Artificial Intelligence In Fintech Market Size, Share & Trends Analysis Report By Component (Solutions, Services), Deployment (Cloud, On-premise), By Application (Fraud Detection, Virtual Assistants)- Global Industry Analysis, Share, Growth, Regional Outlook and Forecasts, 2023-2032

The global artificial intelligence in fintech market size was exhibited at USD 11.09 billion in 2022 and is projected to hit around USD 51.94 billion by 2032, growing at a CAGR of 16.7% during the forecast period 2023 to 2032.

artificial intelligence in fintech market size

Key Pointers:

  • The solution segment led the market in 2022, accounting for over 78.5% share of the global revenue. 
  • The business analytics and reporting segment led the market in 2022 and accounted for over 33.1% of global revenue. 
  • The on-premise segment held the largest revenue share of more than 57.04% in 2022. 
  • North America dominated the market in 2022 and accounted for more than 40.09% share of the global revenue.

Artificial Intelligence In Fntech Market Report Scope

Report Coverage Details
Market Size in 2023 USD 12.94 Billion
Market Size by 2032 USD 51.94 Billion
Growth Rate from 2023 to 2032 CAGR of 16.7%
Base Year 2022
Forecast Period 2023 to 2032
Segments Covered Components, Deployment, Application, Region
Regions Covered North America, Europe, Asia-Pacific, Latin America and Middle East & Africa

 

Artificial intelligence (AI) is widely used in financial organizations to improvise their precision levels, enhance their efficiency and instant query resolving through digital banking channels. AI technology like machine learning can help organizations raise their value by improving loan underwriting and eliminating financial risk. Organizations are also using it to build more robust fraud detection and prevention systems and help accelerate risk assessments and fraud detection.

The AI in fintech market is expected to increase in the coming years due to advancement in technology that is boosting financial service providers’ business processes. Some of the primary drivers of the market include growing internet penetration and geographical data availability. AI and machine learning have aided banks and fintech firms by allowing them to process massive volumes of client data. For instance, in March 2022, KBC Group, a Belgian-based multi-channel bank insurer, commercialized its portfolio of AI applications through Discai, its wholly-owned subsidiary, beginning with introducing an AI application meant to prevent money laundering.

Discai will first provide a unique and high-performance AI-based system for closely monitoring money laundering, take a phased approach to the market, and collaborate with partners to distribute and integrate these applications. Financial institutions and banks are implementing AI technologies to unlock insights and information hidden in unstructured documents and automate the manual processes that banks have historically performed at double-quick speed. In addition, the growing demand for process automation between financial institutions is propelling the market. Blockchain and distributed ledger technology enhance AI adoption in the financial sector by providing new means to record, track, and store financial asset transactions.

Growing awareness of the benefits of cloud-based firewalls among small- and medium-sized organizations, particularly in developing nations, will create numerous opportunities for market expansion. For instance, in May 2022, The Czech Republic Finance Ministry, a government ministry in charge of economic policy, revenue service, insurance, the government budget, banking, and security, initiated a project to maximize the potential of fintech apps and data used in financial services in the country. The project was implemented by the Organization for Economic Cooperation and Development and funded by the European Union in collaboration with the European Commission’s DG REFORM-Directorate-General for Structural Reform Support.

Furthermore, it will include a feasibility analysis of the possible formation of a sandbox in the Czech Republic and the prospects of data in financial services to let the fintech innovation be based on shared data. Fintech has been evolving in the investment management sector. Advanced technology and solution adoption, such as AI, big data, and machine learning, to assist businesses in evaluating investment possibilities, optimizing their investment portfolios, and mitigating related risks, have been significant in the technology adoption.

A prominent trend in AI in the fintech business is the widespread use and integration of smart mobile payment solutions as customers worldwide become more reliant on digital payment methods than traditional wallets. Many participants in the market provide payment platforms and are continually adding new features, such as voice commands and biometric access control, which includes fingerprint and facial recognition. For instance, in November 2021, Paytm, an Indian multinational financial technology provider, announced the launch of a new feature, ‘Voice Trading’, driven by AI, which allows customers to acquire stock information or place a trade with a single voice command. The voice trading function allows a single voice command to be processed instantly using neural networks and Natural Language Processing (NLP).

