Report Ocean introduces a fresh report examining the ‘Global Fintech Market’, encompassing its size, share, growth, industry trends, and forecast up to 2032. This comprehensive analysis delves into various industry components and growth patterns that offer valuable insights for anticipating the market’s future trajectory.
Obtain a comprehensive report on the Global Fintech Market, which includes a full table of contents, over 120 tables and figures, and charts. The report provides precise information on the market before and after the COVID-19 outbreak, segmented by region.
The global fintech market is projected to be worth approximately USD 305.7 billion by 2023, expanding at a Compound Annual Growth Rate (CAGR) of 22.17% during the 2018-2023 period.
Some of the key players in the fintech market include Robinhood, Ant Financial, Paytm, Shanghai Lujiazui International Financial Asset Exchange, Oscar Insurance Corporation, Credit Karma, Kabbage, Atom Bank, Onfido, and Uipath.
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The financial technology (fintech) sector is experiencing unprecedented growth due to the increasing use of mobile devices and technology-based solutions. This has resulted in a surge in demand for financial and banking solutions that can be accessed through personal devices. Banks and financial firms are heavily investing in technology-based solutions to compete with contemporary fintech companies, thereby propelling the growth of the global fintech market.
The various services provided in the fintech sector include regtech, payment/billing, insurtech, money transfer/remittance, mortgage/real estate, and others (lending, capital market, and wealth management).
Among these services, payment/billing is expected to be the major growth driver, leading to a revenue generation of USD 207.11 billion by 2023. The 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, mainly due to the implementation of new regulations pertaining to the fintech sector.
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). The areas of AI and Blockchain are expected to witness major growth and attract significant 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 same period. Blockchain-based fintech companies are also gaining traction, having received significant investments in 2018.
In terms of regional insights, North America is the leading contributor to the global fintech market and is expected to reach USD 80.8 billion by 2023. However, the Asia-Pacific (APAC) region is anticipated to experience the highest growth rate, expanding at a CAGR of 43.34% during the same period. The growth can be attributed to the increasing number of start-ups catering to most of the financial applications, including banking, insurance, and wealth management. China, Japan, South Korea, Australia, and India are the key contributing countries in the APAC fintech market. Latin America (LATAM) is also slowly emerging as one of the prominent regions in terms of fintech development, majorly driven by initiatives being undertaken in Mexico and Brazil.
The report further discusses market opportunity, CAGR growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts, and other relevant factors in various regions and/or countries including North America, Latin America, Europe, Asia-Pacific, and Middle East and Africa.
Reasons to Consider Purchasing the Global Fintech Market Report:
Comprehensive Market Insights: Delve into the depths of the Global Fintech Market Report to gain an all-encompassing and meticulous analysis of the market landscape. Uncover details such as market size, share, trends, and growth catalysts, which provide invaluable perspectives on both the present market scenario and its promising future prospects.
Reliable Projections: Rely on the report’s dependable forecasts and projections, which are underpinned by rigorous research methodologies, insights into industry expenditures, and assessments of market expansion rates. These foresights empower businesses to make well-informed decisions and chart out effective strategies for the times ahead.
In-depth Competition Analysis: Equip yourself with an extensive evaluation of key market players, their array of products, and the strategies they employ. This comprehensive understanding arms businesses with the knowledge needed to not only comprehend their rivals but also to craft strategies that position them ahead in the dynamic market arena.
Clear Market Scope and Segmentation: Gain clarity on the broad expanse of the market through the report’s clear delineation of market scope. With detailed insights into diverse market segments and their growth potential, businesses can discern and capitalize on opportunities that align with their objectives.
Insightful Regional Examination: Assess the market’s performance across different regions, enabling enterprises to pinpoint lucrative markets and tailor their approaches accordingly. With region-specific insights, businesses can adapt strategies that resonate with the unique dynamics of each area.
Evaluation of Industry Technology: Grasp the pulse of technological progress within the Global Fintech market. The report dissects cutting-edge advancements and trends, providing businesses with a window into emerging technologies that have the potential to reshape the industry.
Dynamics of Supply and Demand: Acquire a profound comprehension of supply-demand dynamics. This understanding empowers businesses to optimize production, distribution, and inventory management processes, resulting in enhanced operational efficiency.
Informed Investment Decision Making: Leverage the report’s critical information and data-driven insights to facilitate informed investment choices within the Global Fintech market. Equipped with this knowledge, businesses can confidently allocate resources to avenues with the greatest potential for returns.
Unveiling Long-Term Growth Avenues: Through the scrutiny of trends and growth stimulants, the report illuminates the enduring opportunities the Global Fintech market holds. By identifying these sustainable growth prospects, businesses are poised to set a course for lasting success.
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