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AI in Fintech Market to Reach $61.30 Billion, Globally, by 2031 at 22.5% CAGR: Allied Market ResearchImproved customer services with the help of chatbots, virtual helpers, and artificial intelligence interfaces and use in fraud detection drive the growth of the global AI in fintech market. PORTLAND, Ore., Aug. 1, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, 'AI in Fintech Market by Component (Solution, Services), by Deployment Mode (On-premise, Cloud), by Application (Virtual Assistants (Chatbots), Business Analytics and Reporting, Customer Behavioral Analytics, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031.' According to the report, the global AI in fintech industry generated $8.23 billion in 2021, and is anticipated to generate $61.30 billion by 2031, witnessing a CAGR of 22.5% from 2022 to 2031. Download Report (350+ Pages PDF with Insights, Charts, Tables, Figures): https://www.alliedmarketresearch.com/request-sample/17018 Prime determinants of growth Improved customer services with the help of chatbots, virtual helpers, and artificial intelligence interfaces and use in fraud detection drive the growth of the global AI in fintech market. However, strict laws restrain the market growth. Contrarily, fintech companies are increasingly harnessing the power of AI for fintech crypto to automate workflows, improve decision making, and add value. Therefore, this is a major factor expected to provide lucrative opportunity in the coming years. Covid-19 Scenario
Scope of the Report: -
The solutions segment to maintain its leadership status throughout the forecast period Based on component, the solutions segment held the highest market share in 2021, accounting for more than three-fifths of the global AI in Fintech market, and is estimated to maintain its leadership status throughout the forecast period. This is attributed to the fact that most fintech firms have started adopting AI and advanced machine learning algorithms to manage the massive volume of data being generated for meaningful insights and better-informed decisions. However, the services segment is projected to manifest the highest CAGR of 26.9% from 2022 to 2031, due to rise in demand for software-as-a-service (SaaS). Specific Requirement on COVID-19? Ask to Our Industry Expert: The on-premise segment to maintain its lead position during the forecast period Based on deployment mode, the on-premise segment accounted for the largest share in 2021, contributing to around two-thirds of the global AI in fintech market. On-premise deployment offers enhanced security features, which drive their adoption for AI in financial technologies. However, the cloud segment is expected to portray the largest CAGR of 28.9% from 2022 to 2031, owing to the advantage of cloud deployment in enabling businesses to manage volatile work environments. The virtual assistant (chatbots) segment to maintain its lead position during the forecast period Based on application, the virtual assistant (chatbots) segment accounted for the largest share in 2021, contributing to more than one-third of the global AI in fintech market, and is projected to maintain its lead position during the forecast period. With a robust increase in the number of online applications & smart devices that are required in the connected world, the need for the exposing additional data through the API technology is rising in the market. Furthermore, there is increase in requirement for the businesses to adopt the API technology to provide the personalized and better user experience. These factors play a crucial role for making this segment the fastest growing segment. The research also analyzes business analytics and reporting & customer behavioral analytics segments. North America to maintain its dominance by 2031 Based on region, North America held the highest market share in terms of revenue 2021, accounting for more than one-third of the global AI in fintech market. The increasing adoption of technology in the finance sector, such as artificial intelligence (AI) and machine learning (ML) is a major factor for the growth of AI in FinTech market in North America. However, the Asia-Pacific region is expected to witness the fastest CAGR of 25.0% from 2022 to 2031. This is due to the fact that surge in adoption of artificial intelligence (AI) and machine learning (ML) in financial markets in the region. Leading Market Players: -
The report provides a detailed analysis of these key players of the market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario. Key benefits for stakeholders
Key Market Segments
Avenue Basic Plan | Library Access | 1 Year Subscription | Sign up for Avenue subscription to access more than 12,000+ company profiles and 2,000+ niche industry market research reports at $699 per month, per seat. For a year, the client needs to purchase minimum 2 seat plan. Request for 14 days free trial: https://www.alliedmarketresearch.com/avenue/trial/starter "We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your reference, considering Impact of Covid-19 Over This Market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market." Trending Reports in Healthcare Industry (Book Now with 10% Discount + Covid-19 scenario): Mobile banking market was valued at $715.3 million in 2018 and is expected to reach $1,824.7 million by 2026, registering a CAGR of 12.2% from 2019 to 2026. Financial services software market size was valued at $118.65 billion in 2021, and is projected to reach $282.71 billion by 2031, growing at a CAGR of 9.2% from 2022 to 2031. Parametric insurance market was valued at $11.7 billion in 2021, and is projected to reach $29.3 billion by 2031, growing at a CAGR of 9.9% from 2022 to 2031. Latin America pet insurance market was valued at $0.28 billion in 2020, and is projected to reach $1.27 billion by 2030, growing at a CAGR of 16.4% from 2021 to 2030. AI in banking market size was valued at $3.88 billion in 2020, and is projected to reach $64.03 billion by 2030, growing at a CAGR of 32.6% from 2021 to 2030. Credit rating software market size was valued at $0.42 billion in 2020, and is projected to reach $1.92 billion by 2030, growing at a CAGR of 16.5% from 2021 to 2030. About Us Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry. Contact: Logo: https://mma.prnewswire.com/media/636519/Allied_Market_Research_Logo.jpg
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