Global Fintech Market

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FinTech Market - Global Industry Size, Share, Growth, Opportunity and Forecast, 2018-2028, Segmented By deployment mode (on-premise and cloud); by application (payment & fund transfer, loans, insurance & personal finance, wealth management, and others); by technology (application programming interface [API], artificial intelligence [AI], blockchain, robotic process automation, data analytics, and others), and end-user (banking, insurance, securities, and others); by region (North America, Europe, Asia-Pacific, Latin America, Middle East & Africa);

Published Date: March 2022
Report ID: BWC22096
Available Format: PDF
Page: 184

Report Overview

The global FinTech market’s growth is attributable to rising popularity for digital payments, increased adoption of IoT connected devices, escalating investments in technology-driven solutions and supportive government rules and regulations...

Global FinTech Market - Industry Trends & Forecast Report 2028 

The global FinTech market is expected to grow at a CAGR of 25.0% during the forecast period of 2022-2028. The high growth rate is attributable to the growing popularity of digital payments coupled with the innovative ballooning activities in fintech such as digitized money, cryptocurrency, paperless lending, e-wallets, etc., higher adoption of e-commerce platforms for various purposes throughout the world, and supportive regulations formulated by the governments.

FinTech Overview 

FinTech stands for the combination of financial services with technology which has brought a revolution in the manner in which businesses operate. The FinTech sector had emerged markedly in the past few years, making the businesses more customer-centric. Growing innovations such as mobile wallets, digitized money, paperless lending, etc., and worldwide adoption of e-commerce platforms, coupled with rising smartphone penetration, have caused an increment in FinTech transactions. However, several concerns involving data security lack of mobile and technology expertise may impede the FinTech market during the forecast period 2022-2028.

Global FinTech Market

Growth Drivers 

Increase in Number of Collaborations Between National Regulators & Financial Institutions and Huge Potential of Developing Countries

Various regulatory bodies across Asia-Pacific, the U.S., and Europe are constantly eyeing global collaborations with the FinTech community. Additionally, the robust coordination between Fintech companies & regulators leads to a mutual benefit for both businesses and governments. For instance, the Global Financial Innovation Network (GFIN), which was formally launched in January 2019 by an international group of financial regulators and related organizations, is committed to supporting financial innovation for the interests of consumers.

Moreover, the emerging economies offer important opportunities for Fintech tech owing to massive investments for digital transformation, growing adoption of futuristic technologies like artificial intelligence in Fintech, Big Data, machine learning, & chatbots, and rapid expansion of domestic enterprises, especially in countries such as Australia, China, India, Singapore, and South Korea are expected to augment the market growth rate of the global fintech market substantially during the forecast period 2022-2028.

Growth Restraint

Diverse and Conflicting Government Regulations Applicable across Different Jurisdictions

Different jurisdictions have a different set of applicable laws and regulations, with an increasingly unified approach taken by financial centers toward regulation. This has become a critical factor for fintech technologies companies to deliver solutions across multiple regulations such as MiFID II and GDPR.

For instance, in the U.S., banks are bound by the Dodd-Frank Act, while in Europe, MiFID II regulations are applicable for businesses under its jurisdiction. Moreover, various data privacy and security issues are also a challenge. These factors hamper the growth of the global fintech market.

Impact Of COVID-19 On Global FinTech Market.

The COVID-19 pandemic changed how individuals, financial institutions, and businesses operate owing to lockdown and social-distancing restrictions. The pandemic had significant repercussions on the fintech technologies industry, owing to a hike in adoption and usage of online & digitalized financial product lines among consumers worldwide. Moreover, Fintech providers augment their funding and capital towards technologies from investors and lenders. The FinTech market received a great thrust during the global pandemic owing to the economical, time-saving, simple, and contactless delivery of their financial services.

