The Fintech market will grow with a CAGR of 26.2% through 2030

NEWARK, NJ, July 14, 2022 / PRNewswire / – According to 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, with a CAGR of 26.2% in the forecast period 2022-2030.

Demand for fintech has grown rapidly in recent years and is expected to grow much more throughout the forecast period. This expansion can be attributed to the growing demand for digital financial services such as online payments, digital wallets, mobile banking and online money transfers for a faster, more secure and seamless customer experience.

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Integrating technology such as API, AI, data analytics and blockchain with traditional financial services is called fintech or financial technology. However, due to conflicting government regulations and the increasing incidence of cyber attacks on financial services, consumers’ use of fintech is limited. Furthermore, the growing applications of API and AI to build a customer-centric approach to service delivery will provide lucrative opportunities for market participants. The use of fintech increases the efficiency and compliance of financial service providers, which is expected to increase market growth significantly throughout the forecast period.

Competitive strategy

To strengthen its market position in the global fintech market, key players are now focusing on adopting strategies such as product innovations, mergers and acquisitions, recent developments, joint ventures, collaboration and partnerships.

• Ezeepay is a fintech startup that focuses on improving the accessibility of financial sectors in rural areas. Financial services are limited to urban populations and are rarely available or available to rural households that are mainly dependent on private lenders. Startups like Ezeepay use technology to reach these households in the states of Uttar Pradesh, Madhya Pradesh and Jharkhand in India.
• Several startups like Digital Money & Paylater are diversifying their services Indonesia. They are developing a fintech platform that will cater to the growing influencer market Indonesia. This influencer group included content creators, talent agencies, brand managers and freelancers. The Fintech platform will help these people manage their finances in one place with security.

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Market growth and trends

The growth in the fintech market is driven by the increasing use of smart devices and increasing internet penetration in developing economies. The growing government initiatives to increase the economy through digitization and automation are expected to make a significant contribution to the fintech market. Rapid urbanization combined with increasing computer knowledge globally will lead to market growth. Increased cooperation between regulatory authorities and financial institutions to safeguard consumers’ rights and interests will also drive the development of the fintech market. Artificial intelligence can provide stronger security, reduce human error through automation and help build a customer-centric approach. The controls and balances will increase the degree of compliance and reduce the risk of misappropriation of money. Fintech’s ability to simplify procedures for customers and ensure transparent business transactions will keep the customer base in the long run. Fintech can improve the availability of financial services in backward areas, and increase the market for the fintech industry.

The main findings

• In 2021, the local segment dominated the market with the largest market share of 52% and a market revenue of 59.97 billion.

The distribution type segment is divided into local and cloud. In 2021, the local segment dominated the market with the largest market share of 52% and a market revenue of 59.97 billion.

• The artificial intelligence segment is expected to grow with the fastest CAGR of 28.9% during the forecast period.

The technology segment is divided into artificial programming interface (API), artificial intelligence (AI), blockchain, distributed computing and others. During the forecast period, the artificial intelligence segment is expected to grow with the fastest CAGR of 28.9%.

• In 2021, the payments and money transfer segment accounted for the largest share of the market, with 34% and market revenues of 39.21 billion.

The service segment is divided into payments and fund transfers, personal finance, loans, insurance and more. In 2021, the payments and money transfer segment accounted for the largest share of the market, with 34% and market revenues of 39.21 billion.

• In 2021, the banking segment dominated the market with the largest market share of 36% and market revenues of 41.52 billion.

The end-user segment is divided into banking, insurance, securities and others. In 2021, the banking segment dominated the market with the largest market share of 36% and market revenues of 41.52 billion.

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Regional segment analysis of the Fintech market

• North America (US, Canada, Mexico)
• Europe (Germany, FranceGreat Britain, Italy, SpainThe rest of Europe)
• Asia-Pacific (China, Japan, IndiaThe rest of APAC)
• South America (Brazil and the rest of South America)
• The Middle East and Africa (UAE, South AfricaThe rest of the MEA)

The North American region emerged as the largest market for the global fintech market, with a market share of around 35% and 40.36 billion of market revenues in 2021. Due to several significant players in this region, North America is the largest contributor in terms of market revenue. The Asia Pacific is expected to rise fastest in the forecast period. The growing government initiatives to increase the economy through digitization and automation are expected to contribute Asia Pacific fintech market significantly. The rapid urbanization combined with increasing computer skills in the region will provide a driving force for market growth.

Key players operating in the global fintech market are:

• Confirm
• Bankbar
• Chimes
• Braintree
• Acorns
• Flywire
• PayPal
• Dwolla
• MANTL
• Stripe

This study estimates revenues at the global, regional and country levels from 2019 to 2030. Brainy Insights has segmented the global fintech market based on the segments below:

Global Fintech Market by Distribution Type:

Global Fintech market by technology:

• Artificial Programming Interface (API)
• Artificial Intelligence (AI)
• Blockchain
• Distributed data processing
• Second

Global Fintech Market by Services:

• Payments and fund transfers
• Personal economy
• Loan
• Insurance
• Second

Global Fintech market by end user:

• Banking
• Insurance
• Securities
• Second

About the report:

The global fintech market is analyzed based on value (USD billion). All segments are analyzed worldwide, regionally and nationally. The study includes analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, limitations and challenges to gain critical insight into the market. The study includes gates’ five forces model, attractiveness analysis, commodity analysis, supply, demand analysis, analysis of competitor positions, distribution and analysis of market channels.

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About The Brainy Insights:

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