Dublin, November 15, 2024 (GLOBE NEWSWIRE) — The “Generative AI in Fintech Market – Global Industry Size, Share, Trends, Opportunities and Forecast, 2019-2029F” the report has been added to ResearchAndMarkets.com offer.
The fintech generative AI market was valued at $1.13 billion in 2023 and is expected to reach $7.28 billion by 2029, at a CAGR of 36.30%.
The generative AI market in fintech is poised for significant growth due to several converging factors. The growing volume of financial data and the need for sophisticated analytics are driving demand for AI solutions that can process and interpret complex data sets far beyond human capabilities. As financial institutions seek to differentiate themselves in a competitive market, generative AI offers a way to deliver tailored customer experiences, optimize financial products, and improve customer engagement through personalized recommendations and insights. automated interactions.
Increasing regulatory requirements and the need for stringent risk management practices are pushing financial organizations to adopt advanced AI technologies that can improve compliance and detect anomalies with greater accuracy. The proliferation of digital transformation initiatives within the financial sector is accelerating the integration of AI tools, as businesses seek to leverage the technology to streamline operations, reduce costs and improve decision-making processes.
As these trends continue to evolve, generative AI in the fintech market is expected to expand rapidly, driven by increasing adoption of AI technologies, advancements in machine learning capabilities and the growing emphasis on data-driven insights and automation in financial services. This upward trajectory is further supported by continued innovations and investments in AI research and development, making generative AI an integral part of the future financial sector landscape.
Key Market Drivers
- Increased demand for advanced data analytics
- Improved risk management and fraud detection
- Advances in Automated Trading Strategies
- Digital transformation and innovation
Key Market Challenges
- Privacy and data security concerns
- Regulatory and compliance challenges
- Algorithmic Bias and Fairness Issues
Main market trends
- Rise of personalized financial solutions
- Improved risk management through predictive analytics
- Advances in Algorithmic Trading Strategies
Regional overviews
North America emerged as the dominant region in the generative AI in fintech market in 2023, and it is expected to maintain its leading position throughout the forecast period. This dominance is attributed to several key factors. North America benefits from a robust and well-established financial services sector that is highly receptive to technological innovations, including advanced artificial intelligence solutions. The region is home to many leading financial institutions and technology companies that are actively investing and deploying in generative AI to improve their services and operational efficiencies.
North America has a highly developed technological infrastructure and a favorable regulatory environment that supports the adoption of cutting-edge technologies. The presence of major technological hubs, such as Silicon Valley, and significant investments in research and development also contribute to North America’s leadership in this area. The high level of technology adoption and innovation in the region provides an enabling environment for the continued growth of generative AI applications in financial services.
As financial institutions in North America increasingly leverage these technologies to gain competitive advantages, improve risk management, and offer personalized solutions, the region is expected to maintain its dominance in the generative AI market in financial technologies. This trend reflects North America’s strong position as a leader in financial technology advancements and its continued commitment to adopting and integrating transformative technologies.
Key Players Featured in This Generative AI in Fintech Market Report
- IBM Company
- Microsoft Company
- Google SARL
- NVIDIA Company
- Amazon Web Services, Inc.
- Salesforce, Inc.
- Oracle Company
- SAP SE
- Palantir Technologies Inc.
- H2O.ai, Inc.
- DataRobot, Inc.
- C3.ai, Inc.
Scope of the report
In this report, the global generative AI in fintech market has been segmented into the following categories, in addition to industry trends which have also been detailed below:
Generative AI in Fintech Market, by Component:
Generative AI in the Fintech market, by deployment:
Generative AI in Fintech Market, by Application:
- Compliance and fraud detection
- Personal assistants
- Asset Management
- Predictive analytics
- Insurance
- Business Analytics and Reporting
- Customer behavioral analysis
- Others
Generative AI in Fintech Market, by Region:
- North America
- UNITED STATES
- Canada
- Mexico
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Belgium
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Australia
- Indonesia
- Vietnam
- South America
- Brazil
- Colombia
- Argentina
- Chile
- Middle East and Africa
- Saudi Arabia
- United Arab Emirates
- South Africa
- Türkiye
- Israel
Key attributes
| Report attribute | Details |
| Number of pages | 185 |
| Forecast period | 2023-2029 |
| Estimated market value (USD) in 2023 | $1.13 billion |
| Projected Market Value (USD) by 2029 | $7.28 billion |
| Compound annual growth rate | 36.3% |
| Regions covered | Global |
For more information on this report, visit https://www.researchandmarkets.com/r/2ma48q
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