Global Fintech Market to Expand at 22.17% Till 2023
According to a new report released by Research on Global Markets, the global fintech market is expected to expand at a compound annual growth rate (CAGR) of 22.17% and reach a market size of USD 305.7 Bn by 2023.
The use of internet and digital platforms have created many avenues in the financial industry. It has paved the way for financial technology which is commonly referred to as fintech. This technology offers various types of financial services to industries and business organizations and to individual end users as well. The digital financial services, offered by companies investing in the fintech market, ranges from basic mobile payment applications to insurance investment planning and regtech.
Broadly speaking, the term fintech can be applied to any industry or service provider which employs technology to provide financial management services to its consumer. The means through which these services are accessed include digital or mobile devices, software, cloud technology, the internet, and others. The main aim of utilizing fintech is to make the process of banking, making an investment or payment much for convenient for the consumer, as it can be accessed anytime and anywhere. Fintech is getting increasingly adopted in business-to-business (B2B) monetary transactions as well.
The report observes the demand and development of applications that have transformed financial activity even at elementary levels. The scope of the global fintech market is on a rise as insurance and investment companies along with typical financial banking sectors face major disruption in consumer preferences and workflow. The fintech market has made a huge impact by creating new opportunities and poses a threat to old methods of managing finances. Fintech applications have introduced several tools through which consumers can follow profitable financial trends and maneuver their financial assets to extract maximum benefits.
According to the global fintech market report, artificial intelligence (AI) oriented fintech solutions are expected to increase at a rate of 21.72% by 2023. Other technologies engaged in the financial industry include blockchain technology, cryptography, biometrics and identity management, cyber-security, and robotic process automation (RPA).
To make a cursory assessment based on region, the fintech market is performing extremely well in countries like:
• North America, which is currently holding the largest share and is expected to reach a market value of USD 80.85 Bn in the upcoming years.
• The Asia-Pacific (APAC) region is expected to grow at a high rate of 43.34% in the forecasted period.
• Development and creation of fintech applications are most apparent in Latin America with major initiatives occurring in Brazil and Mexico.
The countries of India, Japan, China, South Korea, and Australia are anticipated to witness market growth due to a rising number of start-up companies which mostly cater to most of the financial areas, including banking, insurance and wealth management sectors.
Major players of the global fintech market include Robinhood, Ant Financial, Paytm, Shanghai Lujiazui International Financial Asset Exchange, Oscar Insurance Corporation, Credit Karma, Kabbage, Atom Bank, Onfido, Uipath, and others. The primary objective of the fintech industry is to provide consumers with direct access to financial assets for easy transactions and instant payments.
Key highlights of the report:
- Preliminary market scope and segmentation based on service and technology
- Market definition and summary
- Market overview - historical (2015–2017) and forecasted (2018–2023) market size (USD Bn), key market observations and trends
- Global market drivers, challenges and opportunities presented through the fintech invention
- Global fintech ecosystem
- Global regulations and government initiatives
- Key market trends and regional insights
- Major company profiles and scope of market competitive