Market Research Future (MRFR) has published a cooked research report on the “Global Fintech Technologies Market” that contains information from 2018 to 2032. The fintech technologies market is estimated to register a CAGR of 20.90% during the forecast period of 2023 to 2032.
MRFR recognizes the following companies as the key players in the global fintech technologies market— Blockstream Corporation Inc., Circle Internet Financial Limited, Bankable, ORACLE, TATA CONSULTANCY SERVICES LIMITED, Cisco Systems Inc., Goldman Sachs, NVIDIA Corporation, IBM Corporation, .Microsoft
Fintech Technologies Market Highlights
The global fintech technologies market is accounted to register a CAGR of 20.90% during the forecast period and is estimated to reach USD 667.2 Billion by 2032.
Fintech is growing quickly as consumers and financial institutions embrace digital change. Blockchain, mobile banking, digital payments, and robo-advisory services are just a few of the technologies that are used in this industry. This market is being driven, among other things, by advancements in accessibility, convenience, and security of financial services.
Segment Analysis
The global fintech technologies market has been segmented based deployment mode, application, technology, and end user.
On the basis of deployment mode, the market is segmented into on-premise and cloud. Cloud segment dominated the global market in 2022. The increase in demand for financial solutions across all industry sectors explains this.
Based on application, the global fintech technologies market has been segmented into payment & fund transfer, loans, insurance & personal finance, wealth management, and others. Wealth Management segment dominated the global Fintech Technologies market in 2022. This is due to the increased importance of financial planning, increased security, fully digital client onboarding, and real-time communication between the customer and financial adviser.
Based on technology, the global fintech technologies market has been segmented into application programming interface (API), artificial intelligence (AI), blockchain, robotic process automation, data analytics, and others. Blockchain segment dominated the global Fintech Technologies market in 2022. This is due to an increase in the use of distributed ledger technology-based digital currencies like cryptocurrencies.
Based on end user, the global fintech technologies market has been segmented into banking, insurance, securities, and others. Banking segment dominated the global market in 2022. Since mobile devices were connected to the internet, there have been more than 6.8 billion USD in benefits distributed globally.
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Regional Analysis
The global Fintech Technologies market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe Fintech Technologies market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The Fintech Technologies market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World Fintech Technologies market comprises of Middle East, Africa, and Latin America.
The North America Fintech Technologies Market dominated this market in 2022 (45.80%). The United States attracted the biggest investment, accounting for over 80% of the total. This investment trend is anticipated to lead to a lucrative expansion of the financial technology business.
Moreover, Europe In 2022, the market for fintech technologies held a sizable market share. European regulatory institutions are always looking for ways to collaborate with the global FinTech ecosystem. Additionally, the government and the business sector stand to gain from this strong desire for cooperation between Fintech companies and regulators.
Additionally, from 2023 to 2032, the Asia Pacific Fintech Technologies market is anticipated to experience rapid expansion. Due to significant investments in digital transformation, the adoption of new technologies like artificial intelligence in Fintech, Big Data, machine learning, and chatbots, as well as the quick expansion of domestic businesses, particularly in nations like Australia, China, India, Singapore, and South Korea, there is potential for the fintech technologies market in the coming years.
Furthermore, the rest of the world's Fintech Technologies market is divided into the Middle East, Africa, and Latin America. The desire for innovative solutions in the banking and financial sectors as well as the rising use of digital financial services are propelling the quick growth of the Latin American fintech technologies industry. The industry is expanding due to factors such rising smartphone penetration, government initiatives supporting digital payments, and changing consumer preferences.
Key Findings of the Study
- The global Fintech Technologies market is expected to reach USD 667.2 Billion by 2032, at a CAGR of 20.90% during the forecast period.
- The Asia-Pacific region accounted for the fastest-growing global market due to high investments in digital transformation, the adoption of new technologies like AI in Fintech, Big Data, machine learning, and chatbots, and the rapid expansion of domestic enterprises, particularly in countries like Australia, China, India, Singapore, and South Korea.
- Based on end user, the banking segment was attributed to holding the largest market in 2022.
- Blockstream Corporation Inc., Circle Internet Financial Limited, Bankable, ORACLE, TATA CONSULTANCY SERVICES LIMITED, Cisco Systems Inc., Goldman Sachs, NVIDIA Corporation, IBM Corporation, Microsoft.
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Companies Covered | 15 |
Pages | 128 |
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