While The global AI in FinTech market was estimated at to be worth $6.67bn in 2019, that figure is expected to reach $22.6bn by 2025.
That represents a compound annual growth rate of 23.37% between 2020 and 2025, according to a new report from ResearchAndMarkets.com.
The news comes in a period when an increaing number of FinTech companies and financial institutions are using AI to boost everything from automation efforts to risk management.
The researchers said that the growing demand for process automation among financial organizations is driving the market. An increasing number of data sources was identified as a second driver of the AI in FinTEch market.
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