Vascodagama Online Journal

Global Fintech Market Size Expected to Reach US$ 449.1 Billion by 2028, Facilitated by Digitization in BFSI Industry

 Breaking News
  • No posts were found

Global Fintech Market Size Expected to Reach US$ 449.1 Billion by 2028, Facilitated by Digitization in BFSI Industry

March 15
09:25 2023
Global Fintech Market Size Expected to Reach US$ 449.1 Billion by 2028, Facilitated by Digitization in BFSI Industry
Financial Technology Market
The global fintech market size reached US$ 158.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 449.1 Billion by 2028, exhibiting a growth rate (CAGR) of 17.7% during 2023-2028.

The latest research study by IMARC Group, “Fintech Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”  offers a comprehensive analysis of the industry, which comprises insights on global fintech industry report. The market size reached US$ 158.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 449.1 Billion by 2028, exhibiting a growth rate (CAGR) of 17.7% during 2023-2028.

 

Fintech represents financial technologies that are designed to improve banking and investing operations, such as retail banking, asset management, insurance investment, digital lending, fundraising, credit scoring, and mobile banking. They consist of application programming interfaces, blockchain, robotic process automation, data analytics, etc. These fintech solutions aid companies and consumers in managing their financial processes effectively by utilizing specialized software and algorithms on smartphones and computers. They even help to automate and enhance the delivery of financial services and ensure cost-effectiveness, enhanced risk management, streamlined financial operations, and faster payments. Consequently, fintech systems find widespread utilization in banks and insurance industries across the globe.

 

Request a Free PDF Sample for more detailed market insights: https://www.imarcgroup.com/fintech-market/requestsample

 

Fintech Market Trends and Drivers:

 

The increasing need for enhancing productivity and customer retention in the banking segment by facilitating speed and convenience is primarily driving the fintech market. In line with this, the growing adoption of the technology to process extensive volumes of data within a short period and minimize the chances of human error is also positively influencing the global market. Moreover, the escalating integration of fintech solutions with artificial intelligence or AI, machine learning (ML), and big data for detecting unusual activity, preventing fraud in digital banking channels, and improving the monitoring of financial transactions, risk management, speech recognition, and secured network access to the banking institutions is acting as another significant growth-inducing factor. Besides this, the elevating collaboration between national regulators and financial institutions and the launch of several government initiatives to expand the fintech segment aimed at overcoming the shortcomings of the traditional financial service industry are expected to bolster the fintech market over the forecasted period.

 

Fintech Market Report Scope

Report Coverage

Details

Market size value in 2022

US$ 158.9 Billion

Market forecast in 2028

US$ 449.1 Billion

Growth Rate

(CAGR) of 17.7% from 2022-2027.

Base year for estimation

2022

Historical data

2017-2022

Forecast period

 2023-2028

 

Fintech Market 2023-2028 Analysis and Segmentation:

 

Competitive Landscape:

 

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

 

  • 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 
  • Tata Consultancy Services.

 

Ask Analyst for Customization and Explore Full Report with TOC & List of Figure: https://www.imarcgroup.com/fintech-market

 

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

 

Breakup by Deployment Mode:

  • On-premises
  • Cloud-based

 

Breakup by Technology:

  • Application Programming Interface
  • Artificial Intelligence
  • Blockchain
  • Robotic Process Automation
  • Data Analytics
  • Others

 

Breakup by Application:

  • Payment and Fund Transfer
  • Loans
  • Insurance and Personal Finance
  • Wealth Management
  • Others

 

Breakup by End User:

  • Banking
  • Insurance
  • Securities
  • Others

 

Breakup by Region:

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

 

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

 

Browse Other Reports By IMARC Group:

 

 

 

 

 

 

About Us:

 

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

 

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

Media Contact
Company Name: IMARC Group
Contact Person: Elena Anderson
Email: Send Email
Phone: +1-631-791-1145
Address:134 N 4th St.
City: Brooklyn
State: NY
Country: United States
Website: https://www.imarcgroup.com

Categories