$7.3 Billion AI in Fintech Market 2017 by Component, Application Area, Deployment Mode and Region - Global forecast to 2022

Dublin, Nov. 24, 2017 -- The "AI in Fintech Market by Component (Solution, Service), Application Area (Virtual Assistant, Business Analytics & Reporting, Customer Behavioral Analytics), Deployment Mode (Cloud, On-Premises), and Region - Global forecast to 2022" report has been added to Research and Markets' offering.

The market for AI in Fintech is expected to grow from USD 1,337.7 million in 2017 to USD 7,305.6 million by 2022, growing at a CAGR of 40.4%

The availability of spatial data is a major factor driving the growth of the AI in Fintech market. Sustaining in a competitive market has become crucial for the financial sector due to technological advancements. In order to achieve efficiency across business processes, enterprises need to design and layout a plan of action. This can be done by properly implementing AI practices into its operations.

The lack of skilled consultants to deploy AI in Fintech expected to be a major restraint for the AI in Fintech market. AI technology can be integrated in financial sector through solution and services based on level of integration. Since, AI is in the developing stage and deployment of AI needs availability of skilled expertise which can act as a restraint for the AI in Fintech market.

The application areas in the AI in Fintech market include virtual assistants (Chatbots), business analytics and reporting, customer behavioral analytics, and others (includes market research, advertising and marketing campaign). Business analytics and reporting application area helps the finance companies to meet regulatory and compliance requirements as well as manage compliance records. Moreover, it also enables financial institutions to analyze customer behavior. To meet these requirements, the financial companies are deploying AI enabled solutions to get maximum benefits of the technology.

APAC is expected to grow at the highest CAGR during the forecast period. Factors such as higher technological advancement in the region, rapid expansion of domestic enterprises, and higher development of infrastructure are driving the AI in Fintech market in the APAC region. The North American region is expected to have the largest market share during the forecast period. The main driving factors for the market are rapid development of AI in the finance sector, increase in the usage of data, and adoption of predictive analytics tools.

Market Dynamics

Drivers

• Availability of Spatial Data
• Growing Internet Penetration

Restraints

• Lack of Skilled Consultants to Deploy AI in Fintech

Opportunities

• Increasing Mobile Workforce Will Surge Further Innovation in the Fintech Market
• Increasing Use of AI-Enabled Technological Solution in the Capital Market

Challenges

• Difficulty to Cope With the Rapidly Expanding Scope of AI in Fintech Solution
• Development of Smart Human-Aware Fintech Solution

Use Cases

• Retail Banks
• Insurance
• Commercial Banks
• Stock Market/Capital Market

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights

5 Market Overview and Industry Trends

6 AI in Fintech Market Analysis, By Component

7 AI in Fintech Market Analysis, By Application Area

8 AI in Fintech Market Analysis, By Deployment Mode

9 Geographic Analysis

10 Competitive Landscape

11 Company Profiles

• Amazon Web Services
• Complyadvantage.com
• Google
• IBM
• Inbenta Technologies
• Intel
• IPsoft
• Microsoft
• Next IT Corp.
• Nuance Communications
• Salesforce.com
• Samsung

For more information about this report visit https://www.researchandmarkets.com/research/gr64gz/ai_in_fintech

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