Financial Technology (Fintech) Market is expected to grow at 20% CAGR during the forecast period 2019 to 2024
Published | October 2019
According to BlueWeave Consulting, The Global Financial Technology (Fintech) Market is expected to grow at a steady rate during the forecast period. The global financial technology (fintech) industry market is projected to grow at a CAGR of around 20% during the estimated time period. The global fintech market is anticipated to witness progressive growth along with reaching the market value of around $ 305 billion by the end of the year 2024. The global financial technology (fintech) industry market is growing owing to several factors.
Development in the digital payments section is driving the market for worldwide Financial Technology (Fintech). Fintech has made installments for merchandise and ventures quicker, simpler, progressively helpful, and cost-proficient for clients. Clients would now be able to pay for different products and enterprises by means of cryptographic money, loyalty points, and other advanced money choices. The development in the digital commerce market and expansion of portable innovation has added to the development of the digital payments section.
The fintech sector incorporates supplier and clients of programming and administrations in different subsectors, including retail banking, loaning, installments, protection, administrative consistence, and information examination. This assorted variety makes it hard to gauge fintech's general worldwide incentive such that bodes well, because of the issue of finding a general shared factor.
The service segment is expected to hold a lion’s share in the global financial technology (fintech) industry market
The different administrations gave in the fintech segment are regtech, cash move/settlement, contract/land, installment/charging, insurance, and others (loaning, capital market, riches the board). Among these fragments, the installment/charging administration portion is required to drive significant development in the worldwide fintech market, prompting an income age of USD 207.11 Bn by 2023. This development can be credited to contactless cards and the rise of retail-engaged fintech organizations hoping to grow the utilization of this usefulness by taking it to each side of the business. The fame of installment applications like Stripe, GoUrl, Cayan, and Amazon Pay among clients and retailers will further drive the market. Regtech is likewise expected to develop widely at a CAGR of 22.05%, after installment/charging. This is chiefly because of the coming of new guidelines relating to the fintech area.
The technology segment is expected to hold a significant share in the global financial technology (fintech) industry market
Significant advances associated with the fintech area are cryptography, Artificial Intelligence (AI), blockchain, biometrics and character the board, digital security, and robotic process automation (RPA). Noteworthy development will be seen in territories of AI and blockchain, drawing in significant ventures during the estimate time frame, 2018-2023. Artificial intelligence interfaces and chatbots have basically reclassified client assistance, and its developing prevalence will empower AI-arranged fintech market to grow at a CAGR of 21.72% during 2018-2023, trailed by blockchain-based fintech organizations.
North American region is expected to hold a significant share in the global financial technology (fintech) industry market
North America is the main supporter of the global fintech market and is relied upon to reach USD 80.85 Bn by 2023. Be that as it may, the pace of development in the Asia-Pacific (APAC) region is foreseen to be the most noteworthy, at a CAGR of 43.34% during 2018-2023. The development can be credited to an expanding number of new companies taking into account the vast majority of the money related regions, including banking, protection and riches the board. China, Japan, South Korea, Australia, and India are the key contributing nations. Latin America, then again, is gradually rising as one of the noticeable districts regarding fintech improvement, significantly determined by activities in Mexico and Brazil.
Financial Technology (fintech) Industry Market: Competitive Insight
The major key players functioning in the global financial technology (fintech) industry market include companies like Oscar Insurance Corporation, Credit Karma, Kabbage, Atom Bank, Onfido, Robinhood, Ant Financial, Paytm, Shanghai Lujiazui International Financial Asset Exchange, Uipath, and Microsoft. Major industry players are developing all the advanced technologies for staying competitive in the global market. Other competitive strategies followed by the major players include different mergers & acquisitions.
Browse Detailed Analysis with TOC, “Global Financial Technology (fintech) Market, by Service (Fund Transfer, Payment, Personal Finance, Insurance, Loans, Management), by Technology (AI, Blockchain, API, Distributed Computing), by Application (Insurance, Banking, Securities & Others), by Deployment Mode (On-Premise and Cloud) – By Market Size, Share, Trends and Forecast to 2015-2023”
The in-depth analysis of the report provides the growth potential, upcoming trends and statistics of global Financial Technology (fintech) market size & forecast. The report promises to provide state-of-the-art technology of Financial Technology (fintech) production and industry insights which help decision makers to take sound strategic decisions. Furthermore, the report also analyzes the market drivers and challenges and competitive analysis of the market.