With 20.5% CAGR, Fintech (Financial Technology) Market to hit USD 699.50 Billion by 2030 – Top Companies, Growth Rate, Recent Trends, Business Opportunities and Forecasts Analysis - Adroit Market Research
Expansion of e-commerce platforms and the rising demand for cutting-edge technology solutions, the North America region holds the major shares of the Fintech (Financial Technology) industry.
Dallas, Texas, Sept. 20, 2022 (GLOBE NEWSWIRE) -- The size of the global fintech (financial technology) market was estimated at $110.59 billion in 2020 and is expected to increase at a CAGR of 20.5% to reach $699.50 billion by 2030.
The global fintech (financial technology) market is anticipated to be driven by customers' growing need for e-commerce and mobile banking platforms that offer a more user-friendly environment for conducting financial transactions. The need for fintech among businesses is expected to increase as banks and insurance companies increasingly replace outdated operating systems with cutting-edge technologies. In order to maintain their dominance in the market and offer cutting-edge financial technology solutions, investors are working with wealth management solution providers. The providers of fintech solutions may anticipate that this will give them various opportunities. Fintech is progressively utilizing technology, which is providing more efficiency, agility, and accuracy, such as Blockchain, Robotic Process Automation, Application Programming Interface (API), Data Analytics, etc.
The global fintech (financial technology) market is expected to benefit in the years to come from increasing adoption of digital payments, investments in technology-based solutions, supportive governmental regulations, and increased use of IoT devices. The growing use of e-commerce platforms across economies as well as increased smartphone usage has prepared the way for more FinTech transactions. Examples of these innovations include mobile wallets, digitized money, paperless loans, etc. To enhance the financial services provided, financial businesses offer mobile-based financial apps. This helps them contact more clients and raise awareness of online services. As the need for e-commerce apps among users rises, solution providers are now providing financially safe e-commerce platforms.
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Global fintech (financial technology) market Scope:
| Metrics | Details |
| Study Period | 2019-2030 |
| Market Size in 2030 | USD 699.50 billion |
| Segment Covered | By Technology, Deployment, Application, By Region, |
| By Technology Covered | artificial intelligent, blockchain, application programming interface, distributed computing, data analytics, robotic process automation and others |
| Deployment Covered | on-premise, cloud-bases), Service (fund transfer, payment, personal finance, insurance, loans, wealth management |
| Application Covered | insurance, banking, securities and others |
| Regions Covered | North America, Europe, Asia Pacific, Middle East, and Africa and South America |
| Key Players Profiled | Ant Financial, Oracle, Microsoft, IBM Corporation, Goldman Sachs, Cisco Systems, Blockstream Corporation, Bankable, NVIDIA Corporation, Tata Consultancy Services, Qudian, Sofi Lufax, Avant, Klarna, and others. |
According to the end-use industry, the banking segment holds the most market share in 2020 and is anticipated to continue to rule the market during the projected period. Start-ups and banks are developing various payment modes and e-wallets in this space to support services and offer a better and faster customer experience.