Asia-Pacific Artificial Intelligence in Fintech Market Report 2022: Rising Data Volumes and Data Analytics Capabilities Drive Growth
DUBLIN–(BUSINESS WIRE)–The “Asia Pacific Artificial Intelligence in Fintech Market Size, Share and Trend Analysis Report by Component (Solutions & Services), by Deployment (On-Premise and Cloud), by Application, by country and growth forecast, 2022-2028″ report has been added to from ResearchAndMarkets.com offer.
The Asia-Pacific Artificial Intelligence in Fintech Market is expected to witness a market growth of 17.7% CAGR during the forecast period (2022-2028).
Artificial intelligence improves outcomes by using approaches derived from human intellect but applied on a non-human scale. Fintech companies have transformed in recent years due to the IT arms race. Moreover, near-infinite volumes of data are changing AI to unprecedented levels, and smart contracts may simply be a continuation of the current market trend.
In banking, AI is being used to look at a person’s overall financial health, track changes in real time, and offer personalized advice based on new incoming data by looking at cash accounts, accounts investment and credit accounts. Banks and fintech companies have taken advantage of AI and machine learning because they can process large amounts of customer data. This information and data is then compared to come to conclusions about the services/products that customers want, which has benefited the development of customer relationships.
Hong Kong is a developed metropolis with a high rate of mobile phone usage and internet access, providing a solid foundation for the city’s fintech ecosystem. According to Invest Hong Kong, the country is home to around 600 fintech companies and startups. Similarly, 86% of local banks have implemented or plan to implement fintech solutions across all financial services. Consumer adoption of fintech in the city has been ranked in the top five in developed markets globally. Since 2014, Hong Kong fintech companies have raised over $1.1 billion in venture capital. Digital payments, securities settlement, wealth management technology, electronic Know Your Customer (KYC) and digital ID services, 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 companies to pilot-test their fintech projects with a small number of consumers without having to meet all the supervisory standards of the HKMA. This arrangement allows banks and technology companies to collect data and user feedback to improve their new efforts, allowing them to deploy new technology solutions faster and at lower cost. With this government support and huge investments in advanced solutions, the growth of regional artificial intelligence in fintech market is expected to accelerate in the coming years.
The Chinese market led the Asia-Pacific Artificial Intelligence in FinTech market by country in 2021 and is expected to continue to be a dominant market through 2028; thereby reaching a market value of $1,908.9 million by 2028. The Japanese market is poised to grow at a CAGR of 17% during (2022-2028). Moreover, the Indian market is expected to show a CAGR of 18.4% during (2022-2028).
Scope of the study
Market Segments Covered in the Report:
Business Analytics and Reporting
Customer behavior analysis
Virtual assistant (chatbots)
Quantitative and Asset Management
Rest of Asia-Pacific
Main market players
Amazon Web Services, Inc.
Amelia US LLC
Inbenta Technologies, Inc.
Main topics covered:
Chapter 1. Market Scope and Methodology
Chapter 2. Market Overview
Chapter 3. Competitive Analysis – Global
Chapter 4. Asia-Pacific Artificial Intelligence in Fintech Market by Component
Chapter 5. Asia Pacific Artificial Intelligence in Fintech Market by Deployment
Chapter 6. Asia-Pacific Artificial Intelligence in Fintech Market by Application
Chapter 7. Asia-Pacific Artificial Intelligence in Fintech Market by Country
Chapter 8. Business Profiles
For more information on this report, visit https://www.researchandmarkets.com/r/rkg7wu
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