Fintech Market to grow at CAGR of 23.58% During the Forecast Period
Rising use of mobile devices
and increasing investment in technology-based solutions to drive global fintech
market through 2025
According to TechSci Research report, “Global Fintech
Market By Technology (API; AI; Blockchain; Distributed Computing, Others),
By Service (Payment; Fund Transfer; Personal Finance; Loans; Insurance;
Others), By Application (Banking; Insurance; Securities & Others), By Region,
Competition, Forecast & Opportunities, 2025”, global fintech market was
valued USD 5504.13 Billion in 2019 and is expected to grow at CAGR of 23.58%
during the forecast period on account of increasing popularity of digital
payments, increasing investments in blockchain, big data due to its high
efficiency to deliver cost effective services and a surge in the online
shopping amid the COVID-19 pandemic.
Lately, traditional financial service companies have forayed
into the fintech market. Besides, increasing funding in start-ups are some of
the other factors for the growth of fintech market, globally. However, the lack
of skilled consultants to deploy AI in fintech might hamper the growth of the
global fintech market during the forecast period.
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"Global
Fintech Market"
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Global
fintech market can be segmented based on technology, service, application and
region. In terms of service, the market is categorized into payment; fund
transfer; personal finance; loans; insurance; and others. Out of these, the
payment segment led the market with share of 69.07% in 2019 and the trend is
likely to continue through 2025. Dominant share of the segment can be
attributed to increased contactless cards and emergence of retail-focused
fintech companies which are looking to expand the use of this functionality by
taking it to every corner of commerce. Moreover, the popularity of payment apps
like GoUrl, Cayan, Stripe, and Amazon Pay amongst customers and retailers would
further drive growth of this segment.
PayPal
Holdings, Inc., Ant Group, Robinhood Markets, Inc., Afterpay Limited, Google
Pay (Alphabet Inc.), Paytm (One97 Communications Ltd.), Adyen, Qudian Inc.,
Nexi SpA, Klarna Bank AB, Social Finance, Inc., and Avant, LLC, among others
are the leading players operating in global fintech market. Companies operating
in the fintech market are using inorganic growth strategies in order to
increase their market share. Total investment in Fintech companies has
surpassed USD 24.6 billion in 2019, exemplifying strategy most opted by fintech
companies in 2019.
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“The
FinTech industry is witnessing a boom in Asia-Pacific region and the region is
expected to continue its dominance in the coming years on account of huge and
growing consumer base, high willingness to accept new technology and the sheer
size of the market opportunity to convert from cash to digital payments. Asia-Pacific region offers huge potential for FinTech
platforms. China has been at the forefront with the country being the largest
FinTech market in the world. The highest investment for FinTech startups also
comes from China.,” said Mr. Karan Chechi, Research Director with TechSci
Research, a research based global management consulting firm.
“Global Fintech Market By
Technology (API; AI; Blockchain; Distributed Computing, Others), By Service
(Payment; Fund Transfer; Personal Finance; Loans; Insurance; Others), By Application
(Banking; Insurance; Securities & Others), By Region, Competition, Forecast
& Opportunities, 2025” has evaluated
the future growth potential of global Fintech market and provided statistics &
information on market size, shares, structure and future market growth. The
report intends to provide cutting-edge market intelligence and help decision
makers take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges and
opportunities in the global Fintech market.
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