The Asia Pacific Artificial Intelligence In Fintech Market would witness market growth of 17.7% CAGR during the forecast period (2022-2028).
Artificial intelligence enhances outcomes by employing approaches derived from human intellect but applied at a scale that is not human. Fintech firms have been transformed in recent years as a result of the computational arms race. Additionally, data and near-endless volumes of data are altering AI to unprecedented heights, and smart contracts may simply be a continuation of the current market trend.
In the banking industry, AI is used to look at a person's entire financial health, maintain up with real-time changes, and offer tailored advice based on fresh incoming data by examining cash accounts, investment accounts, and credit accounts. Banks and fintech companies have profited from AI and machine learning because they can process large amounts of data on clients. This information and data is then compared to arrive at conclusions about what services/products clients want, which has benefited in the development of customer relationships.
Hong Kong is a developed metropolis with a high rate of mobile phone use and internet access, providing a solid foundation for the city's fintech ecosystem. As per Invest Hong Kong, the country is home to approximately 600 fintech enterprises and startups. Similarly, 86% of local banks have implemented or plan to implement fintech solutions across all financial services. Consumer fintech adoption in the city was placed in the top five in the world's developed markets. Since 2014, Hong Kong fintech businesses have raised over 1.1 billion dollars in venture funding. Digital payments, securities settlement, wealthtech, electronic Know Your Customer (KYC) and digital identification utilities, insurtech, blockchain, data analytics, and other fintech opportunities abound in Hong Kong.
The HKMA introduced the Fintech Supervisory Sandbox (FSS) in September 2016, allowing banks and their collaborating technology businesses to perform pilot trials of their fintech projects with a small number of consumers without having to meet all of the HKMA's supervisory standards. This arrangement allows banks and tech companies to collect data and user feedback in order to improve their new efforts, allowing them to deploy new technological solutions faster and for less money. Owing to this government support and huge investment in advanced solutions, the growth of the regional artificial intelligence in fintech market would escalate in the forecast years.
The China market dominated the Asia Pacific Artificial Intelligence In Fintech Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $1,908.9 Million by 2028. The Japan market is poised to grow at a CAGR of 17% during (2022 - 2028). Additionally, The India market would display a CAGR of 18.4% during (2022 - 2028).
Based on Component, the market is segmented into Solutions and Services. Based on Deployment, the market is segmented into On-premise and Cloud. Based on Application, the market is segmented into Business Analytics & Reporting, Customer Behavioral Analytics, Fraud Detection, Virtual Assistant (Chatbots), Quantitative & Asset Management and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Artificial Intelligence In Fintech Market is Projected to reach USD 25.8 Billion by 2028, at a CAGR of 16.8%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include IBM Corporation, Oracle Corporation, Microsoft Corporation, Google LLC, Intel Corporation, Salesforce.com, Inc., Amazon Web Services, Inc., ComplyAdvantage, Amelia US LLC, and Inbenta Technologies, Inc.
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