GVR Report cover Artificial Intelligence In Fintech Market Size, Share & Trends Report

Artificial Intelligence In Fintech Market Size, Share & Trends Analysis Report By Component (Solutions, Services), Deployment (Cloud, On-premise), By Application (Fraud Detection, Virtual Assistants), And Segment Forecasts, 2022 - 2030

  • Report ID: GVR-4-68039-944-4
  • Number of Report Pages: 100
  • Format: PDF, Horizon Databook
  • Historical Range: 2017 - 2020
  • Forecast Period: 2022 - 2030 
  • Industry: Technology

Report Overview

The global artificial intelligence in fintech market size was valued at USD 9.45 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 16.5% from 2022 to 2030. Fintech, or financial technology, applies modern technology to financial services to improve or automate banking and investing activities. Artificial intelligence (AI) is widely used in financial organizations to detect and prevent fraud through digital banking channels. Mobile banking, digital loans, insurance, credit scores, purchasing and selling operations, and asset management are all included. AI technology can determine a customer’s typical behavior by monitoring how they interact and considering their transactions.

Asia Pacific Artificial Intelligence In fintech market size, by component, 2020 - 2030 (USD Billion)

For instance, in May 2022, Brightwell Payments, Inc., a financial services company that develops financial solutions to move money anywhere across the world securely, announced the release of ARDEN. This AI-powered risk-detection engine assists fintech in protecting its cardholders and financial assets. Worldwide, banks are deploying AI-enabled solutions to increase security, and AI gives banks the benefit of digitization. Also, it helps them compete with other fintech players. Financial companies offer apps that require UPI, a fingerprint, or facial recognition to access. For instance, in March 2022, according to the National Payments Corp. of India, a specialized department of the Reserve Bank of India, the Unified Payments Interface (UPI), an AI-enabled platform, was created to handle 5.58 billion transactions.

UPI is presently one of the country’s most popular digital payment solutions, and the system was designed to allow payments to be completed in seconds. Financial firms use AI to manage and evaluate data from many sources to deliver essential insights. Such creative findings assist banks in tackling the problems they confront when offering services, such as payment processing and loan administration. Many banking applications provide tailored financial advice to help users reach their financial goals, track their expenses and income, and carry out other financial tasks. This personalization is made chiefly feasible by AI-powered fintech breakthroughs.

For instance, in December 2021, a survey conducted by Tableau, a U.S.-based technology company, stated that 32% of fintech companies already use AI technologies, such as voice recognition, predictive analytics, virtual agents, and biometrics. However, AI is utilized in financial services to protect their customer’s personal information. AI plays a significant role in protecting against fraudulent instances by rapidly reviewing massive algorithms. AI also aids in the analysis of consumer details who do not have a credit history or whose credit history has been deleted. Peer-to-Peer (P2P) organizations examine their potential customer’s behavior and identify the risks associated with working with that specific consumer.

This expanding range of applications is considered the primary driver of AI adoption in the fintech sector. For instance, in May 2022, Laze Trader Pte. Ltd., a Singapore-based fintech firm, announced the release of Lazeer AI, its AI trading program designed to help Forex traders achieve consistent profits with no effort. The trading software can automatically analyze, manage, and execute trades. Because of its auto-trading capability, the software eliminates the need for human traders, allowing more users to benefit even without any trading skills. The company hopes to offer Forex trading to as many individuals as possible.

Components Insights

The solution segment led the market in 2021, accounting for over 77.5% share of the global revenue. The high share can be attributed to software tools, as they aid in deploying AI-enabled solutions in the banking industry to extract correct and complete data with a significant amount of data and on time. Some companies’ solutions assist businesses in doing things, such as growing retail banking business with next-best-action software, detecting & combating financial fraud, and improving client connections with multichannel customer experience solutions. For instance, in May 2022, Versapay, a Canadian financial technology firm specializing in accounts receivable software, acquired fintech company DadeSystems Inc., a provider of cash application solutions, to extend its AR automation, AI, and machine learning capabilities.

