The AI in fintech market consists of sales of AI as software by entities (organizations, sole traders, and partnerships) that are used in the fintech space. AI is a part of fintech companies in terms of collection of data, analyzing information, securing and facilitating transactions, creating customer-centric products, and streamlining processes. It provides stronger security, better analytics, and insights, virtual assistance, and chatbots.
The global AI in fintech market size is expected to grow from $7.25 billion in 2021 to $9.13 billion in 2022 at a compound annual growth rate (CAGR) of 25.9%. The global AI in fintech market size is expected to grow to $24.17 billion in 2026 at a CAGR of 27.6%.
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AI in FinTech Market Segmentation
1) By Type: Solutions, Services
2) By Deployment: Cloud, On-Premise
3) By Application: Asset Management, Risk Investigation, Business Analytics, Regulatory Compliance, Data Collection, Predictive Analytics, Virtual Assistance, Others
The need for fraud detection in fintech or financial institutions is contributing to the growth of AI in the fintech market. Artificial intelligence or machine learning algorithms can learn new information from the data collected. The more data that AI manipulates, the more AI can be learned, and banks can thus gain deeper insights with AI technology. The biggest advantage of AI is that over time the algorithm builds on collecting more data and learning more about how to use it. The advantage is that it starts the moment the AI is deployed and continues to grow without interruption of contribution ,The Business Research