The Latin America, Middle East and Africa Artificial Intelligence In Fintech Market would witness market growth of 19.2% CAGR during the forecast period (2022-2028).
Fintech (financial technology) is a term that refers to the implementation of technology to financial services in order to enhance or automate banking and investing processes. In financial institutions, artificial intelligence (AI) is increasingly utilized to recognize and mitigate fraud via digital banking channels. Mobile banking, insurance, digital loans, credit scores, asset management, and purchasing and selling operations are all included. By observing how customers interact and examining their purchases, AI technologies can determine a customer's normal behavior.
Financial services, on the other hand, use AI to protect their customers' personal information. By rapidly evaluating vast algorithms, AI plays a vital role in safeguarding against fraudulent cases. AI can also help with the analysis of consumer information for people who don't have a credit history and whose credit history has already been erased. Peer-to-peer (P2P) businesses assess their potential customers' behaviour and determine the risks involved with doing business with them.
There is a rising interest in healthcare verticalization, fintech solutions for healthcare, and changes in how and where people pay for health care across the region. The market is likely to be driven by the popularity of digital payments, increased investments in blockchain technology, the rise of e-commerce, and the implications of COVID-19.
Dubai and Bahrain are the most advanced countries in the area when it comes to fintech. For example, Dubai's AI Roadmap has partnered with IBM to create the world's first AI lab. For civic and government services and experiences, this cooperation has harnessed the power of machine learning and AI. These characteristics are anticipated to aid market expansion throughout the region.
Innovative ideas necessitate innovative financing solutions, which the Mohammed bin Rashid Al Maktoum Innovation Fund provides. The Innovation Fund seeks to provide AED2 billion in funding to support the development of innovative start-ups. The Fund's targeted financial risk management and business development instruments aid in the facilitation of innovation activities and support to the UAE's long-term growth. Therefore, these factors would escalate the growth of the regional AI in fintech market over the forecast period.
The Brazil market dominated the LAMEA Artificial Intelligence In Fintech Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $405.2 Million by 2028. The Argentina market is estimated to grow at a CAGR of 19.9% during (2022 - 2028). Additionally, The UAE market would witness a CAGR of 18.9% during (2022 - 2028).
Based on Component, the market is segmented into Solutions and Services. Based on Deployment, the market is segmented into On-premise and Cloud. Based on Application, the market is segmented into Business Analytics & Reporting, Customer Behavioral Analytics, Fraud Detection, Virtual Assistant (Chatbots), Quantitative & Asset Management and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global Artificial Intelligence In Fintech Market is Predict to reach $25.8 Billion by 2028, at a CAGR of 16.8%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include IBM Corporation, Oracle Corporation, Microsoft Corporation, Google LLC, Intel Corporation, Salesforce.com, Inc., Amazon Web Services, Inc., ComplyAdvantage, Amelia US LLC, and Inbenta Technologies, Inc.
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