Fast Facts: AI’s Value Will Grow 500% In One Industry
In the fast-paced IT industry, new statistics and data are released daily. Each week, Enterprise Mobility Exchange publishes Fast Facts, taking a look at interesting or noteworthy information impacting businesses.
Thanks to necessary compliance and a litany of sensitive data, the Financial Services industry is heavily leaning toward the automation of technology services, and according to a new forecast, is forcing an explosion in the artificial intelligence market.
According to MarketsandMarkets, the AI market value for Fintech specifically in 2017 is $1.338 billion, but in just a half decade, will reach $7.306 billion in 2022, flexing an absurd 40.4% CAGR.
“A large amount of non-trivial data is generated in the financial sector, and due to the unstructured data with compliance issues, financial companies are struggling to manage data. These issues need to be analyzed and monitored in order to plan further actions,” the report stated. “Data quality and data governance solutions enable organizations to extract a better picture of their compliance related issues as well as data management. Data discovery is expected to be crucial in the years to come.”
Driving the growth is the managed services space, which need to be integrated by solution providers to “avail the industry best practices of the AI in Fintech” growth, the report said. North America is expected to continue controlling the largest market share in this space.
AI is entering a renaissance phase. Tech historians will reflect back 30 years and see the first traces of artificial intelligence, but it is now that it is being used widely and for enhancement purposes. Enterprises need to reboot their AI strategies, says Enterprise Mobility Exchange contributor Don Grust, who wrote this post on the topic.
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