Newark, May 01, 2023 (GLOBE NEWSWIRE) -- 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. North America region emerged as the largest market for the global fintech market, with a 35% share of the market revenue in 2021. North America region currently dominates the fintech market due to the extensive presence of major market players and a well-developed digital economy. The Asia Pacific region is expected to grow during the forecast period following the growing government initiatives that encourage the integration of technology in financial services to meet the population's rising demand for digital financial services.
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Fintech Market Size by Deployment Type (On-Premises & Cloud), Technology (API, AI, Blockchain, Distributed Computing, & Others), Services, End-User, Global Industry Analysis, Share, Growth, Trends, and Forecast 2022 to 2030
Scope of the Report
| Report Attributes | Details |
| Revenue Forecast by 2030 | USD 936.51 billion |
| CAGR | 26.2% from 2022 to 2030 |
| Banking end-user segment share | 36% in 2021 |
| Base Year | 2021 |
| Forecast Year | 2022 to 2030 |
| Key Players | Affirm, Bankable, Chime, Braintree, Acorns, Flywire, PayPal, Dwolla, MANTL, Stripe |
Leading companies in the industry include Affirm, Bankable, Chime, Braintree, Acorns, Flywire, PayPal, Dwolla, MANTL, and Stripe, among others which are offering more significant opportunities and are continuously focused on new product developments and venture capital investments to obtain market share.
The deployment type segment is divided into on-premises & cloud. The on-premises segment dominated the market, with a market share of around 52% in 2021. The technology segment is divided into artificial programming interface (API), artificial intelligence (AI), blockchain, distributed computing & others. Over the forecast period, the artificial intelligence (AI) segment is expected to grow at the fastest CAGR of 28.9%. The services segment is divided into payments & fund transfers, personal finance, loans, insurance, & others. In 2021, the payments & fund transfer segment dominated the market, accounting for around 34% of global revenue. The end-user segment is divided into banking, insurance, securities, and others. The banking segment dominated the market, with a market share of around 36%. The increased automation & digitization of banking is the reason for the dominance of the segment in the market. The entry of new market players in banking increases competition, thereby growing the demand for automation to improve client services.
Get additional highlights on the growth strategies adopted by vendors and their product offerings: https://www.thebrainyinsights.com/report/fintech-market-12704
The shortcomings of traditional financial services have been well documented in the history of the world. The numerous financial that have happened in the past have brought the loopholes and security lapses in global financial institutions to the forefront. Fintech can overcome these shortcomings and make the financial sector much more efficient. The use of artificial intelligence can provide more robust security, reduce human error via automation, and help in building 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.
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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About The Brainy Insights:
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