Dubai, UAE, June 12, 2023 (GLOBE NEWSWIRE) -- The global Fintech Market was valued at USD 161.23 billion in 2022 and is projected to reach a valuation of USD 775 billion by 2032. The market is expected to grow at a CAGR of 17% during the forecast period of 2023-2032. Governments worldwide are encouraging the use of fintech to increase financial inclusion and efficiency through real-time payments, open application programming interfaces, and blockchains, among others.
Several crises have acted as catalysts for the growth of the FinTech market. Fintech investment has increased since the last global financial crisis. The market’s growth was largely a technological response to the shortcomings of the traditional financial services industry, which was severely strained during and after the COVID-19 crisis.
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Competitive Landscape
FinTech startups are collaborating with large and established financial institutions to accelerate their growth and market penetration. The market is additionally experiencing an increase in mergers and acquisitions to provide consumers with a broader range of services.
Prominent players in the market include:
- ADYEN
- Avant, LLC.
- BEIJING DAOKAU JINKE TECHNOLOGY CO., LTD.
- BLOCK, INC.
- Envestnet
- One97 Communications
- PayPal, Inc.
- Revolut Ltd
- Synctera
- Wise Payments Limited
Market Segmentation
By Application
- Fund Transfer & Payments
- Loans
- Insurance & Finance
- Wealth Management
- Others
Ease of Fund Transfers and Payments to Surge Demand from Consumers
Fund transfers and payments had the highest revenue share in 2022 on the basis of application, accounting for more than 41.32% of total segmental revenue. Integration of advanced technologies such as APIs and AI in payment portals or mobile-based services is expected to boost the growth of the segment.
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By Form
- Application Programming Interface
- Artificial Intelligence
- Blockchain
- Others
The Convenience of Blockchain Technology Continues to Promote Growth Opportunities
In terms of revenue, blockchain technology held the largest segmental share in 2022. It has become the most convenient and prominent technology provided by fintech companies worldwide, providing consumers with secure payment gateways without the need for banks or financial institutions.
COVID-19 Crisis Spurs Positive Growth and Development in Fintech Market
The COVID-19 pandemic accelerated financial inclusion, resulting in an increase in digital payments and the global expansion of formal financial services. This growth created new economic opportunities for businesses operating in the global market. Payment innovations such as cash displacement, new payment options such as the request to pay, digital currencies, and buy now, pay later (BNPL) services have all significantly contributed to the fintech market growth.
FinTech has become one of the market's key driving forces due to its ability to provide convenient services and help maintain transparency in terms of financial inclusion. Furthermore, several financial institutions are implementing advanced technologies to provide integrated and value-added services to customers, which is driving market growth. Moreover, an increasing number of collaborations between national regulators and financial institutions are supporting the growth of fintech technologies.
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Surging IoT Adoption to Facilitate North American Market Domination
North America dominated the fintech market in 2022, accounting for more than 33.84% of total market revenue. The regional growth was primarily attributable to the widespread adoption of IoT and ICT, both of which are critical in terms of revenue generation. In the United States, more than 52% of consumers preferred contactless payment methods, and more than 82% of citizens transacted via digital or online platforms, boosting the regional market growth.
Convenience, security, simplicity, transparency, and personalization are some of the major advantages provided by Fintech innovation, which is ultimately supporting the market to grow. Fintech money transfers and payment services have grown in popularity as a result of the rapid growth of online digital-only banks and mobile phone payments.
Rising Number of Online Transactions in Asia Pacific to Boost Growth Prospects
Asia Pacific is expected to be the fastest-growing region for fintech service platforms and associated revenues. As a result of its large population and widespread acceptance of fintech solutions, India is the most prominent country in the region. In recent years, India has had the most online transactions, with over 46.8 billion in 2021 and around 70 billion in 2022.
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Table of Content
Chapter 1. Executive Summary
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Scope, definition, and Assumptions
2.3. Data Sources
2.3.1. Secondary sources
2.3.1.1. Preliminary data mining
2.3.2. Primary sources
2.3.2.1. Statistical Model
2.3.2.2. Data Triangulation
2.3.2.3. Research Objective
Chapter 3. Market Outlook
3.1. Introduction
3.2. Key trends
3.3. Market drivers
3.4. Market restraints
3.5. Market opportunities
3.6. Market Challenges
3.7. Porter’s Five Forces Analysis
3.8. Value chain analysis
Chapter 4. COVID-19 Impact on Fintech Market
Chapter 5. Global Fintech Market Overview, By Application, 2018 - 2032 (USD Million)
Chapter 6. Global Fintech Market Overview, By Technology 2018 - 2032 (USD Million)
Chapter 7. Global Fintech Market Overview, By End-Users, 2018 - 2032 (USD Million)
Chapter 8. Global Fintech Market Overview, By Geography, 2018 - 2032 (USD Million)
...
Chapter 14. Competitive Landscape
14.1. Competitive environment, 2022
14.2. Strategic framework
14.2.1. Partnership/agreement
14.2.2. Expansion
14.2.3. Mergers & Acquisitions
14.2.4. Recent development
Chapter 15. Key Vendor Analysis
15.1. ADYEN
15.1.1. Company overview
15.1.2. Financial performance
15.1.3. Product Benchmarking
15.1.4. Recent initiatives
15.2. Avant, LLC.
15.2.1. Company overview
15.2.2. Financial performance
15.2.3. Product Benchmarking
15.2.4. Recent initiatives
15.3. BEIJING DAOKAU JINKE TECHNOLOGY CO., LTD.
15.3.1. Company overview
15.3.2. Financial performance
15.3.3. Product Benchmarking
15.3.4. Recent initiatives
Chapter 16. Sourcing Strategy and Downstream Buyers
Chapter 17. Marketing Strategy Analysis, Distributors/Traders
Chapter 18. Market Effect Factors Analysis
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