Global Fintech Market to Reach US$ 764.4 Billion by 2032, Impelled by Surging Adoption of Digital Payments

March 16, 2023 | BFSI

As per the latest report by IMARC Group, titled "Fintech Market Report by Deployment Mode (On-Premises, Cloud-Based), Technology (Application Programming Interface, Artificial Intelligence, Blockchain, Robotic Process Automation, Data Analytics, and Others), Application (Payment and Fund Transfer, Loans, Insurance and Personal Finance, Wealth Management, and Others), End User (Banking, Insurance, Securities, and Others), and Region 2024-2032," the global fintech market size reached US$ 187.1 Billion in 2023. Fintech includes the intersection of financial services and technology that utilizes advanced algorithms and data analysis to provide innovative solutions in the financial industry. These services include mobile payment apps, robo-advisors, and blockchain-based solutions. Fintech also employs automated processes and artificial intelligence (AI) to deliver personalized services to customers, such as customized investment portfolios, real-time risk assessments, and instant credit approvals. It consists of mobile payment solutions, peer-to-peer lending, online wealth management, and cryptocurrency and aims to provide customers with more accessible and affordable financial services. Fintech offers numerous advantages, including increased efficiency, cost reduction, and accessibility. When compared with traditional financial institutions, these companies are more agile, offer enhanced risk management and cost-effectiveness, and can adapt to changes in the market more quickly. Currently, payment and money transfer services, lending platforms, investment and wealth management platforms, and blockchain-based solutions are some of the common fintech solution types available in the market.

Global Fintech Market Trends:

The rapid digitization of the expanding banking, financial services, and insurance (BFSI) industry across the globe and the increasing need to transform traditional baking systems represent some of the key factors contributing to a positive outlook for the market. In line with this, the surging adoption of digital payment solutions, such as request to pay, digital currencies, e-wallets, and buy now, pay later services (BNPL), supported by the implementation of umpteen government programs to expand the fintech sector, are acting as other growth-inducing factor. Additionally, the increasing awareness regarding the advantages of fintech solutions, such as enhancing productivity and customer retention through the provision of speed and convenience, are favoring the market growth. Besides this, the widespread adoption of technology in processing large volumes of data, thus enhancing efficiency and minimizing human errors, is providing an impetus to the market growth. This is further supported by the integration of artificial intelligence (AI) with fintech solutions to facilitate fraud detection in digital banking channels. Moreover, the surging collaboration between financial institutions and national regulators and burgeoning investments in research and development (R&D) activities are propelling the market growth. Looking forward, the market value is projected to reach US$ 764.4 Billion by 2032, expanding at a CAGR of 17% during 2024-2032.

Market Summary:

  • Based on the deployment mode, the market has been bifurcated into on-premises and cloud-based.
  • On the basis of technology, the market has been divided into application programming interface, artificial intelligence, blockchain, robotic process automation, data analytics, and others.
  • By application, the market is categorized into payment and fund transfer, loans, insurance and personal finance, wealth management, and others.
  • Based on end user, the market is segregated into banking, insurance, securities, and others.
  • On a regional basis, the market has been segmented into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
  • The competitive landscape of the market has also been examined, with some 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.

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
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
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Global Fintech Market to Reach US$ 764.4 Billion by 2032, Impelled by Surging Adoption of Digital Payments
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