AI in Fintech Market to Surpass $46,881.9 Million Revenue by 2030, says P&S Intelligence

The global AI in fintech market size is projected to increase to $46,881.9 million by 2030 from $7,702.7 million in 2020, at a 19.8% CAGR between 2020 and 2030. With AI, the efficiency of financial processes and the security of money-related data can be improved massively. For instance, in regard to fraud detection, AI monitors people's online transactional behavior so that any deviation and a potential fraud can be identified in real time and stopped right there. Moreover, AI helps in automating several processes in the banking, financial services, and insurance (BFSI) sector, such as online customer engagement via chatbots, claims processing, and answering frequently asked questions (FAQs). This not only allows BFSI companies to reduce their expenditure in hiring humans for these tasks but also engage these employees in more-important tasks, such as decision making and strategizing. AI solutions have been in a higher demand than managed and professional services because the former conduct question and answer (Q&A) processing, natural language processing (NLP) and generation, facial recognition, video and image analysis, and speech recognition.