The services segment is predicted to foresee significant growth in the forecast years. The managed service is likely to grow quickly owing to its help in administering AI-enabled apps in fintech. Fintech startups are using AI to provide professional services expected to drive the development of the segment. Poor customer service or incorrect advice might result in customer loss. Virtual assistants and chatbots can access consumers' accounts in real-time, provide personalized recommendations, and aid them in managing their savings. Professional services would assist fintech in providing tailored 24/7 support to their consumers while decreasing the likelihood of incorrect advice, errors, or bad customer service.

For instance, in May 2022, HCL Technologies Ltd., an Indian multinational IT services & consulting firm, acquired Confinale AG, a consulting and software development firm for the Avaloq software platform. HCL Technologies Ltd. will expand its worldwide wealth management footprint through this strategic purchase, focusing on Avaloq implementation, professional consulting, and management skills.The managed services sub-segment led the market in 2021due to the wide usage of these services in debt collection, operating virtual assistance, and predictive analysis in fintech.

Furthermore, they also reduce the chances of human error and fraud, enhance efficiency, and quickly process large volumes of data. Managed service providers handle infrastructure maintenance and solve complex operations, allowing enterprises to utilize AI technology fully. For instance, in May 2022, ID-Pal., an identity verification company, launched a D-Pal application across the U.K. to help brokers combat fraud in financial services. The application would also help reduce human error with the help of AI and easily classify and process the extensive volume of data by avoiding manual intervention.

Application Insights

The business analytics and reporting segment led the market in 2021 and accounted for over 32% of global revenue. Business analytics and reporting aid in regulatory and compliance management and customer behavior analysis. The segment's rise can be attributed to various factors, including increased operational efficiency, more informed decision-making, and increased revenue. Many companies use business analytics, AI, and big data to make better business decisions. As a result, the growth of this section of AI in the fintech business is spreading due to the significant developments in the fintech market. Customer behavioral analytics will witness significant growth in the coming years.

It examines all of the hazards related to customers. In addition to assisting with regulatory and compliance management, business analytics and reporting can assist in analyzing client behavior, which will drive demand for AI in the fintech market. It can forecast a user's behavior by integrating multiple AI and machine learning algorithms through an interface, allowing users to obtain extensive insights into their data. For instance, in March 2022, PwC, a corporate finance accounting service provider, stated that 83% of Indian financial services firms are driving growth in their business due to the implementation of customer behavioral analytics. Furthermore, with the help of AI, it quickly studies customer behavior and provides insights into their data.

Deployment Insights

The on-premise segment held the largest revenue share of more than 57.00% in 2021. On-premise deployment assists enterprises in installing software or services on a financial institution's premises or systems. The cloud segment will register the fastest CAGR from 2022 to 2030. The growth is attributed to AI-based algorithms learning from historical data in a cloud environment, detecting current standards, and making recommendations. The cloud and AI can improve productivity, efficiency, and digital security in data handling and authenticity, and this automated technique eliminates human errors during data processing.

Global Artificial Intelligence In fintech market share, by deployment, 2021 (%)

For instance, in January 2022, Temenos, a provider of enterprise software for banks and financial institutions, announced the industry's first AI-powered buy-now-pay-later banking solution on the temenos banking cloud. The banking service will provide fintech and banks with new revenue potential through alternative credit products, help them attain new markets, and solidify their relationships with consumers and merchants. The cloud platform plays a vital role in aligning customers' right opportunities to match their financial profiles. Risk tolerance also helps the fintech firms make better predictions faster.

When AI is installed in the cloud, it analyzes and adapts from historical data, makes recommendations, and evaluates current patterns. For instance, in February 2022, U.S. Bank, a consumer banking service, partnered with Microsoft, which offers cloud computing services for application management. for cloud banking up-gradation. The partnership would allow the U.S. Bank to upgrade its banking systems with the help of the Microsoft Azure cloud service to digitalize its systems. The cloud integration would help the bank analyze and access data, navigate easily, make recommendations, evaluate, speed up the launch of new products, and adjust to customers’ needs.

