AI in Fintech market will be worth $7,305.6m by 2022
According to the new research report 'AI in Fintech Market by Component (Solution, Service), Application Area (Virtual Assistant, Business Analytics & Reporting, Customer Behavioral Analytics), Deployment Mode (Cloud, On-Premises), and Region - Global forecast to 2022', published by MarketsandMarkets, the AI in Fintech market size is expected to grow from $1,337.7m in 2017 to $7,305.6m by 2022, at a Compound Annual Growth Rate (CAGR) of 40.4%.
The growing internet penetration and availability of spatial data are some of the major driving factors of the AI in Fintech market. Furthermore, the increasing AI-enabled technological solutions in the capital market and rising mobile workforce are expected to provide opportunities for the growth of the AI in Fintech market.
Some of the prominent key players in the AI in Fintech market are:
- Inbenta Technologies
- Nuance Communications
- Amazon Web Services
- Next IT Corp
Software tools solution is expected to be the largest contributor in the global AI in Fintech market during the forecast period
A large amount of non-trivial data is generated in the financial sector, and due to the unstructured data with compliance issues, financial companies are struggling to manage data. These issues need to be analysed and monitored in order to plan further actions. Data quality and data governance solutions enable organisations to extract a better picture of their compliance related issues as well as data management. Data discovery is expected to be crucial in the years to come.
The managed service is expected to show a significant growth rate during the forecast period
The demand for services is growing with the evolution of the AI in Fintech market. Specifically, managed services are expected to have a fast growth rate during the forecast period. The solutions offered by vendors need to be integrated to avail the industry best practices of the AI in Fintech solutions. The market for managed services is expected to be growing faster owing to the need for deployment of AI in Fintech solutions either on-cloud or on-premises.
North America is expected to have the largest market share during the forecast period
North America is the most competitive and rapidly developing AI technology market for the finance industry in the world. North America, among all the regions, has shown the maximum adoption of AI in Fintech solutions, due to its early implementation in a majority of application areas. The US and Canada are projected to extensively implement AI in Fintech solutions; North America is expected to have the highest market share.