According to a new report published by UnivDatos Markets Insights, artificial intelligence in the fintech market is expected to grow at a compound annual growth rate (CAGR) of around 30% from 2022 through 2028.

UnivDatos Markets Insights highlighted that its report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the AI in fintech market.

The AI in fintech market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the AI in fintech market at the global and regional levels.

UnivDatos Markets Insights explained artificial Intelligence in the fintech market is part of the data collection, analysis of the data, facilitating and securing transactions, providing customer-centric modules and streamlining the process. Also, it can provide better analytics, stronger security, virtual assistance, chatbot and insight.

“AI in fintech allows fintech organizations to predict customer behavior by collecting their behavioral data. In recent times, AI in the fintech organization has witnessed a significant demand for AI technology in the fintech institution owing to the lower time consumption for the query and easier processing for monetary uses,” UnivDatos Markets Insights said in a news release.

“Moreover, the COVID pandemic has changed the behavioral structure of both institutional organizations and customers and allows the organization to implement faster as well as more convenient processes and propel the incorporation of AI in the fintech sector,” the firm continued.

Due to travel limitations and the projected dismal financial performance of market players in 2020, UnivDatos Markets Insights acknowledged the spread of the COVID-19 pandemic has hurt the AI in fintech industry.

Supply chain execution, regulatory and policy changes, labor reliance, working capital management and liquidity and solvency management are all major concerns for AI in fintech service providers, according to the firm.

“Since the COVID-19 epidemic has considerably diminished by the beginning of 2021, a lot of businesses are resuming operations. In addition, the pandemic has put a hold on investment and research and development activities and negatively impacted the market,” experts said.

While compiling the global AI in fintech market report, researchers thoroughly studied several aspects that would help stakeholders in making their decisions more curated, including

—Based on type, service and solution

The solution segment has a significant CAGR during the forecast period and is expected to remain the same during the forecast period owing to the adoption of AI and machine learning (ML) in the field of banking and financial institution services to manage big data and to generate significant insight from the collected data.

UnivDatos Markets Insights said the companies in the market are focusing on innovative and lucrative products and solutions for the user to increase the adoption of AI-enabled technology among the users.

—Based on the deployment

UnivDatos Markets Insights pointed out the market is categorized into on-premises and cloud segments.

Experts said the on-premises segment has shown significant market growth for the year 2021 and is expected to remain the same during the forecast period owing to the enhanced security feature, greater flexibility for data management, and provide better usability for the organization.

Also, UnivDatos Markets Insights noted the on-premises deployment offers a reduction in the total operational cost and offers better security for the data as no third party is involved in the data collection, data analysis and data management.

—Based on application

UnivDatos Markets Insights went on to note that the AI in fintech market has been classified into chatbots, customer behavioral analytics, business analytics and reporting and others.

Experts said the chatbots segment produced significant market growth in the year 2021 and are expected to remain the same during the forecast period owing to the ability to resolve the queries in a fraction of the time and the availability of the on-demand feature.

The chatbots use automated scripts to resolve the queries on their own, according to UnivDatos Markets Insights.

The report can be acquired by going to this website.