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The global fintech market size reached US$ 131.14 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 385.93 Billion by 2027, exhibiting a growth rate (CAGR) of 18.50% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sectors. These insights are included in the report as a major market contributor.
Fintech, or financial technology, involves the integration of technology with financial services to enhance or automate banking and investing operations. It includes retail banking, education, asset management, insurance investment, fundraising, digital lending, credit scoring, and mobile banking. Fintech helps companies, business owners, and consumers better manage their financial processes by utilizing specialized software and algorithms on smartphones and computers. It also employs various technologies, such as artificial intelligence (AI), machine learning, and robotic processing automation (RPA), to automate and improve the delivery of financial services. As compared to traditional banking, fintech is more cost-effective, offers enhanced risk management, streamlines financial operations, and enables faster payments.
The rapid digitization of the banking, financial services, and insurance (BFSI) industry across the globe is creating a positive outlook for the market. Fintech is transforming the banking system by increasing productivity and customer retention through speed and convenience. In line with this, the widespread technology adoption to process large volumes of data in a short period, enhance efficiency, and minimize the chances of human error is favoring the market growth. Apart from this, the integration of fintech solutions with artificial intelligence (AI) to detect and prevent fraud in digital banking channels is providing an impetus to the market growth. In line with this, the utilization of machine learning (ML), big data, and evolutionary algorithms in fintech to detect unusual activity and enhance monitoring of financial transactions, speech recognition, risk management, and secured network access to the banking institutions is positively influencing the market growth. Other factors, including increased collaboration between national regulators and financial institutions, extensive research and development (R&D) activities, and the implementation of various government initiatives toward expanding the fintech sector, are supporting the market growth.
IMARC Group provides an analysis of the key trends in each sub-segment of the global fintech market report, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on deployment mode, technology, application and end user.
Breakup by Deployment Mode:
Breakup by Technology:
Breakup by Application:
Breakup by End User:
Breakup by Region:
The competitive landscape of the industry has also been examined along with the profiles of the key players being Adyen N.V., Afterpay Limited (Block Inc.), Avant LLC, Cisco Systems Inc., Google Payment 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.
|Base Year of the Analysis||2021|
|Segment Coverage||Deployment Mode, Technology, Application, End User, Region|
|Region Covered||Asia Pacific, Europe, North America, Latin America, Middle East and Africa|
|Countries Covered||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico|
|Companies Covered||Adyen N.V., Afterpay Limited (Block Inc.), Avant LLC, Cisco Systems Inc., Google Payment 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.|
|Customization Scope||10% Free Customization|
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|Post-Sale Analyst Support||10-12 Weeks|
|Delivery Format||PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)|
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