FinTech Industry Market To Witness the Highest Growth Globally In Coming Years 2023-2030 | Air Canada, AirPlus International Ltd

The FinTech industry provides innovative financial services by utilizing proprietary software and modern technologies. It includes products and services such as digital payments, personal finance apps, peer-to-peer (P2P) lending, and online investment management tools that are challenging traditional banking models.

Market Dynamics:

The global FinTech industry is expected to witness significant growth over the forecast period owing to the rising adoption of digital banking solutions and increasing investment in FinTech startups. The growing need for faster and more convenient financial services is driving FinTech adoption among consumers and businesses. Additionally, open banking regulations requiring banks to share customer data are facilitating the development of new Third Party Provider (TPP) services and fueling market growth. Furthermore, growing financial investments from Venture Capital (VC) funds and accelerators is promoting innovation and the development of new FinTech business models and solutions.

The global fintech industry market was valued at US$ 208.01 Mn in 2019 and is expected to reach US$ 382.38 Mn by 2027 at a CAGR of 7.05% between 2020 and 2027.

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FinTech Industry Market Drivers, Restrain and Opportunity

Growth of digital payments boosting FinTech industry market

The growth of digital payments across the world has boosted the FinTech industry market significantly. With more and more people adopting digital payments via mobile apps, cards and e-wallets, the requirement for payment processing solutions, digital banking services etc. has increased multifold. Several fintech startups are offering innovative payment gateways, remittances solutions, peer-to-peer lending platforms etc. to capitalize on this growing digital payments trend. Banks and financial institutions are also partnering with fintech companies to provide superior digital payment experiences to their customers. This fast growing digital payments ecosystem is expected to drive more demand for various fintech solutions in coming years.

Rise of digital lending platforms expanding FinTech industry opportunities

The rise of digital lending platforms that provide convenient and hassle-free loans online is expanding market opportunities for fintech companies. Several startups are offering consumer and business loans, invoice discounting services and cross-border financing through their online platforms. This is helping people and small businesses to access finance easily without visiting bank branches or dealing with lengthy paperwork. The digital lending platforms are relying on technologies like alternative data, AI-driven risk assessment and automated workflows to streamline the loan application and approval process. As digital lending continues to disrupt traditional lending, more fintech solutions around underwriting, collections, credit scoring etc. are expected to emerge.

Top Key Players:

Air Canada, AirPlus International Ltd, American Express Company, Bank of America Corporation, Citigroup Inc, Diners Club International Ltd, East West Bank (East West Bancorp, Inc.), JP Morgan Chase & Co. Inc, Mastercard Incorporated, NIUM Pte. Ltd, The UPS Store, Inc, Tradeshift.

Regional Analysis:

⁃ North America: United States, Canada, and Mexico

⁃ South & Central America: Argentina, Chile, Brazil and Others

⁃ Middle East & Africa: Saudi Arabia, UAE, Israel, Turkey, Egypt, South Africa & Rest of MEA.

⁃ Europe: UK, France, Italy, Germany, Spain, BeNeLux, Russia, NORDIC Nations and Rest of Europe.

⁃ Asia-Pacific: India, China, Japan, South Korea, Indonesia, Thailand, Singapore, Australia and Rest of APAC.

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Security and data privacy concerns act as major FinTech industry market restrain

Security and data privacy have emerged as major concerns for customers as well as regulators which act as a major restrain for the FinTech industry market. As fintech solutions collect, process and store large amounts of sensitive financial and personal data online, the risk of cyber-attacks, data breaches and privacy violations remain high. Any significant security lapses or data privacy issues associated with fintech companies can severely damage customer trust and incur huge fines. This forces fintech startups to spend significant resources on compliance, security controls and infrastructure. The evolving data privacy regulations across countries and regions like GDPR add further complexity for fintech companies operating globally. Addressing privacy and security challenges remains a top priority to sustain in this highly regulated market.

Regulatory sandbox programs opening up market opportunities for FinTech innovation

Many countries are setting up regulatory sandbox programs that allow fintech startups and banks to test innovative products, services and business models in a controlled regulatory environment. The objective is to promote financial innovation while protecting customers and markets. Several countries have seen successful pilots and rollouts of new fintech solutions like peer-to-peer insurance, digital identity solutions, cryptocurrency trading platforms etc. through sandbox programs. This reduces regulatory uncertainties for startups and encourages fintech participation. Developing comprehensive and enabling regulatory frameworks is critical to nurture new ideas, foster competition and unlock opportunities for future growth. Sandbox programs have emerged as a win-win approach for both regulators and innovators in FinTech industry market.

Key Questions Addressed in the Market Report:

What is the expected size, share, and CAGR of the FinTech Industry Market over the forecast period?
What are the key trends expected to influence the FinTech Industry Market between 2023 and 2030?
What is the expected demand for various types of products/services in the FinTech Industry Market?
What long-term impact will strategic advancements have on the FinTech Industry Market?
Who are the key players and stakeholders in the FinTech Industry Market?
What are the different segments and sub-segments considered in the FinTech Industry Market research study?

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Strategic Points Covered in Table of Content of Global FinTech Industry Market:

Chapter 1 : Introduction, market driving forces, and product The study and research objectives are to investigate the FinTech Industry market.

Chapter 2: Exclusive Summary - FinTech Industry Market Fundamentals.

Chapter 3: The Changing Impact on Market Dynamics- Drivers, Trends, and the Challenges and Opportunities of Process Spectroscopy

Chapter 4: FinTech Industry Market Factor Analysis, Porter's Five Forces Analysis, Supply/Value Chain, SWOT Analysis, Market Entropy, and Patent/Trademark Analysis are all presented in this chapter

Chapter 5: 2017-2022 Forecast by Type, End User, and Region/Country

Chapter 6: Evaluating the key players in the FinTech Industry market, including the Competitive Landscape, Peer Group Analysis, BCG Matrix, and Company Profile.

Chapter 7: To evaluate the market by segments, countries, and manufacturers/companies, as well as revenue share and sales by major countries in these regions (2023-2030).

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