NEWARK, N.J., July 14, 2022 /PRNewswire/ -- As per the report published by The Brainy Insights, the global fintech market is expected to grow from USD 115.34 billion in 2021 to USD 936.51 billion by 2030, at a CAGR of 26.2% during the forecast period 2022-2030.
The demand for fintech has grown fast in recent years and is expected to grow much more throughout the forecast period. This expansion can be attributed to the rising demand for digital financial services such as online payments, digital wallets, mobile banking & online fund transfers for a faster, safe, and seamless customer experience.
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Integrating technology such as API, AI, data analytics & blockchain with traditional financial services is called fintech or financial technology. However, due to conflicting government regulations and increasing instances of cyber-attacks on financial services, the adoption of fintech by consumers is restricted. Furthermore, the rising applications of API and AI to build a customer-centric approach for service deliveries will provide lucrative opportunities to the market players. Using fintech increases financial service providers' efficiency and compliance rate, which is expected to boost market growth throughout the forecast period considerably.
Competitive Strategy
To enhance their market position in the global fintech market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
- Ezeepay is a fintech startup that focuses on improving the accessibility of financial sectors in rural areas. Financial services are restricted to urban populations and are rarely available or accessible to rural households that primarily depend on private moneylenders. Startups like Ezeepay are utilizing technology to reach these households in the states of Uttar Pradesh, Madhya Pradesh, and Jharkhand in India.
- Several startups like Digital Money & Paylater are diversifying their services in Indonesia. They are developing a fintech platform that will cater to the influencer market, which is rising in Indonesia. This influencer group included content creators, talent agencies, brand managers & freelancers. The fintech platform will help these people manage their finances in one place with security.
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Market Growth & Trends
The growth of the fintech market is driven by the growing adoption of smart devices and increasing internet penetration in developing economies. The increasing government initiatives to boost the economy through digitization and automation are expected to contribute to the fintech market significantly. Rapid urbanization coupled with rising data literacy globally will provide market growth. Increasing collaborations between regulatory authorities and financial institutions to safeguard the rights & interests of consumers will also drive the development of the fintech market. Artificial intelligence can provide stronger security, reduce human error via automation, and help build a customer-centric approach. The checks and balances would increase the compliance rate and reduce the risk of misappropriation of money. The ability of fintech to simplify procedures for customers and ensure transparent business transactions will retain its customer base in the long run. Fintech can improve the accessibility of financial services in backward areas, increasing the market for the fintech industry.
Key Findings
- In 2021, the on-premises segment dominated the market with the largest market share of 52% and market revenue of 59.97 billion.
The deployment type segment is divided into on-premises & cloud. In 2021, the on-premises segment dominated the market with the largest market share of 52% and market revenue of 59.97 billion.
- The artificial intelligence segment is expected to grow at the fastest CAGR of 28.9% over the forecast period.
The technology segment is divided into artificial programming interface (API), artificial intelligence (AI), blockchain, distributed computing & others. Over the forecast period, the artificial intelligence segment is expected to grow at the fastest CAGR of 28.9%.
- In 2021, the payments & fund transfer segment accounted for the largest share of the market, with 34% and market revenue of 39.21 billion.
The services segment is divided into payments & fund transfers, personal finance, loans, insurance, & others. In 2021, the payments & fund transfer segment accounted for the largest share of the market, with 34% and market revenue of 39.21 billion.
- In 2021, the banking segment dominated the market with the largest market share of 36% and market revenue of 41.52 billion.
The end-user segment is divided into banking, insurance, securities, and others. In 2021, the banking segment dominated the market with the largest market share of 36% and market revenue of 41.52 billion.
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Regional Segment Analysis of the Fintech Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and Rest of South America)
- The Middle East and Africa (UAE, South Africa, Rest of MEA)
The North American region emerged as the largest market for the global fintech market, with a market share of around 35% and 40.36 billion of the market revenue in 2021. Due to several significant players in this region, North America is the greatest contributor in terms of market revenue. The Asia Pacific is expected to rise the fastest during the forecast period. The increasing government initiatives to boost the economy through digitization and automation are expected to contribute to the Asia Pacific fintech market significantly. The rapid urbanization coupled with rising data literacy in the region will provide an impetus to market growth.
Key players operating in the global fintech market are:
- Affirm
- Bankable
- Chime
- Braintree
- Acorns
- Flywire
- PayPal
- Dwolla
- MANTL
- Stripe
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. Brainy Insights have segmented the global fintech market based on below-mentioned segments:
Global Fintech Market By Deployment Type:
- On-Premises
- Cloud
Global Fintech Market By Technology:
- Artificial Programming Interface (API)
- Artificial Intelligence (AI)
- Blockchain
- Distributed Computing
- Others
Global Fintech Market By Services:
- Payments & Fund Transfers
- Personal Finance
- Loans
- Insurance
- Others
Global Fintech Market By End User:
- Banking
- Insurance
- Securities
- Others
About the report:
The global fintech market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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