The global fintech market is witnessing a remarkable transformation as artificial intelligence (AI) takes center stage. By 2028, the AI in fintech market is expected to reach a substantial value of $4.1 billion, boasting an impressive Compound Annual Growth Rate (CAGR) of 23.6% from 2023 to 2028. The surge in demand for AI-based solutions in the financial sector, particularly for combating online banking fraud, coupled with the rapid digitalization of financial, banking, and insurance industries, are the primary drivers fueling this exceptional growth.
This comprehensive report delves into the promising prospects of AI in the global fintech market, uncovering a multitude of opportunities across various sectors. Among them, virtual assistants (chatbots), business analytics and reporting, customer behavioral analytics, fraud detection, and quantitative & asset management are taking the lead in reshaping the financial landscape.
With a dynamic market landscape, companies are vying for supremacy by emphasizing the quality of their products and services. Major players in the AI in fintech market are strategically expanding their manufacturing facilities, investing in research and development, building robust infrastructures, and capitalizing on integration opportunities throughout the value chain. These proactive strategies enable AI companies in the fintech sector to meet the surging demand, maintain competitive advantage, drive innovation in products and technology, reduce production costs, and expand their customer base. The future holds tremendous potential as AI continues to revolutionize the fintech industry, ushering in a new era of efficient and secure financial services.