Global Fintech Market Size Worth $ 449.1 Billion during 2023-2028 | CAGR: 17.7%

How big is the Fintech Market?

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.

What is Financial Technology (Fintech)?

Fintech is a financial technology that comprises a wide range of activities, such as digital payments, online lending, robo-advisory services, crowdfunding platforms, and mobile banking. It allows faster payments and improved risk management while enhancing customer satisfaction. It assists in improving financial services, streamlining operations, enhancing efficiency, and delivering user-friendly experiences in financial transactions. As it improves security and protects sensitive financial data from misuse, the demand for fintech is rising across the globe.

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What are the growth prospects and trends in the Fintech Industry:

At present, the increasing adoption of fintech in banking systems to enhance productivity and customer retention represents one of the major factors contributing to the growth of the market. Besides this, the growing demand for fintech due to the increasing need for enhanced efficiency and reduced risks of human errors in a business is offering a positive market outlook. Apart from this, the rising employment of fintech in blockchain to enable secure and transparent transactions is propelling the growth of the market. Moreover, the increasing demand for personalized financial solutions among the masses across the globe is bolstering the growth of the market. Furthermore, the rising integration of artificial intelligence (AI), machine learning (ML), and big data in fintech solutions to detect and prevent fraud in digital banking channels is strengthening the growth of the market.

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Who are the key players operating in the industry?

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.

What is included in market segmentation?

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

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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This release was published on openPR.