Business Analytics & Reporting Segment to Dominate Global AI in Fintech Market

Increasing proliferation of artificial intelligence in financial industry and technological advancements to drive global AI in Fintech market through 2024

According to TechSci Research report, “Global AI in Fintech Market By Component, By Deployment Mode, By Application, By Region, Competition, Forecast & Opportunities, 2024”, global AI in Fintech market is projected to grow at a double-digit CAGR of over 26% during 2019-2024, as inclusion of artificial intelligence helps to understand consumer behavior and results in the implementation of sophisticated algorithms. Increasing fraudulent activities can be mitigated with the utilization of artificial intelligence by collecting big data. Moreover, increasing use of AI-enabled technological solution in the capital market and growing penetration of internet is expected to positively influence AI in Fintech market, globally, during forecast period.

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Global AI in Fintech market can be segmented based on component, deployment mode and application. In terms of services, managed service is expected to capture the significant market share during 2019-2024, owing to the need for deployment of AI in Fintech solutions in on-premise and cloud. AI in Fintech market caters to various applications including virtual assistant (chat bot), business analytics & reporting, customer behavioral analytics and others. Business analytics and reporting is the leading segment, as it helps in analyzing customer behavior and enables regulatory and compliance management.

IBM Corporation, Amazon Web Services, Microsoft Corporation, Nuance Communications, Inc. and IPsoft Inc are some of the leading players operating in global AI in Fintech market. Companies operating in the market are using organic strategies such as product launches, mergers and collaborations in order to boost their market share. In 2017, MIT and IBM partnered to invest in the artificial intelligence platform of Watson to enrich its application in diverse industries.

“Software tools is the leading segment in global AI in Fintech market and the segment is poised to grow at a high rate during the forecast period, as large amount of non-trivial data is generated in the financial sector and software tools help to monitor and analyze data. Moreover, with increasing implementation of chat bot by companies as customer assistants, surging demand for monitoring potential customer behavior and detection of fraudulent activities, global AI in Fintech market is expected to register strong growth over the course of next five years.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

Global AI in Fintech Market By Component, By Deployment Mode, By Application, By Region, Competition, Forecast & Opportunities, 2024 has evaluated the future growth potential of global AI in Fintech market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global AI in Fintech market.

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