancing client relationships.
Within this market, business analytics and reporting is expected to remain the largest application segment due to its increasing significance for improving operational effectiveness, enhancing decision-making, and raising business income.
North America will remain the largest region due to the presence of well established technological infrastructure and rising number of start-ups delivering effective financial services in the region.
Microsoft, Google, Salesforce, International Business Machines, and Amelia U.S. are the major suppliers of artificial intelligence in the global fintech market.
Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities for artificial intelligence in the global fintech market by component, deployment, application, and region. Lucintel has compiled a comprehensive research report entitled “Growth Opportunities Artificial Intelligence in the Global Fintech Market 2023-2028: Trends, Forecast, and Opportunity Analysis.” The Lucintel report serves as a catalyst for growth strategy, as it provides comprehensive data and analysis on trends, key drivers, and directions. The study includes trends and forecast for artificial intelligence in the global fintech market by component, deployment, application, and region, as follows:
Artificial Intelligence in Fintech Market by Component [Value ($B) Shipment Analysis from 2017 to 2028]:
Artificial Intelligence in Fintech Market by Deployment [Value ($B) Shipment Analysis from 2017 to 2028]:
Artificial Intelligence in Fintech Market by Application [Value ($B) Shipment Analysis from 2017 to 2028]:
Virtual Assistant (Chatbots)
Business Analytics and Reporting
Customer Behavioral Analytics
Fraud Detection
Quantitative and Asset Management
Others
Artificial Intelligence in Fintech Market by Region [Value ($B) Shipment Analysis from 2017 to 2028]:
North America
Europe
Asia Pacific
The Rest of the World
This more than 150-page research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or email us at helpdesk@lucintel.com.
About Lucintel
Lucintel, the premier global Management Consulting and market research firm, creates winning strategies for growth. Lucintel offers market assessments, competitive analysis, opportunity analysis, Growth Consulting, M&A, and Due diligence services to executives and key decision-makers in a variety of industries. For further information, visit www.lucintel.com.
This report answers the following 11 key questions:
Q.1. What are some of the most promising, high-growth opportunities for artificial intelligence in the global fintech market by component (solution and service), deployment (cloud and on-premise), application (virtual assistant (chatbots), business analytics and reporting, customer behavioural analytics, fraud detection, quantitative and asset management, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last five years and what has its impact been on the industry?