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Global Autonomous Finance Market Size [2022-2028] To Reach USD 19.8 Billion at a CAGR of 16.5% | Industry Trends, Share, And Growth Analysis | Vantage Market Research

/EIN News/ -- WASHINGTON, Aug. 10, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Autonomous Finance Market finds that increasing technological development, rapid growth in digital platforms, and rising online marketing trends after the outbreak of the COVID 19 pandemic are some major parameters driving the growth of the Autonomous Finance Market in coming years. In addition, the increasing use of advanced technology such as Artificial Intelligence (AI) and automation to cater to personalized & enhanced experiences for financial services bolsters the growth of the Autonomous Finance Market in recent years.   

The Global Autonomous Finance Market revenue is expected to reach a value USD 19.8 Billion in 2028.

The Global Market revenue was valued at USD 7.5 Billion in 2021 and is expected to grow to exhibit a Compound Annual Growth Rate (CAGR) of 16.5% during the forecast period; states Vantage Market Research, in a report, titled “Autonomous Finance Market Size, Share & Trends Analysis Report by Solution (Asset Management, Auto Payments, Digital Identity Management System, Liquidity Management, Loan Application Processing), by End-Use (Banks, Financial Institutions, Healthcare Companies, Insurance Companies, Telecom), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.

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Key Insights & Findings from the Report:

  • According to our primary respondents’ research, the Autonomous Finance market is predicted to grow at a CAGR of roughly 16.5% during the forecast period.
  • The Autonomous Finance market was estimated to be worth roughly USD 7.5 Billion in 2021 and is expected to reach USD 19.8 Billion by 2028; based on primary research.   
  • On the basis of region, North America is projected to dominate the worldwide Autonomous Finance market.      

Market Dynamics:

Drivers:

Increasing Use of Artificial Intelligence (AI) in the BFSI Business

As a consequence of the increasing implementation of Artificial Intelligence (AI) in the Banking, Financial Services, and Insurance (BFSI) business, the worldwide Autonomous Finance Market is predicted to rise significantly over the forecast period. In addition, the industry's increasing focus on improving customer experience and retention will likely boost the Autonomous Finance Market growth throughout the forecast period. End Users, such as Banks, Insurance Firms, and Financial Institutions have begun incorporating automation into their products to streamline everyday transactions like subscription renewals, bill payments, and insurance. Furthermore, integrating machine learning and AI-based assistants into infrastructure has significantly impacted the Banking, Financial Services, and Insurance (BFSI) industry. Due to sophisticated algorithms, these machine learning and AI-based systems can comprehend how users behave and deliver correct financial advice.

Increasing Usage of Financial Apps to Reduce Human Error

Financial service applications nowadays are tailored to a user's individual financial needs. These apps design and execute a financial plan independently based on the user's age, ambitions, bank balances, risk tolerance, and other characteristics. The purpose of a financial service application is to lessen the risk of human mistakes and inefficiencies. It also improves fund allocation by entrusting intelligent algorithms with duties like bill payment automation and portfolio management. Due to the increased development prospects of autonomous financial solutions in the Banking, Financial Services, and Insurance (BFSI) business, several venture capital firms are focusing on investing in them. Therefore, over the projected period, the Autonomous Finance Market is expected to benefit from the growing development of financial service applications worldwide.

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COVID-19 Impact Analysis:

The outbreak of COVID-19 has affected almost all industries globally. Several manufacturing and development facilities across the globe were forced to shut down their operations during the initial stages of the pandemic. State and National Governments globally implemented lockdown measures and ensured social distancing norms to restrict the fast spread of the pandemic. In addition, the financial crisis which followed right after the pandemic led to a significant delay in the commercial roll-out of the pharmaceutical and other industries. As a result, several small and medium-scale companies witnessed a substantial drop in income. The industries are considered as the backbone of various technology providers and are trying to recover since the emergence of the COVID-19 pandemic in 2020. As a result, market players faced numerous challenges in the view of disruptions in the supply chain due to the pandemic.

Things are expected to improve in the second half of 2022 as operations of the players are resuming leading to more supplies returning on track.

