Pune India, Feb. 09, 2023 (GLOBE NEWSWIRE) -- Fintech Market Size by Deployment Type (Cloud and On-Premises), By Services (Insurance, Payments & Fund Transfers, Loans, Personal Finance and Others), By End-User (Securities, Banking, Insurance and Others), Regions, Segmentation, and forecast till 2030.
The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the fintech market is operating and is predicted to expand soon. The manufacturers and suppliers involved in the fintech market are present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market seg ments which have been formed by combining different prospects such as deployment type, services, end-user, and regions. The key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the paragraphs below.
The significant players operating in the global fintech market are MANTL, Chime, Acorns, Stripe, PayPal, Braintree, Affirm, Dwolla, Flywire, and Bankable among others. To achieve a substantial market share in the worldwide fintech market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
A fintech or financial technology is an integrated technology platform that combines APIs, artificial intelligence, data analytics, and blockchain with traditional financial services. The adoption of fintech by consumers is limited by conflicting government regulations and increasing instances of cyber-attacks. Moreover, the increasing use of APIs and artificial intelligence to build a customer-centric approach for service delivery will provide lucrative opportunities for market players. With rapid urbanization, the adoption of smart technologies, and increased internet penetration, digital financial services are becoming increasingly popular and in demand, leading to a growing need for companies to adopt new technologies and integrate them into their businesses. Businesses can now offer faster and more customer-centric services as a result of digitization. There are some factors which are hampering the market growth such as a lack of uniform regulations, complexities associated with cloud-based deployment mode etc. As fintech is increasingly used throughout the world, government and banking authorities have developed regulatory guidelines. Different governments have adopted different policies, but the lack of uniformity in regulations due to conflicting guidelines can hinder the growth of the market. In today's global world, financial services, which constitute an integral part of it, cannot be operated cross-border due to the lack of universal regulatory guidelines.
Scope of Fintech Market Report:
| Report Metric | Information |
| Study Period | 2022-2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Market Share Unit | USD Billion |
| Segments Covered | Deployment Type, Services, End-User, and Regions. |
| Regions Covered | North America, Europe, Asia-Pacific, South America, and Middle-East and Africa |
| Major Players | MANTL, Chime, Acorns, Stripe, PayPal, Braintree, Affirm, Dwolla, Flywire, and Bankable among others |
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Segmentation Analysis
On-premises are expected to be the fastest-growing segment in 2022.
The deployment type segment includes cloud and on-premises. The on-premises segment is expected to witness the highest growth rate during the forecast period. As of 2021, the on-premises segment dominated the market with a market share of around 59%. This is due to the flexibility, reliability, and security offered by on-premises deployments.
Payments & fund transfers are expected to be the fastest-growing segment in 2022.
The services segment includes insurance, payments & fund transfers, loans, personal finance and others. The payments & fund transfers segment is expected to witness the highest growth rate during the forecasted period. Payments & fund transfers accounted for a major share in 2021, the largest segment. Mobile-based banking services that enable fund transfers & payments are expected to drive this market. In the future, seamless and secure payments will be facilitated by new developments and innovations.
Banking is expected to be the fastest-growing segment in 2022.
The end-user segment includes securities, banking, insurance and others. The banking segment is expected to witness the highest growth rate during the forecasted period. The banking segment dominated the market, with a market share of 34%. The increased automation & digitization of banking is attributed to its dominance in the market. Competition increases as new players enter the banking market, which in turn increases the demand for automation.
Regional Analysis
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the fintech market include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
The North American region witnessed a major share. In North America, fintech has experienced the greatest adaption due to its initial implementation in most applications and the presence of leading players. The year 2020 remained a promising one for fintech in North America, despite the obstacles posed by the global pandemic. As the ecosystem grows, new relationships are forming, and international recognition is rising.
Country Analysis
- Germany
Germany's fintech market size was valued at USD 10.92 billion in 2022 and is expected to reach USD 71.15 billion by 2030, at a CAGR of 26.4% from 2023 to 2030.
With 946 start-ups in 2019, Germany's fintech sector has crossed the 900 mark for the first time. Investment start-ups are showing the strongest growth among all top fintech categories. Compared to 2018, there were 112. The number of start-ups increased by 29%. The trend is expected to continue in 2020. Ten investment start-ups have contributed to growth so far.
- China
China’s fintech market size was valued at USD 11.3 billion in 2022 and is expected to reach USD 75 billion by 2030, at a CAGR of 26.7% from 2023 to 2030.
Financial technology is now being developed and adopted in China in a bid to become the leading country in this area. Regulations became stricter after a few fraudulent practices in fintech, particularly in marketplace lending. There is a high penetration of fintech services in China, with 87%, and the Chinese economy is largely cashless.
- India
India's fintech market size was valued at USD 8.7 billion in 2022 and is expected to reach USD 57.4 billion by 2030, at a CAGR of 26.6% from 2023 to 2030.
From $3 trillion today to $10 trillion by 2026, the Indian digital payments market is at an inflection point. As a result of this unprecedented growth, digital payments (non-cash) will comprise nearly 65% of all payments by 2026 or 2 out of 3 transactions. The fintech revolution in India has culminated in a long process that lay the foundations for developing key enablers through significant initiatives.
Covid-19 Impact
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of this market is mainly driven owing to rapid urbanization and rising awareness about the use of digital platforms for payments.
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