Global FinTech Market– By Deployment Mode

Based On deployment mode, the global fintech market can be segmented into two categories: On-premise and cloud based. Amidst the segmentation, the on-premise segment accounted for a larger market share in 2021. This is attributable to the higher preference for the on-premise solution as it provides a very personalised solution, entailing new integrations, functionalities un customizations. The more customer-oriented and easily customizable configuration of on-premise mode also makes it a big hit among the key players of the fintech market. Furthermore, the on-premise segment is expected to maintain the lead throughout the forecast period 2022-2028.

Global FinTech Market Share

Global FinTech Market– By Application

Based on the application, the global FinTech market has been segmented into the following categories- payment & fund transfer, loans, insurance & personal finance, wealth management, and others. Amidst the segmentation, the payment segment accounted for the largest market share in 2021. This could be due to the high rate of adoption of digital payments due to convenience and also as a result of COVID restrictions. In terms of the highest CAGR during the forecast period, the insurance segment is expected to lead in this area. Other segments like loans, wealth management, etc., are also expected to exhibit a healthy market growth rate.

Global FinTech Market– By Technology

Based on the technology, the global FinTech market has been segmented into the following categories: application programming interface [API], artificial intelligence [AI], blockchain, robotic process automation, data analytics, and others. Amidst the segmentation, the AI segment is expected to exhibit the highest growth rate during the forecast period 2022-2028. It is due to the reason that AI has become a crucial part of the FinTech industry for collecting data, analyzing information, and developing customer-centric products. The numerous capabilities driven by AI are contributing to the growing share of the AI segment. Amidst other segments, blockchain, data analytics, etc. are also anticipated to grow at a significant CAGR in the coming years.

Global FinTech Market– By End-User

Based on the end-user, the global FinTech market has been segmented into the following categories: banking, insurance, securities, and others. Amidst the segmentation, the banking segment accounted for the largest share of the global fintech market in the year 2021. Moreover, it is expected to witness the highest CAGR during the forecast period 2022-2028. This can be attributed to the burgeoning innovations like e-wallets, digital currencies, e-payment interfaces, etc. devised by the banks and startups in this sector in order to enhance the user experiences and maintain the quality of services. In terms of other segments like insurance securities, they are anticipated to witness decent growth rates during the forecast period.

Global FinTech Market– Regional Insights.

On the basis of regions, the global FinTech market has been segmented into five categories- North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa. Amidst the segmentation, North America accounted for the largest share of the FinTech market in 2021. North America is one of the most prominent markets for FinTech in terms of innovation and development activities in financial technology. Moreover, a substantial presence of major fintech players in North America contributes to its dominance. Asia-Pacific is projected to grow with the highest CAGR during the forecast period in terms of the highest growth rate. The growing demand for fintech products like e-wallets, digital payment networks, etc. The consistently rising young population in Asia-Pacific, coupled with increasing penetration of smartphone and internet connectivity, has facilitated the growth of the FinTech market in the region.

Competitive Landscape 

The key players dominating the global FinTech market are Ant Group Co. Ltd., Paypal Holdings, Inc., Tencent Holdings Ltd., Robinhood Markets, Inc., Google Payment Corp., One97 Communications Ltd., Adyen NV., Qudian Inc., Afterpay Limited, Nexi SpA, Klarna Bank AB, Social Finance, Inc, Avant, LLC, Bankable, Blockstream Corporation Inc., Circle Internet Financial Limited, Cisco Systems Inc., Goldman Sachs, IBM Corporation, Microsoft, NVIDIA Corporation, Oracle, Tata Consultancy Services Limited and other prominent players. The significant market pioneers maintain their dominance in the market by investing in innovative activities launching improved fintech products and services for the customers. Different strategies are adopted, like engaging in strategic alliances, agreements, mergers, and collaborations.

Recent Development

August 2021: MediTrust Health, a Chinese medical payments company, raised $155 million, wealthtech WeBull raised $150 million, and asset data management firm Xuncetech raised $108 million.
October 2021: U.K. fintech RoosterMoney was acquired by banking giant NatWest to attract younger spenders and savers. RoosterMoney was launched in 2016 to encourage children about earning, saving, and spending money via reward charts, chore reminders, and customized interest rates set by their guardians.