Vantage Market Research’s study on the Global Autonomous Finance Market has taken the purview of the impact of the COVID-19 pandemic on the global market demand. The study has evaluated and forecasted the market size and growth trends for all the regions and countries based on the following data points:

  1. Impact Assessment of COVID-19 Pandemic

    1. North America

    2. Europe

    3. Asia Pacific

    4. Latin America

    5. Middle East & Africa

  2. Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
  3. Key Strategies Undertaken by Companies to Tackle COVID-19
  4. Long-Term Dynamics
  5. Short-Term Dynamics

Read Full Research Report @ https://www.vantagemarketresearch.com/industry-report/autonomous-finance-market-1756

The report on Autonomous Finance Market highlights:

  • Assessment of the market
  • Premium Insights
  • Competitive Landscape
  • COVID Impact Analysis
  • Historical Data, Estimates, and Forecast
  • Company Profiles
  • Global and Regional Dynamics

Regional Analysis:

North America Anticipated Potential Market Growth

North America is expected to dominate the growth of the Autonomous Finance Market in 2021. The increasing adoption of advanced technologies and digitization is augmenting the high growth of the Autonomous Finance Market in this region. In addition, various leading players are focusing on enhancing customer experience and improving customer retention. This engagement is also expected to fuel the growth of the Autonomous Finance Market in future years. For instance, Vic.ai, an AI software as a service (SaaS) platform, launched Autopilot, an automated accounting solution that reduces human oversight.

Browse market data Tables and Figures spread through 141 Pages and in-depth TOC on "Autonomous Finance Market Size, Share & Trends Analysis Report by Solution (Asset Management, Auto Payments, Digital Identity Management System, Liquidity Management, Loan Application Processing), by End-Use (Banks, Financial Institutions, Healthcare Companies, Insurance Companies, Telecom), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)".

List of Prominent Players in the Autonomous Finance Market:

  • Signzy Technologies Private Limited
  • Roots Automation Inc.
  • Biashara Viral Gains Limited
  • ReGov Technologies SDN BHD
  • Fennech Financial
  • Auditoria.AI
  • High Radius
  • Oracle
  • NICE Actimize

Recent Developments:

April 2019: Alliance Bernstein L.P. ("AB"), a leading global investment management firm that had completed its Autonomous Research acquisition on November 20, 2018. Autonomous is a well-known and highly regarded global financial services and Fintech-focused institutional research firm.

Key questions answered in the report:

  • Which regional market will show the highest and rapid growth?
  • Which are the top five players of the Autonomous Finance Market?
  • How will the Autonomous Finance Market change in the upcoming six years?
  • Which application and product will take a lion’s share of the Autonomous Finance Market?
  • What is the Autonomous Finance market drivers and restrictions?   
  • What will be the CAGR and size of the Autonomous Finance Market throughout the forecast period?      

This market, titled “Autonomous Finance Market” will cover complete information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others, as mentioned below:

Parameter Details
Market Size Provided for Years 2016-2028
Base Year 2021
Historic Years 2016-2020
Forecast Years 2022-2028
Segments Covered
  • Solution
    • Asset Management
    • Auto Payments
    • Digital Identity Management System
    • Liquidity Management
    • Loan Application Processing
    • Other Solutions
  • End-Use
    • Banks
    • Financial Institutions
    • Healthcare Companies
    • Insurance Companies
    • Telecom
    • Other End Uses
  • Region
    • North America
    • Europe
    • Asia Pacific
    • Latin America
    • Middle East & Africa
Region & Counties Covered
  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • U.K
    • France
    • Germany
    • Italy
    • Spain
    • Rest Of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • South East Asia
    • Rest Of Asia Pacific
  • Latin America
    • Brazil
    • Argentina
    • Rest Of Latin America
  • Middle East & Africa
    • GCC Countries
    • South Africa
    • Rest Of Middle East & Africa
Companies Covered
  • Signzy Technologies Private Limited
  • Roots Automation Inc.
  • Biashara Viral Gains Limited
  • ReGov Technologies SDN BHD
  • Fennech Financial
  • Auditoria.AI
  • High Radius
  • Oracle
  • NICE Actimize
Report Coverage Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis

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