The AI in Fintech solutions market in this report is defined as the summation of AI enabled Fintech solution and services. AI in Fintech refers to the theory and development of computer systems capable of performing finance related tasks which usually require human intelligence. It is an application of AI technology enable with the financial sector in various forms such as designing investment strategies, anomaly detection with pattern recognition, voice recognition, text mining, semantic analysis, and market analysis with data mining.
The AI in Fintech market was valued at USD 1,337.7 million in 2017 and is projected to reach USD 7,305.6 million by 2022, at a Compound Annual Growth Rate (CAGR) of 40.4% from 2017 to 2022. Increasing use of data by enterprises, growing business collaborations among them and their improving financial operations are major factors driving the growth of the AI in Fintech Solutions market across the globe.
Vendors who fall into this category receive high scores for most of the evaluation criteria. They have a strong and established product portfolio and a very strong market presence. They provide mature and reputable AI in Fintech solutions. They also have strong business strategies. Intel Movidius Neural Compute Stick, Amazon AWS Alexa, Salesforce Einstein, Google Cloud Platform, Microsoft Cortana Intelligence Suite, and IBM Watson Platform fall into this category.
Innovators in the MicroQuadrant are vendors who have demonstrated substantial product innovations as compared to their competitors. They have a much-focused product portfolio. However, they do not have a very strong growth strategy for their overall business. IPsoft Amelia, ComplyAdvantage, Inbenta InbentaBot, Nuance Virtual Assistance, Digital Reasoning Conduct Surveillance fall into this category.
They are established vendors in AI in Fintech Solutions with very strong business strategies. However, they are low in their product portfolios. They focus on a specific type of technology related to the product. Samsung Bixby and Microstrategy HyperIntelligence fall into this category.
They are vendors with niche product offerings and starting to gain their positions in the market. They do not have strong business strategies as compared to the other established vendors. They might be new entrants in the AI in Fintech Solutions market and require some more time before getting significant traction. ZestFinance ZAML, Razorthink Big Brain, Numenta HTM for Stocks suite, Anodot AI Analytics, Brighterion Smart Agents, Kasisto Kai Banking, Next IT Alme, DataRobot, Ayasdi Enterprise AI, Voyager Analytics, AlphaSense and Wallet. AI fall into this category.
The software tools solution segment is projected to lead the market during the forecast period. The growth of this segment can be attributed to the increasing use of software tools to deploy AI-enabled solutions in the finance sector for the extraction of large volumes of accurate and complete data.
Among services, the managed services segment of the market is projected to grow at the highest CAGR during the forecast period. This segment is also expected to lead the market from 2017 to 2022. The growth of the managed services segment can be attributed to the increased demand for these services across the globe as they sort the complexity involved in maintaining and supporting organizational infrastructure management, thereby enabling organizations to use AI solutions to their full potential.
Based on deployment mode, the cloud segment is projected to lead the AI in Fintech Solutions market during the forecast period. The growth of this segment can be attributed to the increased deployment of cloud-based solutions by enterprises due to their high agility.
The business analytics & reporting application segment is projected to lead the AI in Fintech market between 2017 and 2022. Rising adoption of business analytics & reporting solutions by enterprises for regulatory and compliance management as well as customer behavior analysis is fueling the growth of this segment of the market. The customer behavioral analytics segment is projected to grow at the highest CAGR during the forecast period.
Based on region, the AI in Fintech Solutions market has been segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and Latin America. The North American region is projected to lead the market from 2017 to 2022. The growth of the North American AI in Fintech market can be attributed to increasing investments in countries such as the US and Canada for R&D activities to develop new and innovative technologies. The Asia Pacific market is projected to grow at the highest CAGR during the forecast period due to technological advancements and continuous expansion of domestic enterprises in the region.
Rising competition in the finance sector and the increasing need for improved financial operations, cost reductions, and enhanced customer engagement are expected to hinder the growth of the AI in Fintech Solutions market during the forecast period.
