AI in Fintech Market to Reach USD 39.1 Billion, at a 16.90% CAGR By 2032 - Market Research Future (MRFR)

Market Research Future

The adoption of AI in the financial industry is thought to be primarily driven by this broadening spectrum of applications.

New York, USA, June 02, 2023 (GLOBE NEWSWIRE) -- According to the research report published by Market Research Future (MRFR), “AI in Fintech Market Information By Component, By Deployment Mode, By Application, And By Region – Market Forecast Till 2032”, the AI in Fintech Market could thrive at a rate of 16.90% between 2023 and 2032. The market size will be reaching around USD 39.1 Billion by the end of the year 2032.

Market Synopsis:

AI's capacity to offer a personalized experience to clients is one of the most significant advantages of AI. Leveraging the power of AI helps the fintech industry analyze customer behavior, preferences, and transactions, assisting fintech firms in customizing their services to suit individual needs. AI-powered tools enhance the customer experience and cultivate customer loyalty.

AI can augment customer experience by enhancing fraud detection, identity verification, and risk exam. Moreover, AI can automate various tedious processes in the fintech industry, such as underwriting loans, processing claims, and addressing customer queries. Moreover, AI-powered tools can foster noteworthy cost efficiencies for fintech companies.

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Market Competitive Landscape:

The affluent companies in the AI in Fintech industry include:

Latest Industry Updates:

May 23, 2023: Sapiens International Corporation, a leading global software solution provider, and Microsoft announced a strategic partnership to harness the power of generative AI in the insurance industry. Sapiens provides software solutions to the insurance sector, empowering financial and insurance entities to transform their operations digitally. Sapiens' low-code, cloud-based SaaS insurance platform offers core, data, and digital capabilities. The collaboration will enable Sapiens to utilize Azure OpenAI's potential to improve efficiency and customer service in the insurance industry. The integration of Microsoft Azure OpenAI and Azure Power Virtual Agents into Sapiens' offering will enable insurers to navigate complex documents easily.

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Scope of the Report - AI in Fintech Market:

Report Metrics

Details

Market Size by 2032

USD 39.1 Billion

CAGR during 2023-2032

16.90%

Base Year

2022

Forecast

2023-2032

Key Market Opportunities

Growth in penetration rate of high-speed internet

Key Market Dynamics

Growing internet penetration and geographical data availability and growing demand for process automation between financial institutions

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Market USP Covered:

Market Drivers:

With rapid digitization, the financial services sector worldwide is transforming remarkably. Fintech firms are making significant headways by engaging with banking and making substantial investments. By leveraging artificial intelligence capabilities, these firms are enhancing customer experiences, reducing costs, and improving risk management.

With large technological advances, AI is becoming an increasingly powerful force in the fintech domain. AI-powered tools, with their unique ability to analyze massive volumes of data in real time, are revolutionizing various areas by addressing concerns ranging from risk management to investment management.

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Market Restraints:

Highly competitive, the AI in fintech market appears fragmented due to several well-established players forming a competitive landscape. Mergers & acquisitions, innovation, and brand reinforcement are key trends for the leading players as these strategies support their growth and expansion plans. They deliver reliable, leading-edge products and services. For which they invest substantially in R&D to develop adept technologies and products.

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Market Segmentation:

The AI in fintech market report is segmented into components, deployment modes, applications, and regions. The component segment is sub-segmented into solutions and services. The solution segment dominates the market, witnessing increasing deployments of AI-enabled solutions in the banking sector to extract accurate and full data with a sizable volume on time.

Besides, these AI-enabled fintech solutions help expand their retail banking operations, identify & stop financial fraud, and strengthen client relationships using multichannel customer experience solutions. The deployment mode segment is sub-segmented into on-premise and cloud.

Of these, the on-premise segment holds the largest market share due to its convenience in installing software or services on a financial institution's systems. The cloud segment is growing at a faster CAGR. The application segment is sub-segmented into virtual assistants (chatbots), business analytics & reporting, customer behavioral analytics, and others.

Of these, the business analytics & reporting segment dominates the market, with its ability to help meet regulations & compliance. To help make better business decisions, several companies use big data, AI, and business analytics. On the other hand, the customer behavior analysis segment experiences tremendous development.

Regional Insights:

North America dominates the global AI in fintech market. The leading market share is led by several key players, such as IBM, Microsoft, and Cisco Systems, providing AI-enabled solutions for the fintech industry. Besides, the increasing implementation of AI technology and Internet penetration substantiate the regional market growth. The increasing R&D spending in developing AI algorithms and machine learning, NLP, and other technologies increases the AI in fintech market size.

Europe holds the second-largest share of the global AI in fintech market. The presence of various notable players and large deployments of AI technologies in fintech platforms drives the market growth. Additionally, the rising number of banking services is a major tailwind for the regional market's growth. The European AI in fintech market will likely create a substantial revenue pocket throughout the exam period.

