The latest research study “Fintech Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” by IMARC Group, finds that 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.
Fintech, also called financial technology, involves the integration of technology with financial services to automate or enhance banking and investing operations. It includes education, asset management, retail banking, insurance investment, fundraising, digital lending, credit scoring, mobile banking, etc. Fintech assists companies, business owners, and consumers in managing their financial processes by utilizing specialized software and algorithms on computers and smartphones. It also employs numerous technologies, such as machine learning, artificial intelligence (AI), robotic processing automation (RPA), etc., to automate and improve the delivery of financial services. As compared to traditional banking, fintech is more cost-effective, streamlines financial operations, offers enhanced risk management, enables faster payments, etc.
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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Fintech Market Trends and Drivers:
The rising digitization of the banking, financial services, and insurance (BFSI) industry is primarily driving the fintech market. Additionally, the widespread adoption of this technology to process large volumes of data in a short period, improve efficiency, minimize the chances of human error, etc., is further catalyzing the market growth. Besides this, the growing integration of fintech solutions with artificial intelligence (AI) to detect and prevent fraud in digital banking channels and the increasing collaborations between national regulators and financial institutions are acting as significant growth-inducing factors. Moreover, fintech is transforming the banking system by enhancing productivity and customer retention via speed and convenience, which is also positively influencing the global market. Apart from this, the elevating utilization of Big Data, machine learning (ML), and evolutionary algorithms to detect unusual activity and enhance speech recognition, risk management, monitoring of financial transactions, secured network access to the banking institutions, etc., is anticipated to fuel the fintech market over the forecasted period.
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Fintech Market 2022-2027 Analysis and Segmentation:
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
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.
The report has segmented the market on the basis of deployment mode, technology, application and end user.
Breakup by Deployment Mode:
- On-premises
- Cloud-based
Breakup by Technology:
- Application Programming Interface
- Artificial Intelligence
- Blockchain
- Robotic Process Automation
- Data Analytics
- Others
Breakup by Application:
- Payment and Fund Transfer
- Loans
- Insurance and Personal Finance
- Wealth Management
- Others
Breakup by End User:
- Banking
- Insurance
- Securities
- Others
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022- 2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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