TOP VENDORS In AI in Fintech Solutions
- MICROSOFT Cortana Intelligence Suite0 Reviews
- IBM Watson Platform2 Reviews
- AMAZON AWS Alexa0 Reviews
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AI in Fintech Solutions Quadrant
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Microsoft offers AI services through its Cortana Intelligence Suite that comprises information management, big data stores, machine learning and advanced analytics, and intelligence capabilities. Microsoft’s information management offering helps in the arrangement of data on a managed platform.BUYERVENDOREXPERTS4.2MNM ANALYSTS
IBM Watson Financial Services helps enterprises identify customer behavior and provide highly personalized offerings and experiences, as well as understand regulatory requirements and enhance productivity to meet the compliance requirements.BUYERVENDOREXPERTS4.2MNM ANALYSTS
The company specializes in offering speech-to-text, text-to-speech, and image recognition capabilities. It also offers a toolkit to help developers create financial applications on the Amazon Web services platform.BUYERVENDOREXPERTS4.1MNM ANALYSTS
Google Cloud Platform is able to recognize the trends in large datasets from diverse sources and archive large amounts of sensitive data.BUYERVENDOREXPERTS4.0MNM ANALYSTS
Intel offers hardware as well as software solutions in the AI in Fintech market. Intel’s Movidius Neural Compute Stick, Intel Xeon Scalable Processor, and Xeon Phi Processor support high-performance computing applications in BFSI sector. Intel also offers software tools to build financial applications.BUYERVENDOREXPERTS3.8MNM ANALYSTS
The company offers its Einstein platform for financial industry applications. It also offers a CRM platform for financial advisors that helps them get a client's financial account information as well as family wealth ecosystem.BUYERVENDOREXPERTS3.7MNM ANALYSTS
Inbenta offers various AI-enabled solutions to the BFSI sector that include eCommerce search, InbetaBot, support ticketing, and enterprise search. These solutions also leverage AI capabilities such as NLP, sentiment analysis, and instant answers to better understand customer behavior and provide more personalized services.BUYERVENDOREXPERTS2.7MNM ANALYSTS
Samsung offers its virtual assistant, Bixby, and mobile payment services in the AI in Fintech market. Bixby allows using text, touch, or voice methods to convey what customers want, and it also uses cameras to understand on-screen content to deliver a bunch of information related to the topic.BUYERVENDOREXPERTS2.6MNM ANALYSTS
Nuance offers a virtual assistant, Nina, who is able to understand what customers are looking for, in order to better serve them. Nuance also offers a live chat solution that helps customers by routing them to the proper agents in order to meet their needs.BUYERVENDOREXPERTS2.6MNM ANALYSTS
Ability to extract vital insights and patterns in huge volumes of human communication data.BUYERVENDOREXPERTS2.5MNM ANALYSTS
Ipsoft offers Amelia, a virtual agent, deployed by financial institutions in their IT service desk to increase the efficiency of operations. The company also provides IPCENTER, an autonomic IT management platform, that helps increase the volume of IT operations, along with improved response, fewer error rates, and zero downtime.BUYERVENDOREXPERTS2.4MNM ANALYSTS
A pioneer in the BI and analytics space, MicroStrategy delivers innovative software that empowers people to make better decisions and transform the way they do business.BUYERVENDOREXPERTS2.4MNM ANALYSTS
The company offers big data analytics and AI-based solutions that help financial firms in intelligent decision-making when dealing with regulations related to bribery and corruption, terrorist financing, sanctions, and money laundering.BUYERVENDOREXPERTS2.4MNM ANALYSTS
Next IT's AI-based conversational technologies help financial institutes drive revenue, streamline processes, and improve customer engagement by offering intelligent interfaces.BUYERVENDOREXPERTS1.8MNM ANALYSTS
KAI is an industry-agnostic Conversational AI platform that lets companies create virtual assistants and bots that deliver personalized, delightful, and intelligent experiences across multiple channels.BUYERVENDOREXPERTS1.7MNM ANALYSTS
Best environment in which to build truly intelligent applications.BUYERVENDOREXPERTS1.6MNM ANALYSTS
Brighterion provides a comprehensive portfolio of AI and ML technologies that can enhance data to enable real-time decisions.BUYERVENDOREXPERTS1.5MNM ANALYSTS
Voyager Labs employs an array of unstructured data analysis tools, AI algorithms, and models, including Natural Language Understanding, Image Recognition, Human Behavior Pattern Analysis and two-way translation in multiple languages.BUYERVENDOREXPERTS1.5MNM ANALYSTS
DataRobot offers an automated ML platform for data scientists of all skill levels to build and deploy accurate machine learning models in a fraction of time.BUYERVENDOREXPERTS1.5MNM ANALYSTS
Big brain is the first Deep Learning Data Science Platform that automates the data preparation, modeling, evaluation, and deployment of deep learning solutions at scale.BUYERVENDOREXPERTS1.4MNM ANALYSTS
Dramatically reducing your time to insight.BUYERVENDOREXPERTS1.3MNM ANALYSTS
Wallet.ai keeps track of seemingly unimportant data—like where you eat, how you get around, and even your favorite shopping locations—and uses the data collected to offer suggestions on how you can save money.BUYERVENDOREXPERTS1.3MNM ANALYSTS
Ensure trust, reliable performance, and constant availability.BUYERVENDOREXPERTS1.3MNM ANALYSTS
Numenta has developed core technology in machine intelligence based on the theory of a neocortex. Its first product based on this technology is a cloud-based prediction engine for streaming data.BUYERVENDOREXPERTS1.2MNM ANALYSTS
ZAML is a machine learning credit and risk modeling solution with end-to-end explainability. It is fast and powerful, and offers unique transparency w.r.t fees and processes.BUYERVENDOREXPERTS1.1MNM ANALYSTS
This service helps companies track the lifecycle to prioritize risks for banks and buyside firms. It can be used to control, analyze, and scale businesses across operations and technologies.BUYERVENDOREXPERTSMNM ANALYSTS
AIDA Technologies offers solutions based on AI and predictive analytics for financial services. These include solutions for customization and maintenance along with compliance and risk analytics. This helps organizations act preventively rather solving problems after they occur.BUYERVENDOREXPERTSMNM ANALYSTS
Aeira is a deep learning platform designed for institutional investors for the formulation of active investment strategies.BUYERVENDOREXPERTSMNM ANALYSTS
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This product is used by banks, broker-dealers, hedge fund companies, and asset management firms, among others. It is a software with a special Quantum Computing Readiness Path for these types of organizations.BUYERVENDOREXPERTSMNM ANALYSTS
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