February 17, 2021
According to the research report titled ‘Global Artificial Intelligence in Payments Market Analysis, 2020’, available with Market Study Report LLC, global artificial intelligence in payments market size is projected to expand at a decent CAGR during 2020-2025.
Rapid digitalization in banking and financial sector is primarily stimulating global artificial intelligence in payments market growth. Digital revolution in the Asia Pacific region has strengthened the worldwide payments industry with a robust rise in P2P payments in India, Europe, and China. The incorporation of artificial intelligence into payments is increasing at a substantial pace to enhance the customer experience.
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In 2020, various companies in APAC and Europe faced shutdown and sluggish operations owing to the COVID-19 outbreak, leaving a negative impact on investment portfolio for artificial intelligence incorporation in payments. The recovery of investment, however, is estimated to occur in 2021, and a sheer upward trend is set to boost global artificial intelligence in payments industry growth.
In addition, soaring demand to enhance customer services, risk management, and financial advisory is further augmenting the industry share.
Based on solution component terrain, worldwide artificial intelligence in payments market is split into fraud detection, data analytics & visualization, customer relationship management, consumer behavior tracking, chatbots, and others. The solutions segment accounted for major market share in 2019 and is projected to expand further, owing to growing adoption of IoT and digital mode for payments. Moreover, in regions such as APAC and MEA, the emerging e-commerce industry will contribute to solutions segment expansion.
As per services component ambit, the industry is segmented into managed services, and professional services. With respect to deployment type, the market is divided into hybrid, on-premise, and cloud. Moving on to end user scope, the industry is categorized into wealth management, insurance, and bank. Elaborating on technology scope, the industry is classified into computer vision, natural language processing, machine learning & deep learning, and others.
Considering the application spectrum, global artificial intelligence in payments market is bifurcated into risk management, compliance, and security, financial advisory, customer service, and others. Customer service segment held significant market share in 2019, creditable to rising financial sector seeking to boost operating performance to serve customers in a better way.
Speaking of the geographical ambit, North America acquired considerable portion of worldwide artificial intelligence in payments market share in 2019 and is expected to gain traction over the analysis timeframe, on account of presence of various service providers in the region. Besides, the United States and Canada are on their way to becoming a cashless society, which will act growth catalysts for regional market scenario. According to the Federal Reserve System, in the US, the number of core non-cash payments surged to USD 174.2 billion in 2018 from USD 30.6 billion in 2015.
Major companies swaying global artificial intelligence in payments industry dynamics are Ripple Labs Inc., Onfido, Next IT Corporation, IPsoft Inc. (Amelia), Forter, Pelican AI, Virtusa Polaris, FeedZai, ComplyAdvantage, Intel Corporation, Amazon Web Services (AWS), and IBM Corporation.