The Generative AI in Fintech market, valued at $1,084.9 million in 2023, is set to witness a remarkable surge, projected to reach around $19,964 million by 2032, boasting an impressive CAGR of 38.2%. This surge is attributed to its pivotal role in revolutionizing the financial sector, offering advanced services that streamline processes, prevent fraudulent activities, and ensure a seamless customer experience. Generative AI leverages historical data to create models, providing innovative solutions and generating new data, leading to its growing popularity across various industries.
Financial institutions are increasingly incorporating generative AI to bring innovation and automation to the fintech industry. The vast data generated daily by banks and financial entities contributes significantly to the wider adoption and scope of generative AI. The market's segmentation considers components, deployment, applications, and end-use, with compliance and fraud detection emerging as primary applications. Prominent players such as Alphabet Inc., Microsoft Corporation, and IBM Corporation are driving this transformative wave. Additionally, Trovata's introduction of Trovata AI, the first AI-powered solution in the fintech industry to automate cash workflows and business intelligence, further solidifies generative AI's pivotal role in reshaping the future of fintech.
