Press release
Australia Fintech Market Size 2022 Analysis by Top Companies | Afterpay, Airwallex Pty Ltd, Athena Mortgage Pty Ltd, Divipay Pty Ltd
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What are the growth prospects of the Australia fintech industry?
The Australia fintech market is expected to exhibit a CAGR of 30% during 2022-2027.
Industry Definition and Application:
Fintech, also referred to as financial technology, represents specialized software and technological solutions that improve or automate financial services and processes. They can be categorized into application programming interface (API), blockchain, data analytics, artificial intelligence (AI), robotic process automation (RPA), etc. Fintech services utilize these customized technologies and algorithms to aid business owners and companies manage their finances from their smartphones or computer and ensure efficient business process automation. Consequently, they find extensive applications in banking, insurance, and securities segment in Australia.
Impact of COVID-19:
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.
Get the table of contents with all detailed information: https://www.imarcgroup.com/australia-fintech-market
What are the major drivers for the Australia fintech market?
The emerging trend of digitization in the banking, financial services, and insurance (BFSI) sector and the increasing need for advanced solutions to enhance operational efficiency, process large volumes of data within a short duration, and reduce the chances of human error are primarily driving the Australia fintech market. Besides this, the introduction of numerous innovative financial solutions, including mobile wallets, buy now pay later, digitized money, paperless lending, etc., is further augmenting the market across the country.
Moreover, the launch of various policies and initiatives by the government bodies, such as Blockchain Pilot Grants aimed at reducing business compliance costs and offering tax offsets to fintech start-ups, is acting as another significant growth-inducing factor. Additionally, the escalating integration of machine learning (ML) to monitor borrower spending behavior and credit decision models for identifying risk patterns is expected to propel the Australia fintech market in the coming years.
Key Market Segmentation:
The report has segmented the market on the basis of region, deployment mode, technology, application and end-user.
Breakup by Deployment Mode:
• Cloud
• On-Premises
Breakup by Technology:
• Application Programming Interface (API)
• Artificial Intelligence (AI)
• Blockchain
• Data Analytics
• Robotic Process Automation (RPA)
• Others
Breakup by Application:
• Payments and Fund Transfer
• Loans
• Insurance and Personal Finance
• Wealth Management
• Others
Breakup by End-User:
• Banking
• Insurance
• Securities
• Others
Breakup by States:
• New South Wales
• Victoria
• Queensland
• Western Australia
• South Australia
• Tasmania
• Others
List of Major Key Players:
• Afterpay
• Airwallex Pty Ltd
• Athena Mortgage Pty Ltd
• Divipay Pty Ltd
• Judo Bank Pty Ltd (Judo Capital Holdings)
• mx51 Pty Ltd
• PTRN Pty Ltd
• Stripe Inc.
• Wise Australia Pty Ltd
• Zeller Australia Pty Ltd.
Other Research Reports by IMARC Group:
South Korea Medical Tourism Market: https://www.imarcgroup.com/south-korea-medical-tourism-market
Taiwan Electric Power Equipment Market: https://www.imarcgroup.com/taiwan-electric-power-equipment-market
India Cloud Kitchen Market Report: https://www.imarcgroup.com/india-cloud-kitchen-market
Thailand Crop Protection Chemicals Market: https://www.imarcgroup.com/thailand-crop-protection-chemicals-market
US Perforating Gun Market Report: https://www.imarcgroup.com/us-perforating-gun-market
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About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.
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