Artificial Intelligence in Fintech market expected to reach USD 61.6 billion by 2032.

From GlobeNewswire: 2024-12-07 09:00:00

The Artificial Intelligence in Fintech market, valued at USD 12.2 billion in 2023, is projected to reach USD 61.6 billion by 2032, with a CAGR of 19.72%. AI is reshaping financial models, enhancing customer experiences, and boosting operational efficiency. Early adopters gain a competitive edge in the evolving market landscape.

AI promotes financial inclusion by using alternative data for creditworthiness assessments, granting loans to underserved populations. Robo-advisors revolutionize wealth management, offering personalized advice at lower costs. AI’s role in decision-making, automation, and data analysis improves operational efficiency, driving widespread adoption in fintech for better predictions and insights.

In 2023, on-premise deployment dominated the market with over 57% revenue share, while cloud deployment is expected to grow at a higher CAGR from 2024 to 2032. Cloud-based AI algorithms enhance productivity, security, and data handling accuracy. Fintech companies leverage AI for financial services, like UnionBank using AI-based credit scoring models to offer services to the unbanked population through alternative data sources. U.S. Bank’s partnership with Microsoft accelerates digital banking transformation and product innovation. Latest news reveals that a bank is investing in Artificial Intelligence to enhance data analysis and customer response capabilities, improving decision-making. This aligns with the trend of digital banking for personalized, secure financial services. The AI in Fintech Market is segmented by Components, Deployment, and Application, with North America leading in revenue share. Asia Pacific is expected to grow rapidly due to increased digital payments and internet services. Recent developments include Lemonade’s expansion of AI-powered insurance platforms for optimized claims processing and fraud detection.

The market report includes a detailed analysis of the Artificial Intelligence in Fintech industry, covering market dynamics, regional analysis, and company profiles. SNS Insider offers consulting services like Go To Market Assessment, Total Addressable Market Assessment, and Competitive Benchmarking to help businesses navigate changing market conditions with confidence. Stay informed with accurate market data and insights to make informed decisions in the evolving fintech landscape.



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