Scope of Report:

Attribute	Details
Years Considered	Historical data- 2018-2021
	Base Year- 2021
	Forecast- 2022-2028
Facts Covered	Revenue in USD Million
Market Coverage	United States, Canada, Germany, United Kingdom, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Mexico, Saudi Arabia, United Arab Emirates, South Africa
Product/Service Segmentation	By deployment mode, by application, by technology, by end user.
Key Players	The key players dominating the global FinTech market are Ant Group Co. Ltd., Paypal Holdings, Inc., Tencent Holdings Ltd., Robinhood Markets, Inc., Google Payment Corp., One97 Communications Ltd., Adyen NV., Qudian Inc., Afterpay Limited, Nexi SpA, Klarna Bank AB, Social Finance, Inc, Avant, LLC, Bankable, Blockstream Corporation Inc., Circle Internet Financial Limited, Cisco Systems Inc., Goldman Sachs, IBM Corporation, Microsoft, NVIDIA Corporation, Oracle, Tata Consultancy Services Limited and other prominent players.

By Deployment Mode 

On-Premise
Cloud

By Application

Payment & Fund Transfer
Loans
Insurance & Personal Finance
Wealth Management
Others

By Technology

Application Programming Interface [API]
Artificial Intelligence [AI]
Blockchain
Robotic Process
Automation
Data Analytics
Others

By End-User

Banking
Securities
Others

By Region

North America
Europe
Asia-Pacific
Latin America
Middle-East and Africa

Research Framework
1. Research Objective
2. Product Overview
3. Market Segmentation
Research Methodology
1. Qualitative Research
  1. Primary & Secondary Research
2. Quantitative Research
3. Market Breakdown & Data Triangulation
  1. Secondary Research
  2. Primary Research
4. Breakdown of Primary Research Respondents, By Region
5. Assumption & Limitation
Executive Summary
Global FinTech Market Insights
1. Industry Value Chain Analysis
2. DROC Analysis
  1. Growth Drivers
  2. Restraints
  3. Opportunities
  4. Challenges
3. Technological Landscape/Recent Development
4. Regulatory Framework
5. Porter’s Five Forces Analysis
  1. Bargaining Power of Suppliers
  2. Bargaining Power of Buyers
  3. Threat of New Entrants
  4. Threat of Substitutes
  5. Intensity of Rivalry
Global FinTech Market Overview
1. Market Size & Forecast by Value, 2018-2028
  1. By Value (USD Million)
2. Market Share & Forecast
  1. By Deployment Mode
    1. On-Premise
    2. Cloud
  2. By Application
    1. Payment & Fund Transfer
    2. Loans
    3. Insurance & Personal Finance
    4. Wealth Management
    5. Others
  3. By Technology
    1. Application Programming Interface [API]
    2. Artificial Intelligence [AI]
    3. Blockchain
    4. Robotic Process Automation
    5. Data Analytics
    6. Others
  4. By End User
    1. Banking
    2. Insurance
    3. Securities
    4. Others
  5. By Region
    1. North America
    2. Europe
    3. Asia-Pacific
    4. Latin America
    5. Middle-East and Africa
North America FinTech Market
1. Market Size & Forecast by Value, 2018-2028
  1. By Value (USD Million)
2. Market Share & Forecast
  1. By Deployment Mode
  2. By Application
  3. By Technology
  4. By End User
  5. By Country
    1. United States
    2. Canada
Europe FinTech Market
1. Market Size & Forecast by Value, 2018-2028
  1. By Value (USD Million)
2. Market Share & Forecast
  1. By
  2. By End User
  3. By Country
    1. Germany
    2. United Kingdom
    3. Italy
    4. France
    5. Spain
    6. Rest of Europe
Asia Pacific FinTech Market
1. Market Size & Forecast by Value, 2018-2028
  1. By Value (USD Million)
2. Market Share & Forecast
  1. By Communication Infrastructure
  2. By Core Network Technology
  3. By Network Architecture
  4. By Operational Frequency
  5. By End User
  6. By Country
    1. China
    2. India
    3. Japan
    4. South Korea
    5. Rest of Asia Pacific
Latin America FinTech Market
1. Market Size & Forecast by Value, 2018-2028
  1. By Value (USD Million)
2. Market Share & Forecast
  1. By Communication Infrastructure
  2. By Core Network Technology
  3. By Network Architecture
  4. By Operational Frequency
  5. By End User
  6. By Country
    1. Brazil
    2. Mexico
    3. Rest of Latin America
Middle East & Africa FinTech Market
1. Market Size & Forecast by Value, 2018-2028
  1. By Value (USD Million)
2. Market Share & Forecast
  1. By Communication Infrastructure
  2. By Core Network Technology
  3. By Network Architecture
  4. By Operational Frequency
  5. By End User
  6. By Country
    1. Saudi Arabia
    2. UAE
    3. South Africa
    4. Rest of Middle East & Africa
Competitive Landscape
1. List of Key Players and Their Offerings
2. Market Share Analysis, 2021
3. Competitive Benchmarking, By Operating Parameters
4. Key Strategic Development (Merger, Acquisition, Partnership.)
Impact of COVID-19 on FinTech Market Industry
Company Profile (Company Overview, Financial Matrix, Competitive landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook) **
1. Ant Group Co. Ltd
2. Paypal Holdings, Inc.
3. Tencent Holdings Ltd.
4. Robinhood Markets, Inc.
5. Google Payment Corp.
6. One97 Communications Ltd.
7. Adyen NV.
8. Qudian Inc.
9. Afterpay Limited
10. Nexi SpA
11. Klarna Bank AB
12. Social Finance, Inc
13. Avant, LLC
14. Bankable
15. Blockstream Corporation Inc.
16. Circle Internet Financial Limited
17. Cisco Systems Inc.
18. Goldman Sachs
19. IBM Corporation
20. Microsoft
21. NVIDIA Corporation
22. Oracle
23. Tata Consultancy Services
24. Other Prominent Players
Key Strategic Recommendations

