Generative Artificial Intelligence In Fintech Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033

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What does the Global Generative Artificial Intelligence in Fintech Market Look Like?

The generative artificial intelligence AI in the fintech market size has grown exponentially in recent years. It is expected to grow from $1.19 billion in 2023 to $1.61 billion in 2024, projecting a compound annual growth rate CAGR of 35%. Factors propelling this substantial growth in the historic period include the increasing availability of financial data, demand for automated financial services, growth in digital transactions, regulatory support for fintech innovation, need for improved risk management, and the rising use of AI in customer service.

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What Drives the Generative Artificial Intelligence in Fintech Market?

The generative artificial intelligence in the fintech market size is further projected to see exponential growth over the next few years. It is estimated to reach $5.36 billion in 2028, with a compound annual growth rate CAGR of 35.2%. The anticipated growth can be attributed to growing focus on personalized financial services, increasing adoption of AI for fraud detection, demand for efficient compliance solutions, expansion of AI-driven asset management tools, the rise in AI-powered predictive analytics, and emphasis on real-time decision-making. The increasing shift towards digital banking is another major driver propelling market growth. As digital technology becomes integral in offering and managing banking services through online platforms and mobile applications, the demand for digital banking continues to rise for its convenience, advancements in financial technology, and the need for enhanced security and efficiency in managing financial transactions. Generative artificial intelligence enhances digital banking experiences by automating complex tasks, personalizing customer interactions, and improving decision-making processes, consequently enabling financial institutions to optimize operations and manage risks.

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Who are the Major Players in the Generative Artificial Intelligence in Fintech Market?

Major companies operating in the generative artificial intelligence in fintech market include Google LLC, Microsoft Corporation, Amazon Web Services Inc., Intel Corporation, International Business Machines Corporation, Morgan Stanley, Salesforce Inc., Capgemini Services SAS, Mastercard International Inc., Infosys Ltd., Adobe Inc., Temenos AG, Upstart Network Inc., Darktrace Holdings Limited, C3.AI inc., DataRobot Inc., Kore.AI inc., AlphaSense Inc., H2O.AI inc., Zest AI inc., Kasisto Inc., CLARA Analytics Inc., Zapata Computing Inc.

What Emerging Trends are shaping the Generative Artificial Intelligence in Fintech Market?

Key players are focusing on developing advanced AI solutions, such as generative AI bond assistants, to enhance efficiency in bond trading and support real-time pricing and portfolio management decisions. These AI-driven solutions aid in bond trading by providing real-time analysis, enhancing liquidity discovery, and identifying and selecting bonds based on user criteria. This emerging trend, as with the development of BondGPT by LTX by Broadridge in June 2023, simplifies the bond selection and portfolio construction processes, resulting in improved liquidity discovery and pricing decision support.

How is the Generative Artificial Intelligence In Fintech Market Segmented?

The generative artificial intelligence in fintech market report segments the market into:

1 By Component: Service, Software
2 By Deployment: On-Premises, Cloud
3 By Application: Compliance And Fraud Detection, Personal Assistants, Asset Management, Predictive Analysis, Insurance, Business Analytics And Reporting, Customer Behavioral Analytics, Other Applications
4 By End-Use: Retail Banking, Investment Banking, Stock Trading Firms, Hedge Funds, Other End-Uses

What are the Regional Insights into the Generative Artificial Intelligence in Fintech Market?

North America was the largest region in the generative artificial intelligence AI in the fintech market in 2023. However, Asia-Pacific is expected to be the fastest-growing region in the forecast period. Other regions covered in the generative artificial intelligence in fintech market report are Western Europe, Eastern Europe, South America, Middle East, and Africa.

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