The global AI in fintech market revenue stood at $7,702.7 million in 2020, and it is predicted to surge to $46,881.9 million by 2030. According to the estimates of the market research company, P&S Intelligence, the market will demonstrate a CAGR of 19.8% from 2020 to 2030 (forecast period). AI-based solutions are assisting businesses in reducing costs, automating processes, and mitigating the chances of errors.
The market is being driven by the growing focus of businesses on efficiency improvement and cost-cutting, rising adoption of artificial intelligence (AI), machine learning (ML), and internet of things (IoT) in financial institutions, surging adoption of the 5G technology, soaring use of fintech, and burgeoning requirement for cloud services across the world.
For example, many companies are using AI chatbots as customer assistants for various tasks, such as customer care executive (over the phone), online chat executive, and sales. By answering various frequently asked questions about a product or a service or a company, these chatbots improve customer experience by helping users get answers to their questions immediately. Moreover, these chatbots assist the company in saving money and time.
Furthermore, AI enables process automation, which plays a critical role in task execution within financial companies. The main aim of automation in the banking industry is to help in processing repetitive banking operations. Some of the major benefits of automation are time savings (frees up time for employees so that they can focus on more complex tasks), cost savings, mitigating the chances of human errors, and scalability. Depending on the component, the AI in fintech market is divided into services and solutions.
This market research report provides a comprehensive overview of the market
The market is being driven by the growing focus of businesses on efficiency improvement and cost-cutting, rising adoption of artificial intelligence (AI), machine learning (ML), and internet of things (IoT) in financial institutions, surging adoption of the 5G technology, soaring use of fintech, and burgeoning requirement for cloud services across the world.
For example, many companies are using AI chatbots as customer assistants for various tasks, such as customer care executive (over the phone), online chat executive, and sales. By answering various frequently asked questions about a product or a service or a company, these chatbots improve customer experience by helping users get answers to their questions immediately. Moreover, these chatbots assist the company in saving money and time.
Furthermore, AI enables process automation, which plays a critical role in task execution within financial companies. The main aim of automation in the banking industry is to help in processing repetitive banking operations. Some of the major benefits of automation are time savings (frees up time for employees so that they can focus on more complex tasks), cost savings, mitigating the chances of human errors, and scalability. Depending on the component, the AI in fintech market is divided into services and solutions.
This market research report provides a comprehensive overview of the market
- The Future potential of the market through its forecast for the period 2020– 2030
- Major factors driving the market and their impact during the short, medium, and long terms
- Market restraints and their impact during the short, medium, and long terms
- Recent trends and evolving opportunities for the market participants
- Historical and the present size of the market segments and understand their comparative future potential
- Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings
