The new AI in FinTech Global Market Report 2023 has been released and highlights key AI trends in fintech. Overall, the report found that the global AI in fintech market has shown remarkable growth, increasing from USD 9.15 billion in 2022 to USD 11.59 billion in 2023. Moreover, this trend is expected to continue and reach USD 31.71 billion by 2027. Some of the other more noteworthy findings of the report are:
- There has been a surge in technological advancements, especially AI-driven robo-advisory technologies that provide users with financial advice without the need for human input.
- Industry consolidation and expansion efforts are well underway, including Cleareye.ai’s procurement of AIWare.ai (which united the strengths of both companies in AI, bionic automation and advanced analytics.
- North America remains in a dominant position in the AI in fintech market, largely driven by an increasing need for fraud detection.