North America Artificial Intelligence In Fintech Market Size, Share & Industry Trends Analysis Report By Component (Solutions and Services), By Deployment (On-premise and Cloud), By Application, By Country and Growth Forecast, 2022 - 2028
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Market Report Description
The North America Artificial Intelligence In Fintech Market would witness market growth of 16.1% CAGR during the forecast period (2022-2028).
Artificial intelligence has enhanced customer service, which is among the most visible sectors of FinTech. In addition, artificial intelligence has advanced to the point that chatbots, virtual assistants, and artificial intelligence interfaces can effectively engage with customers. The capacity to answer basic questions has a huge impact on front-office and help-desk expenditures.
Algorithmic trading analyses data using a pre-programmed sequence of commands, enabling faster decision-making than humans. This is accomplished using machine learning, which is among the most adaptable AI technologies. In the financial industry, artificial intelligence has a lot of potential. It can assist a firm in a variety of ways, including increasing efficiency, lowering expenses, and automating procedures.
North America is among the world's largest and leading AI markets. Owing to the strong economy, the existence of major AI software and system vendors, and joint investment by organizations for the growth and development of R&D operations, the regional market has also seen the highest adoption of AI in Fintech solutions. For example, the continued economic boom in the United States, according to Baker McKenzie, has drawn significant investment in the fintech sector. Payments and insurance technology remain dominant the fintech environment in the country.
Here are some of the AI investments that have been made. For example, Betterview, a US-based insuretech and AI firm, in June 2020, received an additional USD 7.5 million from Maiden Re, a Bermuda-based reinsurer, bringing its total funding to USD 17 million. The AI firm uses computer vision and artificial intelligence to collect and analyze photos of buildings and properties across the United States for usage in underwriting by the property insurance market.
Further, the region, especially the United States, is home to a considerable proportion of the millennial population. In terms of speed and personalization, millennials clearly prefer to complete chores through digital applications and services, which fintech companies are better at supplying than banks. The region has some of the highest levels of citizen bank account penetration and the highest number of ATMs per 100,000 people. Thus, due to these factors, the growth of the regional AI in fintech market would accelerate in the coming years.
The US market dominated the North America 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 $7,444.2 Million by 2028. The Canada market is anticipated to grow at a CAGR of 18.7% during (2022 - 2028). Additionally, The Mexico market would showcase a CAGR of 17.7% 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 U.S., Mexico, Canada, and Rest of North America.
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.
Scope of the Study
Market Segments Covered in the Report:
- Business Analytics & Reporting
- Customer Behavioral Analytics
- Fraud Detection
- Virtual Assistant (Chatbots)
- Quantitative & Asset Management
- Rest of North America
Key Market Players
List of Companies Profiled in the Report:
- IBM Corporation
- Oracle Corporation
- Microsoft Corporation
- Google LLC
- Intel Corporation
- Salesforce.com, Inc.
- Amazon Web Services, Inc.
- Amelia US LLC
- Inbenta Technologies, Inc.
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