Some of the prominent players in the Artificial intelligence in fintech Market include:

  • Microsoft
  • Google LLC
  • Salesforce, Inc.    
  • International Business Machines Corp.
  • Amelia U.S. LLC
  • Nuance Communications, Inc.
  • ComplyAdvantage.com
  • Narrative Science
  • Affirm, Inc.
  • Upstart Network, Inc.
  • Instructure, Inc.
  • Intel
  • Inbenta Technologies
  • Amazon Web Services
  • Oracle

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2032. For this study, Nova one advisor, Inc. has segmented the global artificial intelligence in fintech market.

By Components 

  • Solutions
  • Services
    • Managed
    • Professional

By Deployment 

  • Cloud
  • On-premise

By Application 

  • Virtual Assistant (Chatbots)
  • Business Analytics and Reporting
  • Customer Behavioural Analytics
  • Fraud Detection
  • Quantitative and Asset Management
  • Others

By Region

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East & Africa (MEA)

Frequently Asked Questions

The global artificial intelligence in fintech market size was exhibited at USD 11.09 billion in 2022 and is projected to hit around USD 51.94 billion by 2032

The global artificial intelligence in fintech market is growing at a compound annual growth rate (CAGR) of 16.7% from 2023 to 2032.

Key factors driving the AI in fintech market growth include high AI adoption in financial organizations to detect and prevent fraud through digital banking channels. AI technology can determine a customer\'s typical behavior by monitoring how they interact and considering their transactions.

Some key players operating in the AI in fintech market include Microsoft, Google LLC, Salesforce, Inc., International Business Machines Corporation, Amelia US LLC, Nuance Communications, Inc., ComplyAdvantage.com, Narrative Science, Affirm, Inc., Upstart Network, Inc. Instructure, Inc., Intel, Inbenta, technologies, Amazon web services and Oracle.

North America dominated the AI in fintech market in 2022 and held over 40.9% share of the global revenue. This high share can be attributed to a strong emphasis on R&D-derived inventions in the developed economies of the U.S. and Canada. These regions have the most competitive and fastest developing AI technology in fintech.

