Press release
Fintech Market 2023 Set to Achieve Phenomenal Revenue Growth in the Near Future
Introducing the Most Recent Research Report [2023-2032] on the Global Fintech Market: Size, Emerging Trends, Market Share, Remarkable Growth, Segmentation, Comprehensive Analysis, and Forward-Looking Projections for 2032. This report presents an in-depth examination of the critical drivers propelling global market sales. Within its 120 pages, the report delivers a comprehensive evaluation of the industry's current status, encompassing aspects such as market size, market share, anticipated trends, growth rate, distribution channels, and more.This is the key growth driver for the global fintech market, which will pin its worth at approximately USD 305.7 Billion by 2023, expanding at a CAGR of 22.17% during the 2018-2023 period.
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The use of mobile devices and technology-based solutions is propelling the demand for financial and banking solutions, which can be accessed through personal devices. Banks and firms are investing heavily in technology-based solutions, competing with contemporary fintech companies.
Service segment insights
The various services provided in the fintech sector are regtech, payment/billing, insurtech, money transfer/remittance, mortgage/real estate, and others (lending, capital market, and wealth management). Among these segments, the payment/billing services will be the major growth driver in the global market, leading to a revenue generation of USD 207.11 Bn by 2023. This growth can be attributed to contactless cards and the emergence of retail-focused fintech companies looking to expand the use of this functionality by taking it to every corner of commerce. Popularity of payment apps like GoUrl, Cayan, Stripe, and Amazon Pay, among customers and retailers, will further drive the market. Regtech is expected to expand at a CAGR of 22.05%, followed by payment/billing. This is mainly due to the implementation of new regulations pertaining to the fintech sector.
Technology segment insights
The major technologies involved in the fintech sector are artificial intelligence (AI), Blockchain, cryptography, biometrics and identity management, cyber-security, and robotic process automation (RPA). Major growth will be witnessed in the areas of AI and Blockchain, attracting major investments during the forecast period (2018-2023). AI interfaces and chatbots have redefined customer services, and its growing popularity will enable the AI-oriented fintech market to expand at a CAGR of 21.72% during the 2018-2023 period. Blockchain-based fintech companies are also gaining traction, having received significant investments in 2018.
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Regional insights
North America is the leading contributor to the global fintech market and is expected to reach USD 80.8 Bn by 2023. However, the pace of growth in the Asia-Pacific (APAC) region is anticipated to be the highest, expanding at a CAGR of 43.34% during the 2018-2023 period. The growth can be attributed to an increasing number of start-ups catering to most of the financial applications, including banking, insurance, and wealth management. In the APAC fintech market, China, Japan, South Korea, Australia, and India are the key contributing countries. Latin America (LATAM), on the other hand, is slowly emerging as one of the prominent regions in terms of fintech development, majorly driven by initiatives being undertaken in Mexico and Brazil.
Companies covered
Robinhood
Ant Financial
Paytm
Shanghai Lujiazui International Financial Asset Exchange
Oscar Insurance Corporation
Credit Karma
Kabbage
Atom Bank
Onfido
Uipath
The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:
North America (U.S. & Canada) Market Size, Y-O-Y Growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC(Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market Size, Y-O-Y Growth Market Players Analys & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market Size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook
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Some Questions Answered in the Fintech Market Report:
What is the projected size of the Fintech market in 2030, and what growth rate is expected?
What are the primary drivers of growth in the Fintech industry?
What are the major market trends that are affecting the expansion of the Fintech market?
What obstacles must be overcome in order to achieve sustained growth in the Fintech market?
What opportunities and threats do vendors in the Fintech market face?
What are the raw materials and manufacturing equipment used in the production of Fintech Market, and what is the manufacturing process?
What are the different types and applications of Fintech Market, and what is the market share of each type and application?
What factors, such as trends, challenges, and risk factors, are currently shaping the growth of the Fintech market?
What factors are driving the growth of the Fintech market in the top regions worldwide?
Who are the major players in the Fintech market, and what strategies are they employing to succeed?
What industrial trends, drivers, and challenges are influencing the expansion of the Fintech market?
What are the main findings of a five forces analysis of the Fintech market?
Here are the key highlights of the report:
Comprehensive assessments of the market share for Invisible Braces, conducted at both country and regional levels.
In-depth analysis of the competitive landscape, identifying key trends within the industry.
Thorough examination of market trends, encompassing product and technology advancements, drivers and barriers, and an analysis based on PORTER's five forces.
Strategic recommendations tailored for crucial business segments, leveraging market forecasts.
Guidance provided for new market entrants, assisting them in navigating the industry landscape.
Market forecasts encompassing all pertinent segments, sub-segments, and regional markets.
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