The Asia Pacific AI in fintech market is growing rapidly. Factors such as digital transformation and the growing use of AI-driven fintech solutions in various countries drive market growth in the region. The rising adoption of AI technology to enhance customer satisfaction and operational performance boost the regional market's growth.

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At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.

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Saudi Arabia Smart Cities Market Valuation Worth USD 14.74 Bn By 2027, Registering At A CAGR Of 19.6% From 2020 To 2027

Allied Market

Rise in efforts to minimize oil dependency, proactive smart city initiatives, and surge in investments by government have boosted the growth of the market.

PORTLAND, OR , UNITED STATES, UNITED STATES, May 9, 2023 /einpresswire.com / -- The Saudi Arabia smart cities industry was pegged at $3.55 billion in 2019, and is projected to reach $14.74 billion by 2027, growing at a CAGR of 19.6% from 2020 to 2027. The environmental friendliness of smart cities and technological advancements in IoT and cloud technologies are expected to open lucrative opportunities for the market players in the future.

By functional area, the smart infrastructure segment held the lion's share in 2019, accounting for nearly one-fifth of the Saudi Arabia smart cities market. This is due to the benefits of smart infrastructure such as continuous connectivity of physical objects with the internet and rapid urbanization. However, the smart energy segment is estimated to manifest the highest CAGR of 22.6% during the forecast period, owing to rise in challenges of electrical systems such as aging infrastructure and growth in the number of variable renewable energy sources and electric vehicles.

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Major market players such as - AT&T, Inc., Cisco Systems Inc., Ericsson, General Electric, Hitachi Ltd., Huawei Technologies Co., Ltd., IBM Corporation, Intel Corporation, Microsoft Corporation, and Schneider Electric SE.

Demand for smart cities is on the rise in Saudi Arabia as it may enable new scopes for increasing the eco-friendliness of the country. Awareness around the Internet of Things (IoT) and cloud computing has increased across various citizens and government officials of the country and the COVID-19 pandemic is acting as a major driver to get the government of Saudi Arabia more interested in benefits related to smart cities in supporting smart transportation solutions, better healthcare management, and energy-saving capabilities. The KSA is affirming its readiness to invest in new smart cities. Further, the government and the KSA's prince are inclined toward revamping existing cities to make them have smart city-like capabilities along with new smart city projects across the country.

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The smart energy segment is anticipated to witness the highest growth rate during the forecast period in the Saudi Arabia smart cities industry. This is attributed to rise in awareness regarding usage of renewable sources of energy, developing Green energy projects in KSA & innovative smart metering products. For instance, in September 2020, Saudi Electricity Company secured $1.3 billion to finance smart meters as well as other green energy projects.

Key drivers that are propelling the growth of the market included in the report. Additionally, challenges and restraining factors that are likely to curb the growth of the market are put forth by the analysts to prepare the manufacturers for future challenges in advance.

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The market numbers are verified by means of numerous data triangulation techniques. Additionally, reliable industry journals, accurate press releases from trade association, and government websites have also been revised for producing exclusive industry insights.

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AI in IoT Market to Growing USD 60.8 Billion, at a 28.20% CAGR By 2032 - Market Research Future (MRFR)

Market Research Future

Growing Human Intelligence Processes Simulation Drives the AI in IoT Market

New York, USA, June 02, 2023 (GLOBE NEWSWIRE) -- According to the research report published by Market Research Future (MRFR), “AI in IoT Market Information Deployment Mode, By Component, By Technologies, By Vertical, By Region – Market Forecast Till 2032”, the AI in IoT Market thrives at a rate of 28.20% between 2023 and 2032. The market size will be reaching around USD 60.8 Billion by the end of the year 2032.

Market Synopsis:

The AI in IoT market is likely to gain significant revenue growth in the upcoming period. Growing demand for effective data management would drive market growth. Besides, the growing use of IoT devices to get insightful information and lower maintenance costs & downtime are key market drivers. AI in IoT helps boost the data value, employing technology and human insight. Most businesses today have employed AI-based solutions to boost agility to respond to changing conditions in real-time for greater safety, profitability, and sustainability. Technology providers strive to purpose-built AI solutions for industrial application requirements.

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Market Competitive Landscape:

Players leading the AI in IoT market include:

Scope of the Report - AI in IoT Market:

Report Metrics

Details

Market Size by 2030

USD 60.8 Billion

CAGR during 2023-2030

28.20%

Base Year

2022

Forecast

2023-2032

Key Market Opportunities

Real time monitoring to deliver an exceptional customer experience.

Key Market Dynamics

Effective management of data generated from IoT devices to gain valuable insights and reduced maintenance cost and downtime.

