Fintech Market Size 2023, Share, Growth Rate (17.7%), Industry Trends, Top Companies, Research Report by 2028

The latest research study “Fintech Market: Global Industry Trends, Share, Size, Growth, Opportunities and Forecast 2023-2028” by IMARC Group, finds that the size of the global fintech market reached USD 158.9 billion in 2022. Looking ahead, IMARC Group expects the market to reach USD 449.1 billion by 2028, with a CAGR of 17.7% during 2023-2028.

Fintech or financial technology refers to applications, mobile, software and other developed technologies that enable businesses and individuals to access, manage, improve and automate banking and investment operations. It offers financial services through internet-based operations and helps organizations, business owners and consumers manage financial processes using algorithms and software. It includes mobile and retail banking, digital lending, credit scoring, insurance investments, fundraising and asset management. It also provides higher efficiency, reduced operating costs, automated customer services, improved risk management and security, convenience, simple financial services, secure financial operations and faster payment options. As a result, fintech is gaining ground in the banking, insurance and security sectors worldwide.

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Fintech market trends and drivers:

The market is primarily driven by the growing popularity of digital payments and the growing trend of digitization in the banking, finance and insurance (BFSI) sector across the globe. In addition, the expanding e-commerce industry is escalating the demand for digital payment services. Moreover, the widespread integration of fintech solutions with artificial intelligence (AI), robotic processing automation (RPA) and application programming interfaces (API) to deliver enhanced financial services represents another key growth driver. Apart from this, the growing applications of blockchain, big data, machine learning (ML) and algorithms in fintech to improve the monitoring of financial transactions and provide secure network access to banking institutions are providing a positive impetus to market growth. Furthermore, the implementation of a number of government initiatives to expand the fintech industry and investments in research and development (R&D) also create a favorable market outlook.

Fintech Market 2023-2028 Analysis and Segmentation:

Challenging landscape:

The market’s competitive landscape has been studied in the report with the detailed profiles of the key players operating in the market.

• Adyen NV
• Afterpay Limited (Block Inc.)
• Avant LLC
• Cisco Systems Inc.
• Google Payments Corp.
• International Business Machines Corporation
• Klarna Bank AB
• Microsoft Corporation
• Nvidia Corporation
• Oracle Corporation
• Paypal Holdings Inc.
• Robinhood Markets Inc.
• SoFi Technologies Inc and Tata Consultancy Services.

The report has segmented the market on the basis of distribution mode, technology, application and end user.

Breakdown by distribution mode:

Breakdown by technology:

• Application Programming Interface
• Artificial intelligence
• Blockchain
• Robotic process automation
• Data analysis
• Second

Breakdown by application:

• Payment and fund transfer
• Loan
• Insurance and personal finance
• Wealth management
• Second

Breakdown by end user:

• Banking operations
• Insurance
• Securities
• Second

Breakdown by region:

• North America: (USA, Canada)
• Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, others)
• Europe: (Germany, France, UK, Italy, Spain, Russia, others)
• Latin America: (Brazil, Mexico, others)
• Middle East and Africa

Important highlights of the report:

• Market Performance (2017-2022)
• Market Outlook (2023–2028)
• Porter’s five forces analysis
• Market drivers and success factors
• SWOT analysis
• Value chain
• Comprehensive mapping of the competitive landscape

If you require specific information that is not currently within the scope of the report, we can provide it to you as part of the customization.

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