List of Figures

Figure 1 Global FinTech market Segmentation

Figure 2 Global FinTech Market Value Chain Analysis

Figure 3 Company Market Share Analysis, 2028

Figure 4 Global FinTech Market Size, By Value (USD Million), 2018-2028

Figure 5 Global FinTech Market Share, By Deployment Mode, By Value, 2018-2028

Figure 6 Global FinTech Market Share, By Application, By Value, 2018-2028

Figure 7 Global FinTech Market Share, By Technology, By Value, 2018-2028

Figure 8 Global FinTech Market Share, By End User, By Value, 2018-2028

Figure 9 Global FinTech Market Share, By Region, By Value, 2018-2028

Figure 10 North America FinTech Market Size, By Value (USD Million), 2018-2028

Figure 11 North America FinTech Market Share, By Deployment Mode, By Value, 2018-2028

Figure 12 North America FinTech Market Share, By Application, By Value, 2018-2028

Figure 13 North America FinTech Market Share, By Technology, By Value, 2018-2028

Figure 14 North America FinTech Market Share, By End User, By Value, 2018-2028

Figure 15 North America FinTech Market Share, By Country, By Value, 2018-2028

Figure 16 Europe FinTech Market Size, By Value (USD Million), 2018-2028

Figure 17 Europe FinTech Market Share, By Deployment Mode, By Value, 2018-2028

Figure 18 Europe FinTech Market Share, By Application, By Value, 2018-2028

Figure 19 Europe FinTech Market Share, By Technology, By Value, 2018-2028

Figure 20 Europe FinTech Market Share, By End User, By Value, 2018-2028

Figure 21 Europe FinTech Market Share, By Country, By Value, 2018-2028

Figure 22 The Asia-Pacific FinTech Market Size, By Value (USD Million), 2018-2028

Figure 23 The Asia-Pacific FinTech Market Share, By Deployment Mode, By Value, 2018-2028

Figure 24 The Asia-Pacific FinTech Market Share, By Application, By Value, 2018-2028

Figure 25 The Asia-Pacific FinTech Market Share, By Technology, By Value, 2018-2028