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AI-based solutions integrate AI technology and machine-learning capabilities to optimize autonomous and semi-autonomous processes. These industrial AI solutions enable users to detect current performance issues and predict future ones, minimizing the risk of failure of critical assets and maximizing operational performance. Using AI in IoT ensures improved detection of performance issues, optimization of processes, and smarter decisions.

Robotics, digitalization, and AI are considered the next stage of industrialization. AI in IoT facilitates time and cost-saving in many time-consuming manual tasks, raises efficiency, heightens supply chain visibility, optimizes inventory management, and improves product quality by integrating information technology (IT) and operational technology (OT) systems.

Industry Trends:

AI in IoT is being termed a new intelligence revolution. The widespread popularity and government support for robotics would allow the market to progress smoothly in the next few years. Factors such as the proliferation of automation across manufacturing sectors and the rising demand for advanced production & manufacturing processes worldwide drive market growth.

Moreover, growing AI applications in end-user industries such as automobile, electronics, healthcare, manufacturing, energy & power, semiconductor, food & beverages boost the market size. Additional factors bolstering market revenues include increasing manufacturers leveraging AI to improve operations, launch new products, customize designs, and plan their future financials.

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AI in IoT market report is segmented into components, technologies, verticals, and regions. The component segment is sub-segmented into platforms, software solutions, and services. Of these, the software segment dominates the market, witnessing the increasing use to manage huge amounts of data, with security & privacy, and address interoperability issues brought on by various heterogeneous devices.

These software solutions provide flexibility to manage diverse business processes while mitigating interoperability difficulties successfully. The technology segment is sub-segmented into ML & deep learning and NLP. The ML and deep learning segment holds the largest market share. ML capabilities help develop powerful analytical tools for massive data sets. Using ML and edge computing aids in filtering noise gathered by IoT devices and processing edge & cloud analytical engines.

The vertical segment is sub-segmented into manufacturing, energy & utilities, transportation & mobility, BFSI, government & defense, retail, healthcare & life sciences, telecom, and others (agriculture, education, telecom, and tourism & hospitality). Of these, the healthcare & life sciences segment accounts for the largest market share.

By gathering and analyzing high-frequency IoT sensor data and computer vision, healthcare organizations can enhance the performance of diagnostic or therapeutic processes and assist clinicians in treating diseases, etc. The combination of IoT and AI technologies has the potential to improve routine physical examinations significantly to improve mobility and balance.

Besides, IoT-based predictive maintenance is imperative for vaccination logistics and safety. IoT can significantly minimize the need for follow-up visits, reduce wait times, identify patients, and track medical equipment. It can also enhance diagnostic accuracy and remote patient monitoring. By regions, AI in IoT market is sub-segmented into the Americas, Europe, Asia-Pacific, and the Rest-of-the-World.

Regional Analysis:

North America dominates the global AI in IoT market, witnessing huge demand from manufacturing, retail, healthcare, and automotive & transportation industries. Besides, the widespread implementation of AI and IoT technologies is a major driving force substantiating the region's market shares. With the increasing research into creating IoT and AI applications, the US and Canada account for larger shares of the regional market.

Europe is another major market for AI in IoT, witnessing significant government investments in the sector. This market demonstrates a great deal of potential for vendors to expand. The growing use of AI-enabled sensing and decision-making for IoT systems boosts market revenues. Additionally, the existence of top AI and IoT solutions providers in this region offers significant opportunities. Germany is the largest, whereas the UK is the rapidly growing market for AI in IoT.

The Asia Pacific region is increasingly witnessing growing AI in IoT market revenues. Growing support and investments by the public and private sectors is one of the key growth propellers. With the increasing research to explore AI and IoT capabilities to tackle water issues, China accounts for the largest while India holds the second-largest share of the AI in IoT in the region.

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Competitive Analysis:

Highly competitive, the AI in IoT market appears fragmented due to several well-established players forming a competitive landscape. Mergers & acquisitions, innovation, and brand reinforcement are key trends for the leading players as these strategies support their growth and expansion plans. They deliver reliable, leading-edge products and services. For which they invest substantially in R&D to develop adept technologies and products.

On Apr 21, 2023, Spotflock, a leading global provider of AI, ML, and natural language processing, announced it has developed a technological solution for simplifying the power plant process and redefining businesses by integrating IoT with AI.

The solution will enable O&G and energy generation plant operators to record readings from circular pressure, temperature, and oil level gauges and examine historical trends in the data. Further, Spotflock's solution has been tailored to any use case that uses circular or level instruments, making it highly scalable.

Related Reports:

Browse through more Information And Communications Technology Research Reports.

About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.

Contact Us:

Market Research Future (Part of Wantstats Research and Media Private Limited)99 Hudson Street, 5Th FloorNew York, NY 10013United States of America+1 628 258 0071 (US)+44 2035 002 764 (UK)Email: sales@marketresearchfuture.comWebsite: https://www.marketresearchfuture.com Follow Us: LinkedIn | Twitter