Pune India, February 9, 2023 (GLOBE NEWSWIRE) — Fintech Market Size by deployment type (cloud and on-premises), by services (insurance, payments and fund transfers, loans, personal finance and other), by end-user (securities, banking, insurance and others), regions, segmentation and forecast to 2030.
The market has been studied for the below segmentation and regional analysis for North America, Europe, Asia, South America and Middle East & Africa. These are the key regions there fintech market is operational and is predicted to expand soon. The manufacturers and suppliers involved in fintech market are present in various countries in the above regions.
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The report provides a detailed understanding of the market segments formed by combining various prospects such as distribution type, services, end user, and regions. The key driving factors, restraints, potential growth opportunities, and market challenges are also discussed in the sections below.
The significant players operating in the global fintech market include MANTL, Chime, Acorns, Stripe, PayPal, Braintree, Affirm, Dwolla, Flywire and Bankable, among others. In order to gain a significant market share in the worldwide fintech market and strengthen their position, manufacturers are pursuing expansion methods such as current development, 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 analysis and blockchain with traditional financial services. Fintech adoption by consumers is limited by conflicting government regulations and increasing incidences of cyber-attacks. Moreover, the growing use of APIs and artificial intelligence to build a customer-centric approach to service delivery will provide lucrative opportunities for market players. With rapid urbanization, adoption of smart technologies and increased internet penetration, digital financial services are becoming increasingly popular and in demand, leading to an increasing need for businesses to adopt new technologies and integrate them into their business. Companies can now offer faster and more customer-centric services as a result of digitalisation. There are some factors that inhibit the market growth such as lack of uniform regulations, complexity related to cloud-based distribution mode, etc. As fintech is increasingly used worldwide, governments and banking authorities have developed regulatory guidelines. Different governments have adopted different guidelines, but the lack of uniformity in the regulations due to conflicting guidelines can hinder the growth of the market. In today’s global world, financial services, which form an integral part of it, cannot be operated across borders due to the lack of universal regulatory guidelines.
Surrounded by Fintech market report:
| Report calculation | Information |
| Study period | 2022-2030 |
| Foundation year | 2022 |
| Forecast period | 2023-2030 |
| Market share unit | billion dollars |
| Segments covered | Distribution type, services, end user and regions. |
| Regions covered | North America, Europe, Asia-Pacific, South America and the Middle East and Africa |
| Big players | MANTL, Chime, Acorns, Stripe, PayPal, Braintree, Affirm, Dwolla, Flywire and Bankable among others |
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Segmentation analysis
On-premises is expected to be the fastest growing segment in 2022.
The deployment type segment includes cloud and on-premises. The local segment is expected to have the highest growth rate during the forecast period. As of 2021, the local segment dominated the market with a market share of around 59%. This is due to the flexibility, reliability and security offered by local deployments.
Payments and remittances are expected to be the fastest growing segment in 2022.
The services segment includes insurance, payments and fund transfers, loans, personal finance and others. The payments and remittances segment is expected to witness the highest growth rate during the forecast period. Payments and money transfers accounted for a large share in 2021, the largest segment. Mobile banking services that enable money transfers and 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 forecast period. The banking segment dominated the market, with a market share of 34%. The increased automation and digitization of banking services 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 view of the key regions and countries. Some of the key countries analyzed for the fintech market include the US, Canada, Mexico, Germany, France, UK, Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
The North American region witnessed a large share. In North America, fintech has experienced the greatest adaptation due to the initial implementation in most applications and the presence of leading players. The year 2020 remained a promising year for fintech in North America, despite the obstacles of the global pandemic. As the ecosystem grows, new relationships are formed and international recognition increases.
Country analysis
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, with 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 show the strongest growth among all top fintech categories. Compared to 2018, there were 112. The number of newly started businesses increased by 29%. The trend is expected to continue in 2020. Ten investment establishments have contributed to growth so far.
China’s fintech market size was valued at USD 11.3 billion in 2022 and is expected to reach USD 75 billion by 2030, with a CAGR of 26.7% from 2023 to 2030.
Financial technology is now being developed and adopted in China in an attempt to become the leading country in this field. The regulations became stricter following some fraudulent practices in fintech, especially in lending to marketplaces. There is high penetration of fintech services in China, at 87%, and the Chinese economy is largely cashless.
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, with 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 (non-cash) payments will account for 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 lays the foundation 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, automotive, etc. However, several companies operating in the technology sector have seen increased revenues due to significant changes in consumer preferences towards technology 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 due to rapid urbanization and increasing awareness of using digital platforms for payments.
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