Regional Insights

North America dominated the market in 2021 and accounted for more than 40.00% share of the global revenue. This high share can be attributed to a strong emphasis on R&D-derived inventions in the developed economies of the U.S. and Canada. These regions have the most competitive and fastest developing AI technology in fintech. It is also fueled by many startups and emerging enterprises providing AI services to the finance sector. Asia Pacific is anticipated to register the fastest CAGR from 2022 to 2030. This growth can be attributed to the area’s rapid adoption of digital payments and increased penetration of internet services.

APAC has emerged as a potential market due to increased technical improvement. The quick expansion of domestic firms with supportive government measures creates numerous opportunities for the advancement of AI in the fintech business. Furthermore, prominent players invest in the region’s new markets as part of their business strategy, adding to regional market growth. For instance, in April 2022, Finbots.AI, a Singapore-based, AI-powered firm, announced its investment in series A funding for USD 3million. The funding would be further used for technical improvements, customer support, and product enhancement. The company would also scale its business by expanding its footprint in the rest of Asia.

Key Companies & Market Share Insights

The ever-increasing rivalry in the finance sector, the demand for enhanced financial operations, cost reductions, and client engagement impede the expansion of AI in the fintech business. These characteristics account for the danger of underperformance in a competitive business world, necessitating AI in fintech solutions. In recent years, market participants have engaged in collaborations and partnerships to achieve a prominent position. For instance, in April 2022, Gupshup, a central conversational messaging platform, announced the purchase of Active.Ai, a private finance firm specializing in AI. The acquisition boosts Gupshup's Customer Experience (CX) offerings for BFSI clients. Some of the prominent players in the global Artificial Intelligence in fintech market include:

  • Microsoft

  • Google LLC

  • Salesforce, Inc.    

  • International Business Machines Corp.

  • Amelia U.S. LLC

  • Nuance Communications, Inc.

  • ComplyAdvantage.com

  • Narrative Science

  • Affirm, Inc.

  • Upstart Network, Inc.

  • Instructure, Inc.

  • Intel

  • Inbenta Technologies

  • Amazon Web Services

  • Oracle

Artificial Intelligence In Fintech Market Report Scope

Report Attribute


Market size value in 2022

USD 12.11 billion

Revenue forecast in 2030

USD 41.16 billion

Growth rate

CAGR of 16.5% from 2022 to 2030

Base year for estimation


Historical data

2017 - 2020

Forecast period

2022 - 2030

Quantitative units

Revenue in USD million/billion and CAGR from 2022 to 2030

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Components, deployment, application, region

Regional scope

North America, Europe, Asia Pacific, South America, MEA

Country scope

U.S.; Canada; Mexico; Germany; U.K.; France; China; India; Singapore; Brazil

Key companies profiled

Microsoft; Google LLC; Salesforce, Inc.; International Business Machines Corp.; Amelia US LLC; Nuance Communications, Inc.; ComplyAdvantage.com; Narrative Science; Affirm, Inc.; Upstart Network, Inc.; Instructure, Inc.; Intel; Inbenta Technologies; Amazon Web Services; Oracle

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Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For the purpose of this study, Grand View Research has segmented the global Artificial Intelligence in fintech market report based on components, deployment, application, and region:

  • Components Outlook (Revenue, USD Million, 2017 - 2030)

    • Solutions

    • Services

      • Managed

      • Professional

  • Deployment (Revenue, USD Million, 2017 - 2030)

    • Cloud

    • On-premise

  • Application Outlook (Revenue, USD Million, 2017 - 2030)

    • Virtual Assistant (Chatbots)

    • Business Analytics and Reporting

    • Customer Behavioural Analytics

    • Fraud Detection

    • Quantitative and Asset Management

    • Others

  • Regional Outlook (Revenue, USD Million, 2017 - 2030)

    • North America

      • U.S.

      • Canada

      • Mexico

    • Europe

      • Germany

      • U.K.

      • France

    • Asia Pacific

      • China

      • India

      • Singapore

    • South America

      • Brazil

    • Middle East and Africa (MEA)

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