FinTech Market Accelerating the Development of Ecommerce Industry

The market for financial technologies, or fintech, will return tremendous provides in the near future, assures a new business intelligence study from IndustryARC. As per the findings of the report, the global Fintech market size was between $140 billion and $150 billion in 2018. Moreover, the demand is estimated to grow with a superlative CAGR of 25% to 30% during the forecast period of 2019 to 2025. The report is titled “FinTech Market: By Technology(API, AI, Blockchain, Distributed Computing, Cryptography) By Type of Transaction (Digital Transaction, Business Finance, personal Finance) By Sector (Lenders, Payments, Wealth Management, Financial institutions, insurance) By service (Financing, asset management, payments) By Ventures (Competitive FinTech Ventures, Collaborative FinTech Ventures), By Geography - Forecast (2019-2025).” 

The fintech market is emerging as an innovation that delivers valuable finances and banking services. Smartphones and computers are some of the technologies aiming to make financial services more accessible to the general public, and these services are often pertaining to online banking and cryptocurrency. Rapid advancement in financial technology are helping economy to transform by offering several opportunities. FinTech can support financial development by reducing the poverty and increasing potential growth. It removes technology barriers and enables customers to focus on what truly matters for their businesses.

The analyst of the IndustryARC report identifies that North America dominated the demand with a regional share of around 35% in 2018. Furthermore, ecommerce is the leading application segment with a CAGR of 10% to 12% during the forecast period. The North America fintech market is blooming due to funding pouring in for the start-ups as well as growing strategy and incumbent financial institutions leading to rapid technological developments. Digital currencies and blockchain in ecommerce are major factor that is growing the ecommerce segment in FinTech market. Improvement in payments options, increased online payment security, and automated customer services such as chatbots that provide shopper’s guidance as per their query hold a great potential that is enhancing the e-commerce companies in FinTech market.

According to the recent report released by UNEP on FinTech and sustainable development, the technology used in finance includes blockchains, Internet of Things (IoT), and artificial intelligence (AI). Furthermore, more than 60% of the global financial system has arrived into an association to apply blockchain to remove cost and create proficiency in industries. Additionally, the World Economic Forum Deep Shift research evaluated that 10% of global gross domestic product (GDP) will be stored on blockchain technology by 2025. 

Some of the major players in the Fintech Market are Ant Financial, ZhongAn, Oscar, Qufeng, Avant, Lufax, Atom Bank, Kreditech, Kabbage, JD Finance, SoFi, Nubank, Klarna, Square, and Funding Circle. 

Artificial Intelligence Market In Fintech: By Deployment (On Cloud, On Premises); By Machine Learning (Unsupervised, Supervised, Reinforced, Semi supervised, Deep Learning , Others) ; By Type of Data (Parameter and numbers, text, images, Voice, Video); By Application (Investment-asset management, Credit score-Underwriting, Regulatory compliance-Fraud detection, Market research Reposting, Customer assistant, P2P lending, Insurance); By Geography - (2018-2023)

Cyber Security Market In Fintech: By Domain (Payments and Transfers, Lending and Financing, Retail Banking, Financial Management, Insurance, Markets & Exchange, others); By End user (Banks, Insurance companies, other financial institution), By Geography - Forecast (2018-2023)