AMA recognizes the following companies as the key players in the Global AI in Fintech market: Microsoft (United States), Google (United States), Salesforce.com (United States), IBM (United States), Intel (United States), Amazon Web Services (United States), Inbenta Technologies (United States), IPsoft (United States), Nuance Communications (United States) and ComplyAdvantage.com (United States).
An analyst from AdvanceMarketAnalytics team said: One of the key factors which is trending the market is Rising technological penetration. Considering the revolutionary changes occurring in this market, there is a growing demand from the use of AI in Fintech such as Software Tools, Platforms, Industry Segmentation, Virtual Assistant, Business Analytics and Reporting, Customer Behavioral Analytics and Others.
According to the report, some of the important driving forces behind the market growth are Fraud prevention and detection represent the most significant area of concern, for the financial institutions. This segment is likely to become one of the prominent drivers of IT expenditure. Thus, AI capable of avoiding these frauds is expected to experience increased adoption in Fintechs.. The primary concern of any business is the reduction of the overall operating cost. The increased need for operating efficiency and meeting regulatory demands at the same time have become major challenges for the original Players, additional restraints impacting market are Lack of skilled consultants to deploy AI in Fintech which is continuously seeking attention of Industry Experts and Decision makers.
The study was conducted using primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market study and vendor landscape in addition to a SWOT analysis of the key Players.