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Global Fintech Market Upcoming Trends, Growth Drivers, Regional Outlook, Competitive Strategies And Rising Demand, 2020-2023
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The global Fintech market reached a value of nearly $111,240.5 million in 2019, having grown at a compound annual growth rate (CAGR) of 7.9% since 2015, and is expected to grow at a CAGR of 9.2% to nearly $158,014.3 million by 2023. Also the market is expected to grow to $191,840.2 million in 2025 at a CAGR of 10.2% and to $325,311.8 million in 2030 at a CAGR of 11.1%.
The key drivers of the fintech market include:
Big Tech companies that include Google, Amazon, Facebook and Apple are aiming at financial services, which positively impacts the growth of the FinTech market. The big tech firms keep introducing peripheral banking services to their current offerings, without going full-stack banking.
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Fintech Market Segmentation:-
By Type Of Service
1. Payments
2. Wealth Management
3. Insurance
4. Personal Loans
5. Personal Finance
The insurance market was the largest segment of the FinTech market by type of service, accounting for $54,831.4 million or 49.3% of the total market in 2019. The fund transfer market is expected to be the fastest-growing segment going forward at a CAGR of 23.9%.
By Technology
1. Mobile Commerce And Transfers
2. Robotic Process Automation
3. Data Analytics
The mobile commerce and transfers was the second largest segment of the FinTech market by technology, accounting for $21,955 million or 19.7% of the total market in 2019. The robotic process automation market is expected to be the fastest-growing segment going forward at a CAGR of 15.8%.
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By Geography - The fintech market is segmented into
1.North America
2.Western Europe
3.Asia Pacific
4.Eastern Europe
5.South America
6.Middle East
7.Africa
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Some of the major key players involved in the fintech market are
1. PayPal Holdings, Inc.
2. Ant Financial Services Group
3. Tencent Holdings Ltd.
4. Square, Inc.
5. Envestnet, Inc.
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The Business Research Company has published over 1000 industry reports, covering over 2500 market segments and 60 geographies. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. The reports are updated with a detailed analysis of the impact of COVID-19 on various markets after WHO declared COVID-19 as a pandemic.
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