Press release
Fintech Market Size To Surpass US$ 449.1 Billion by 2028 | CAGR of 17.7%
The latest research study by IMARC Group, "Fintech Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" offers a comprehensive analysis of the industry, which comprises insights on global fintech industry report. The market size reached US$ 158.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 449.1 Billion by 2028, exhibiting a growth rate (CAGR) of 17.7% during 2023-2028.Fintech refers to financial technology that includes application programming interfaces, robotic process automation, blockchain, artificial intelligence (AI), data analytics, and others. These technological solutions facilitate automation in several banking and investing operations, such as retail banking, digital lending, asset management, insurance investment, fundraising, credit scoring, mobile banking, etc. Fintech services help companies, business owners, and consumers efficiently manage their financial processes by using specialized software and algorithms on smartphones and computers. They ensure enhanced risk management, streamline financial operations, and enable secure and faster payments. Consequently, fintech technologies find widespread applications in the insurance and banking sector across countries.
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Fintech Market Trends and Drivers:
The growing digitization of the banking, financial services, and insurance (BFSI) segment across the globe for enhancing productivity and customer retention is among the key factors driving the fintech market. In addition to this, the escalating requirement for advanced technologies to process large volumes of data within a short period, improve efficiency, and reduce the chances of human error is further stimulating the market growth. Moreover, the introduction of evolutionary algorithms in fintech that can detect unusual activity to enhance the monitoring of financial transactions, speech recognition, and risk management and offer secured network access to banking institutions is acting as another significant growth-inducing factor. Apart from this, the increasing collaboration between national regulators and financial institutions and the rising investments in extensive research and development (R&D) activities to integrate fintech with AI, machine learning (ML), and big data are also positively influencing the global market. Furthermore, the launch of favorable initiatives by government bodies, especially in developing countries, aimed at expanding the industry to overcome the shortcomings in traditional financial services is expected to bolster the fintech market over the forecasted period.
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Fintech Market 2023-2028 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
• 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
Ask Analyst for Customization and Explore Full Report with TOC & List of Figure: https://www.imarcgroup.com/fintech-market
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 (2017-2022)
• Market Outlook (2023-2028)
• 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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Contact Us:
IMARC Services Private Limited.
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Sheridan, WY 82801 USA - Wyoming
Email: Sales@imarcgroup.com
Tel No:(D) +91 120 433 0800
Americas:- +1 631 791 1145 | Africa and Europe :- +44-702-409-7331 | Asia: +91-120-433-0800, +91-120-433-0800
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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