Chapter 1. Introduction

                   1.1 Market Segmentation & Scope

                   1.2 Market Definitions

                   1.3 information Procurement

                       1.3.1 Purchased Database

                       1.3.2 nova one advisor’s internal Database

                       1.3.3 Secondary Sources & Third Party Perspective

                       1.3.4 Primary Research

                   1.4 information Analysis

                       1.4.1 Data Analysis Models

                   1.5 Market Formulation And Data Visualization

                   1.6 Data Validation And Publishing

Chapter 2. Executive Summary

                   2.1 Market Outlook

                       2.1.1 Global AI in Fintech Market Size Estimates & Forecasts 2018 - 2032 

                   2.2 Segmental Outlook

                       2.2.1 Global AI in Fintech Market, By Region 2018 - 2032 

                       2.2.2 Global AI in Fintech Market, By Components 2018 - 2032 

                       2.2.3 Global AI in Fintech Market, By Deployment 2018 - 2032 

                       2.2.4 Global AI in Fintech Market, By Application 2018 - 2032 

Chapter 3. Market Variables, Trends & Scope

                   3.1 Market introduction

                   3.2 industry Value Chain Analysis

                   3.3 Market Dynamics

                       3.3.1 Covid – 19 Impact Analysis

                       3.3.2 Market Driver Analysis

                           3.3.2.1 Growing internet Penetration And Geographical Data Availability

                           3.3.2.2 Growing Demand For Process Automation Between Financial institutions

                       3.3.3 Market Restraint/Challenges Analysis

                           3.3.3.1 Ever-increasing Rivalry in The Finance Sector

                   3.4 Key Small-sized AI in Fintech Companies, by Region/Country

                   3.5 Penetration & Growth Prospect Mapping

                   3.6 industry Analysis – Porter’s

                   3.7 Key Company Ranking Analysis, 2023

                   3.8 PEST Analysis

Chapter 4. AI in Fintech Market: Components Outlook

                   4.1 Components Movement Analysis & Market Share, 2023 & 2032

                   4.2 Solutions

                       4.2.1 Solutions Tools AI in Fintech Market Size Estimates And Forecasts 2018 - 2032 

                   4.3 Services

                       4.3.1 Services AI in Fintech Market Size Estimates And Forecasts 2018 - 2032 

                           4.3.1.1 Managed Services AI in Fintech Market Size Estimates And Forecasts 2018 - 2032 

                           4.3.1.2 Professional Services AI in Fintech Market Size Estimates And Forecasts 2018 - 2032 

Chapter 5. AI in Fintech Market: Deployment Outlook

                   5.1 Deployment Movement Analysis & Market Share, 2023 & 2032

                   5.2 Cloud

                       5.2.1 Cloud AI in Fintech Market Size Estimates And Forecasts 2018 - 2032 

                   5.3 On-Premise

                       5.3.1 On-Premise AI in Fintech Market Size Estimates And Forecasts 2018 - 2032 

Chapter 6. AI in Fintech Market: Application Outlook

                   6.1 Application Movement Analysis & Market Share, 2023 & 2032

                   6.2 Virtual Assistant

                       6.2.1 Virtual Assistant AI in Fintech Market Size Estimates And Forecasts 2018 - 2032 

                   6.3 Business Analytics and Reporting

                       6.3.1 Business Analytics And Reporting AI in Fintech Market Size Estimates And Forecasts 2018 - 2032 

                   6.4 Customer Behavioral Analytics

                       6.4.1 Customer Behavioral Analytics AI in Fintech Market Size Estimates And Forecasts 2018 - 2032 

                   6.5 Fraud Detection

                       6.5.1 Fraud Detection AI in Fintech Market Size Estimates And Forecasts 2018 - 2032 

                   6.6 Quantitative And Assest Management

                       6.6.1 Quantitative And Asset Management AI in Fintech Market Size Estimates And Forecasts 2018 - 2032 

                   6.7 Others

                       6.7.1 Others AI in Fintech Market Size Estimates And Forecasts 2018 - 2032 

Chapter 7. Regional Estimates and Trend Analysis

                   7.1 Regional Market Size Estimates & Forecasts, 2023 & 2032 

                   7.2 Regional Movement Analysis & Market Share, 2023 & 2032

                   7.3 North America

                       7.3.1 North America AI in Fintech Market, By Components 2018 - 2032 

                       7.3.2 North America AI in Fintech Market, By Deployment 2018 - 2032 

                       7.3.3 North America AI in Fintech Market, By Application 2018 - 2032 

                       7.3.4 U.S.

                           7.3.4.1 U.S. AI in Fintech Market, By Components 2018 - 2032 

                           7.3.4.2 U.S. AI in Fintech Market, By Deployment 2018 - 2032 

                           7.3.4.3 U.S. AI in Fintech Market, By Application 2018 - 2032 

                       7.3.5 Canada

                           7.3.5.1 Canada AI in Fintech Market, By Components 2018 - 2032 

                           7.3.5.2 Canada AI in Fintech Market, By Deployment 2018 - 2032 

                           7.3.5.3 Canada AI in Fintech Market, By Application 2018 - 2032 

                       7.3.6 Mexico

                           7.3.6.1 Mexico AI in Fintech Market, By Components 2018 - 2032 

                           7.3.6.2 Mexico AI in Fintech Market, By Deployment 2018 - 2032 

                           7.3.6.3 Mexico AI in Fintech Market, By Application 2018 - 2032 

                   7.4 Europe

                       7.4.1 Europe AI in Fintech Market, By Components 2018 - 2032 

                       7.4.2 Europe AI in Fintech Market, By Deployment 2018 - 2032 

                       7.4.3 Europe AI in Fintech Market, By Application 2018 - 2032 

