Market Overview:

The FinTech Market size is estimated to reach $851 billion by 2030, growing at a CAGR of 18.5% during the forecast period 2023-2030. The growth of the FinTech Market is fueled by the increasing number of partnerships between financial institutions & national regulators and increasing user demand for more user-friendly platforms for conducting financial transactions, including mobile banking applications and e-commerce platforms. As per NCBI, people in developed nations have over 90% accessibility and utilization rate of essential financial transactions including internet banking.

Access the full report here - FinTech Market By Deployment Mode (Cloud-based, On-Premises), By Technology (Artificial Intelligence, Cyber Security, Biometrics & Identity Management, Blockchain, Public Cloud Infrastructure, Cryptography, Others), By Services (Insurance, Payments & Fund Transfer, Personal Finance, Wealth Management, Digital Lending & Lending Market Places, Cryptocurrencies, Digital Investment, Marketplace Lending, Online Crowdfunding, P2P Lending, Others), By Providers (Securities Brokerages & Investment Firms, Payment Processor, Banks, Non-Banking Financial Companies, Others), By Geography - Global Opportunity Analysis & Industry Forecast, 2023-2030.

North America Accounted for Significant Market Share In 2022:

North America dominated the FinTech market share with 36% in 2022. It was due to the increasing demand for more advanced technical methods in stock trading and mobile money banking for protecting consumer financial records and data. The rising number of start-ups is another factor driving the FinTech market growth across the North American region.

FinTech Market Growth Drivers:

Rising Adoption of Digital Payments:

The present generation has effectively embraced the available digital payment technologies. A digital payment involves a digital wallet that allows users to make payments, view banking information and pay by using mobile banking applications. To accelerate the payment procedure, the mobile wallet keeps payment card information on the application itself. COVID-19 increased the usage of digital financial services such as digitized wallets and merchant payment using a phone, card or the internet in developing economies. As per World Bank, around 57% of customers in developing countries paid utility bills directly from accounts. In China, over 80% of people made a digitized merchant payment, whereas only 20% of individuals made it in other emerging nations.

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Increasing Number of Partnerships between Financial Institutions & National Regulators:

Regulatory organizations in the United States, Asia-Pacific and Europe are always looking for ways to collaborate with the global FinTech sector to take advantage of the growing technological developments. This collaboration between financial institutions and regulators strives to create a mutual benefit for both governments and businesses. In 2022, as per NCBI, the Chinese banking and insurance regulatory commission ruled that internet platforms must use their own balance sheets to fund at least 30% of any loan extended through co-lending partnerships with banks. Therefore, the increasing number of partnerships between financial institutions & national regulators is propelling the growth of the FinTech Industry, thereby contributing to the FinTech market trends.

Scope of Report:

Report Metric

Details

Base year considered

2022

Forecast period

2023–2030

CAGR

Growing at the rate of 18.5%

Market Size

851 billion USD

Segments Covered

Deployment Mode, Technology, Services, Providers and Region

Geographies covered

North America (the US, Canada and Mexico), Europe (Germany, France, the UK, Italy, Spain, Russia and the Rest of Europe), Asia-Pacific (China, Japan, South Korea, India, Australia & New Zealand and the Rest of Asia-Pacific), South America (Brazil, Argentina, Chile, Colombia and the Rest of South America), the Rest of the World (the Middle East and Africa).

Key market players

1. Avant LLC

2. Atom Bank plc.

3. Ant Group

4. Social Finance, Inc.

5. Goldman Sachs

6. Adyen

7. Bnkbl Ltd.

8. Blockstream

9. Cisco Systems, Inc.

10. Circle Internet Financial Limited


Recent Developments:

  • In March 2022, Envestnet collaborated with Productfy, a creator of a business-to-business FinTech platform. FinTech creators utilizing Productfy's platform have direct access to Envestnet through a single interface as a result of this collaboration.
  • In May 2022, Mastercard announced a collaboration with Synctera, a well-known FinTech banking service. Using Mastercard's open banking platform, the companies partnered to provide accounts verification solutions for Synctera-powered FinTech.

FinTech Market: Competitive Landscape

Key companies profiled in the FinTech Market report are Avant LLC, Atom Bank plc, Ant Group, Social Finance Inc., Goldman Sachs, Adyen, Bnkbl Ltd, Blockstream, Cisco Systems Inc. and Circle Internet Financial Limited.

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