The global fintech market size reached US$ 131.14 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 385.93 Billion by 2027, exhibiting a growth rate (CAGR) of 18.50% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sectors. These insights are included in the report as a major market contributor.
Fintech, or financial technology, involves the integration of technology with financial services to enhance or automate banking and investing operations. It includes retail banking, education, asset management, insurance investment, fundraising, digital lending, credit scoring, and mobile banking. Fintech helps companies, business owners, and consumers better manage their financial processes by utilizing specialized software and algorithms on smartphones and computers. It also employs various technologies, such as artificial intelligence (AI), machine learning, and robotic processing automation (RPA), to automate and improve the delivery of financial services. As compared to traditional banking, fintech is more cost-effective, offers enhanced risk management, streamlines financial operations, and enables faster payments.
Fintech Market Trends:
- The rapid digitization of the banking, financial services, and insurance (BFSI) industry across the globe is creating a positive outlook for the market. Fintech is transforming the banking system by increasing productivity and customer retention through speed and convenience. In line with this, the widespread technology adoption to process large volumes of data in a short period, enhance efficiency, and minimize the chances of human error is favoring the market growth. Apart from this, the integration of fintech solutions with artificial intelligence (AI) to detect and prevent fraud in digital banking channels is providing an impetus to the market growth. In line with this, the utilization of machine learning (ML), big data, and evolutionary algorithms in fintech to detect unusual activity and enhance monitoring of financial transactions, speech recognition, risk management, and secured network access to the banking institutions is positively influencing the market growth. Other factors, including increased collaboration between national regulators and financial institutions, extensive research and development (R&D) activities, and the implementation of various government initiatives toward expanding the fintech sector, are supporting the market growth.
Key Market Segmentation:
- IMARC Group provides an analysis of the key trends in each sub-segment of the global fintech market report, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on deployment mode, technology, application and end user.
Breakup by Deployment Mode:
Breakup by Technology:
- Application Programming Interface
- Artificial Intelligence
- Robotic Process Automation
- Data Analytics
Breakup by Application:
- Payment and Fund Transfer
- Insurance and Personal Finance
- Wealth Management
Breakup by End User:
Breakup by Region:
- North America
- United States
- South Korea
- United Kingdom
- Latin America
- Middle East and Africa
- The competitive landscape of the industry has also been examined along with the profiles of the key players being Adyen N.V., Afterpay Limited (Block Inc.), Avant LLC, Cisco Systems Inc., Google Payment Corp., International Business Machines Corporation, Klarna Bank AB, Microsoft Corporation, Nvidia Corporation, Oracle Corporation, Paypal Holdings, Inc., Robinhood Markets Inc., SoFi Technologies Inc and Tata Consultancy Services.
Key Questions Answered in This Report:
- How has the global fintech market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the global fintech market?
- What are the key regional markets?
- What is the breakup of the market based on the deployment mode?
- What is the breakup of the market based on the technology?
- What is the breakup of the market based on the application?
- What is the breakup of the market based on the end user?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the global fintech market and who are the key players?
- What is the degree of competition in the industry?