Global AI in Fintech Market: Key Highlights
- According to the new market research report “AI in Fintech Market by Deployment (Cloud and On-premise), by Component (Solution and Services), by Solution (Fraud Prevention, Personalized Banking, Trading, Process Automation, Data Discovery, Robot-Advisory, and Intelligent Bots), by Application (Banking & Payments, Capital Markets, and Insurance), By Region (Asia Pacific, Europe, Middle East & Africa, South America, North America) – Global Forecast (2019 to 2027)”, the global AI in Fintech market is estimated to reach USD 14.8 billion by 2027 at a CAGR of around 38.1% during the review period.
- Growth in digital platform enhanced facilitate financial services which may lead to boost the market growth in the forecast period.
- However, complexity and high cost is a major issue for the projected market growth of the AI in Fintech Market in the forecast period.
Global AI in Fintech Market: Key Market Dynamics
- The increasing growth of AI in trading will advance techniques like deep learning which is in the form of machine learning which may lead to enhance market growth.
- Cybersecurity has remained a major concern for Fintech market growth which may hinder the market growth.
- The advancement in automation processes such as customer support with the use of chatbots features is projected to enhance market growth.
- The major risk associated with the market is like integration issues such as data privacy, legacy, and compatibility which may hamper the market growth.
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Global AI in Fintech Market: Regional Overview
According to the Governance of Artificial Intelligence Asia-Pacific, in 2016 China total investment in Artificial Intelligence is reached by USD 2.6 billion. The region is one of the largest adopters of Artificial Intelligence (AI) technologies which is significant to grow the market in the forecast period. Singapore and Japan are the two countries in the region are which is the top-performing in the AI market. The government authorities of many countries are working to enhance the national plans for adoption in the growth of AI. Moreover, China is also one of the major drivers of AI globally.
Hence, the growing adoption and demand of the smart network in the market are projected to increase the growth of the Asia-Pacific region
According to the European Telecommunications Network Operators Association, Europe is one of the major telecommunication operator players that support harmonized and fact-based European Union (EU) rules on 5G security. Moreover, the European telecommunication will continue enhancing the multi-vendor process for the region to diverse the network supplier which can help to produce high-quality, secure and affordable network equipment. Also, European telecom is bringing the Gigabit Society to light, empowering users across EU regions. On the fiber side, services are improving across the region, with 41 million households reached by Fiber to the premises (FTTP) in 2019. Furthermore, it is anticipated that USD 56.6 billion per year investment in European telecom industries where European telecommunications network operators association contributes 70.5%.
Therefore, with the leading and growing demand for the networks and technologies in the region will be projected to lead the demand for the market.
Global AI in Fintech Market: Key Players Overview
- Intel Corporation:
Intel Corporation is a multinational corporation and technology company which in cloud computing, data center, Internet of Things, and PC solutions. The company designs advance high-performance processor for the user that includes IoT devices, laptops, desktops, workstations, and mobile devices. The financial services and insurance services will continue to accelerate and enhance the new customer experience. In 2019, Intel Corporation announced the acquisition of Habana Labs to enhance the data center of about USD 2 Billion. These will lead to advance AI strategy by providing customer benefits.
- Nuance Communications, Inc.:
Nuance Communications, Inc. is a multinational computer software technology corporation that is one of the leading player AI innovations. The company AI for financial services improves the customer relationship through transformation technologies which will help to save time and improve the services. In 2019, Nuance Communication is a leader in conversational AI technology and solution, has taken home AIconics Award which is being presented by Forbes for the best application of AI in financial services.
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