Figure 26 The Asia-Pacific FinTech Market Share, By End User, By Value, 2018-2028

Figure 27 The Asia-Pacific FinTech Market Share, By Country, By Value, 2018-2028

Figure 28 Latin America FinTech Market Size, By Value (USD Million), 2018-2028

Figure 29 Latin America FinTech Market Share, By Deployment Mode, By Value, 2018-2028

Figure 30 Latin America FinTech Market Share, By Application, By Value, 2018-2028

Figure 31 Latin America FinTech Market Share, By Technology, By Value, 2018-2028

Figure 32 Latin America FinTech Market Share, By End User, By Value, 2018-2028

Figure 33 Latin America FinTech Market Share, By Country, By Value, 2018-2028

Figure 34 The Middle East & Africa FinTech Market Size, By Value (USD Million), 2018-2028

Figure 35 The Middle East & Africa FinTech Market Share, By Deployment Mode, By Value, 2018-2028

Figure 36 The Middle East & Africa FinTech Market Share, By Application, By Value, 2018-2028

Figure 37 The Middle East & Africa FinTech Market Share, By Technology, By Value, 2018-2028

Figure 38 The Middle East & Africa FinTech Market Share, By End User, By Value, 2018-2028

Figure 39 The Middle East & Africa FinTech Market Share, By Country, By Value, 2018-2028

List of Tables

Table 1 Global FinTech Market Size, By Deployment Mode, By Value, 2018-2028

Table 2 Global FinTech Market Size, By Application, By Value, 2018-2028

Table 3 Global FinTech Market Size, By Technology, By Value, 2018-2028

Table 4 Global FinTech Market Size, By End User, By Value, 2018-2028

Table 5 Global FinTech Market Size, By Region, By Value, 2018-2028

Table 6 North America FinTech Market Size, By Deployment Mode, By Value, 2018-2028

Table 7 North America FinTech Market Size, By Application, By Value, 2018-2028

Table 8 North America FinTech Market Size, By Technology, By Value, 2018-2028

Table 9 North America FinTech Market Size, By End User, By Value, 2018-2028

Table 10 North America FinTech Market Size, By Country, By Value, 2018-2028

Table 11 Europe FinTech Market Size, By Deployment Mode, By Value, 2018-2028

Table 12 Europe FinTech Market Size, By Application, By Value, 2018-2028

Table 13 Europe FinTech Market Size, By Technology, By Value, 2018-2028

Table 14 Europe FinTech Market Size, By End User, By Value, 2018-2028

Table 15 Europe FinTech Market Size, By Country, By Value, 2018-2028

Table 16 The Asia-Pacific FinTech Market Size, By Deployment Mode, By Value, 2018-2028

Table 17 The Asia-Pacific FinTech Market Size, By Application, By Value, 2018-2028

Table 18 The Asia-Pacific FinTech Market Size, By Technology, By Value, 2018-2028

Table 19 The Asia-Pacific FinTech Market Size, By End User, By Value, 2018-2028

Table 20 The Asia-Pacific FinTech Market Size, By Country, By Value, 2018-2028

Table 21 Latin America FinTech Market Size, By Deployment Mode, By Value, 2018-2028

Table 22 Latin America FinTech Market Size, By Application, By Value, 2018-2028

Table 23 Latin America FinTech Market Size, By Technology, By Value, 2018-2028

Table 24 Latin America FinTech Market Size, By End User, By Value, 2018-2028

Table 25 Latin America FinTech Market Size, By Country, By Value, 2018-2028

Table 26 The Middle East & Africa FinTech Market Size, By Deployment Mode, By Value, 2018-2028

Table 27 The Middle East & Africa FinTech Market Size, By Application, By Value, 2018-2028

Table 28 The Middle East & Africa FinTech Market Size, By Technology, By Value, 2018-2028

Table 29 The Middle East & Africa FinTech Market Size, By End User, By Value, 2018-2028

Table 30 The Middle East & Africa FinTech Market Size, By Country, By Value, 2018-2028