                       7.4.4 U.K.

                           7.4.4.1 U.K. AI in Fintech Market, By Components 2018 - 2032 

                           7.4.4.2 U.K. AI in Fintech Market, By Deployment 2018 - 2032 

                           7.4.4.3 U.K. AI in Fintech Market, By Application 2018 - 2032 

                       7.4.5 Germany

                           7.4.5.1 Germany AI in Fintech Market, By Components 2018 - 2032 

                           7.4.5.2 Germany AI in Fintech Market, By Deployment 2018 - 2032 

                           7.4.5.3 Germany AI in Fintech Market, By Application 2018 - 2032 

                       7.4.6 France

                           7.4.6.1 France AI in Fintech Market, By Components 2018 - 2032 

                           7.4.6.2 France AI in Fintech Market, By Deployment 2018 - 2032 

                           7.4.6.3 France AI in Fintech Market, By Application 2018 - 2032 

                   7.5 Asia Pacific

                       7.5.1 Asia Pacific AI in Fintech Market, By Components 2018 - 2032 

                       7.5.2 Asia Pacific AI in Fintech Market, By Deployment 2018 - 2032 

                       7.5.3 Asia Pacific AI in Fintech Market, By Application 2018 - 2032 

                       7.5.4 China

                           7.5.4.1 China AI in Fintech Market, By Components 2018 - 2032 

                           7.5.4.2 China AI in Fintech Market, By Deployment 2018 - 2032 

                           7.5.4.3 China AI in Fintech Market, By Application 2018 - 2032 

                       7.5.5 India

                           7.5.5.1 India AI in Fintech Market, By Components 2018 - 2032 

                           7.5.5.2 India AI in Fintech Market, By Deployment 2018 - 2032 

                           7.5.5.3 India AI in Fintech Market, By Application 2018 - 2032 

                       7.5.6 Singapore

                           7.5.6.1 Singapore AI in Fintech Market, By Components 2018 - 2032 

                           7.5.6.2 Singapore AI in Fintech Market, By Deployment 2018 - 2032 

                           7.5.6.3 Singapore AI in Fintech Market, By Application 2018 - 2032 

                   7.6 South America

                       7.6.1 South America AI in Fintech Market, By Components 2018 - 2032 

                       7.6.2 South America AI in Fintech Market, By Deployment 2018 - 2032 

                       7.6.3 South America AI in Fintech Market, By Application 2018 - 2032 

                       7.6.4 Brazil

                           7.6.4.1 Brazil AI in Fintech Market, By Components 2018 - 2032 

                           7.6.4.2 Brazil AI in Fintech Market, By Deployment 2018 - 2032 

                           7.6.4.3 Brazil AI in Fintech Market, By Application 2018 - 2032 

                   7.7 MEA

                       7.7.1 MEA AI in Fintech Market, By Components 2018 - 2032 

                       7.7.2 MEA AI in Fintech Market, By Deployment 2018 - 2032 

                       7.7.3 MEA AI in Fintech Market, By Application 2018 - 2032 

Chapter 8. Competitive Landscape

                   8.1 Company Profiles

                       8.1.1 Microsoft

                           8.1.1.1 Company Overview

                           8.1.1.2 Product Benchmarking

                           8.1.1.3 Recent Developments

                       8.1.2 Google Llc

                           8.1.2.1 Company Overview

                           8.1.2.2 Product Benchmarking

                           8.1.2.3 Recent Developments

                       8.1.3 Salesforce, inc.

                           8.1.3.1 Company Overview

                           8.1.3.2 Financial Performance

                           8.1.3.3 Product Benchmarking

                           8.1.3.4 Recent Developments

                       8.1.4 international Business Machines Corporation.

                           8.1.4.1 Company Overview

                           8.1.4.2 Product Benchmarking

                           8.1.4.3 Recent Developments

                       8.1.5 Amelia Us Llc

                           8.1.5.1 Company Overview

                           8.1.5.2 Product Benchmarking

                       8.1.6 Nuance Communications, inc.

                           8.1.6.1 Company Overview

                           8.1.6.2 Product Benchmarking

                           8.1.6.3 Recent Developments

                       8.1.7 Complyadvantage.Com

                           8.1.7.1 Company Overview

                           8.1.7.2 Financial Performance

                           8.1.7.3 Product Benchmarking

                           8.1.7.4 Recent Developments

                       8.1.8 Narrative Science

                           8.1.8.1 Company Overview

                           8.1.8.2 Financial Performance

                           8.1.8.3 Product Benchmarking

                           8.1.8.4 Recent Developments

                       8.1.9 Affirm, inc.

                           8.1.9.1 Company Overview

                           8.1.9.2 Financial Performance

                           8.1.9.3 Product Benchmarking

                           8.1.9.4 Recent Developments

                       8.1.10 Upstart Network, inc.

                           8.1.10.1 Company Overview

                           8.1.10.2 Product Benchmarking

                           8.1.10.3 Recent Developments

                       8.1.11 Intel

                           8.1.11.1 Company Overview

                           8.1.11.2 Product Benchmarking

                           8.1.11.3 Recent Developments

                       8.1.12 Instructure, inc

                           8.1.12.1 Company Overview

                           8.1.12.2 Product Benchmarking

                           8.1.12.3 Recent Developments

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