The AI in Fintech applications are deployed in cloud or on-premises, which empowers organizations to reduce the cost, provide security, and offer ease of use benefits. MarketsandMarkets expects the AI in Fintech market size to grow from USD 1,337.7 Million in 2017 to USD 7,305.6 Million by 2022, at a Compound Annual Growth Rate (CAGR) of 40.4%. The improved financial performance, efficiency, and reduced costs are some of the major driving factors for the growth of the AI in Fintech market.
The major AI in Fintech vendors are Microsoft (Washington, US), Google (California, US), Salesforce.com (California, US), IBM (New York, US), Intel (California, US), Amazon Web Services (Washington, US), Inbenta Technologies (California, US), IPsoft (New York, US), Nuance Communications (Massachusetts, US), and ComplyAdvantage.com (New York, US). New product launches and partnerships are the key strategies adopted by these market players to offer feature-rich products and services to their customers and penetrate deeper into unserved regions.
IBM is one of the leading vendors of AI in Fintech solutions. The company’s strategy is to provide highly competitive products and solutions in the AI in Fintech market. Its efforts toward strengthening AI solutions for the finance industry is evident from the fact that the company launched a suite of cognitive solutions in 2017 to help financial firms manage their regulatory responsibilities. The software contains capabilities of IBM’s Watson offering which can help financial institutions with financial risk management, knowing regulatory requirement, and understanding possible financial crimes. In 2016, the company invested 7.2% of its total revenue in Research and Development (R&D) to enhance its product portfolio. In March 2017, IBM formed a partnership with Salesforce.com, to offer intelligent customer engagement for various industry areas such as commerce, sales, and marketing.
Another leading company, Intel, adopted the acquisition strategy to gain a dominant position against its competitors in the AI in Fintech market. The company is following acquisition strategy to enhance its AI portfolio and to expand geographical reach. For instance, Intel in 2016 acquired Nervana Systems and Movidius as a part of its growth strategy. The acquisition of Nervana Systems would help Intel to enhance its AI capabilities with Nervana’s expertise in deep learning solutions. Recently in July 2017, the company launched Movidius Neural Compute Stick with AI capabilities for a wide range of users from product developers to researchers.
AI in Fintech Market by Component (Solution, Service), Application Area (Virtual Assistant, Business Analytics & Reporting, Customer Behavioral Analytics), Deployment Mode (Cloud, On-Premises), and Region - Global forecast to 2022
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