Table 31 Ant Group Co. Ltd. Company Overview

Table 32 Ant Group Co. Ltd. Financial Overview

Table 33 Paypal Holdings, Inc. Company Overview

Table 34 Paypal Holdings, Inc. Financial Overview

Table 35 Robinhood Markets, Inc. Company Overview

Table 36 Robinhood Markets, Inc. Financial Overview

Table 37 Google Payment Corp. Company Overview

Table 38 Google Payment Corp. Financial Overview

Table 39 Adyen NV. Company Overview

Table 40 Adyen NV. Financial Overview

Table 41 Afterpay Limited Company Overview

Table 42 Afterpay Limited Financial Overview

Table 43 Nexi SpA Company Overview

Table 44 Nexi SpA Financial Overview

Table 45 Klarna Bank AB Company Overview

Table 46 Klarna Bank AB Financial Overview

Table 47 Social Finance, Inc Company Overview

Table 48 Social Finance, Inc Financial Overview

Table 49 Avant, LLC Company Overview

Table 50 Avant, LLC Financial Overview

Table 51 Bankable Company Overview

Table 52 Bankable Financial Overview

Table 53 Blockstream Corporation Inc. Company Overview

Table 54 Blockstream Corporation Inc. Financial Overview

Table 55 Circle Internet Financial Limited Company Overview

Table 56 Circle Internet Financial Limited Financial Overview

Table 57 Cisco Systems Inc. Company Overview

Table 58 Cisco Systems Inc. Financial Overview

Table 59 Goldman Sachs Company Overview

Table 60 Goldman Sachs Financial Overview

Market Segmentation

By Deployment Mode 

On-Premise
Cloud

By Application

Payment & Fund Transfer
Loans
Insurance & Personal Finance
Wealth Management
Others

By Technology

Application Programming Interface [API]
Artificial Intelligence [AI]
Blockchain
Robotic Process
Automation
Data Analytics
Others

By End-User

Banking
Securities
Others

By Region

North America
Europe
Asia-Pacific
Latin America
Middle-East and Africa

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Frequently Asked Questions (FAQs):

1. What will be the CAGR global FinTech market during the forecast period? 

Ans: The global FinTech market is expected to grow at a CAGR of 25.0% during the forecast period of 2022-2028.  

2. What are the major factors driving the growth of the global FinTech market?

Ans: The global FinTech market’s growth is attributable to rising popularity for digital payments, increased adoption of IoT connected devices, escalating investments in technology-driven solutions and supportive government rules and regulations.

3. Who are the key players in the global FinTech market? 

Ans: The key players dominating the global FinTech market are Ant Group Co. Ltd., Paypal Holdings, Inc., Tencent Holdings Ltd., Robinhood Markets, Inc., Google Payment Corp., One97 Communications Ltd., Adyen NV., Qudian Inc., Afterpay Limited, Nexi SpA, Klarna Bank AB, Social Finance, Inc, Avant, LLC, Bankable, Blockstream Corporation Inc., Circle Internet Financial Limited, Cisco Systems Inc., Goldman Sachs, IBM Corporation, Microsoft, NVIDIA Corporation, Oracle, Tata Consultancy Services Limited and other prominent players.

4. Which deployment mode accounted for the highest share in the global FinTech market? 

Ans: The on-premise segment accounted for the largest share in the global FinTech market.

5. Which region is growing at a higher rate in the global FinTech market? 

Ans: Asia-Pacific region is growing at the highest rate in the global FinTech market.

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Global Fintech Market

Report Overview

Market Segmentation

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Frequently Asked Questions (FAQs):

1. What will be the CAGR global FinTech market during the forecast period?

2. What are the major factors driving the growth of the global FinTech market?

3. Who are the key players in the global FinTech market?

4. Which deployment mode accounted for the highest share in the global FinTech market?

5. Which region is growing at a higher rate in the global FinTech market?

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1. What will be the CAGR global FinTech market during the forecast period? 

3. Who are the key players in the global FinTech market? 

4. Which deployment mode accounted for the highest share in the global FinTech market? 

5. Which region is growing at a higher rate in the global FinTech market? 