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The fintech market is expected to grow at a CAGR of 26.2% through 2030

NEWARK, New Jersey, July 14, 2022 /PRNewswire/ — According to the report published by The Brainy Insights, the fintech market should go from $115.34 billion in 2021 for $936.51 billion by 2030, at a CAGR of 26.2% over the forecast period 2022-2030.

The demand for fintech has grown rapidly in recent years and is expected to increase much more throughout the forecast period. This expansion can be attributed to the growing demand for digital financial services such as online payments, digital wallets, mobile banking and online funds transfers for a faster, safer and seamless customer experience.

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The integration of technologies such as API, AI, data analytics and blockchain with traditional financial services is called fintech or financial technology. However, due to conflicting government regulations and increasing cases of cyberattacks on financial services, consumer adoption of fintech is limited. Additionally, the growing applications of API and AI to build a customer-centric approach to service delivery will provide lucrative opportunities for market players. The use of fintech increases the efficiency and compliance rate of financial service providers, which is expected to significantly boost the market growth throughout the forecast period.

Competitive strategy

To strengthen their position in the global fintech market, major players are now focusing on adopting strategies such as product innovations, mergers and acquisitions, recent developments, joint ventures, collaborations, and partnerships.

  • Ezeepay is a fintech startup that focuses on improving the accessibility of financial sectors in rural areas. Financial services are limited to urban populations and are rarely available or accessible to rural households who rely primarily on private lenders. Startups like Ezeepay are using technology to reach these households in the states of Uttar Pradesh, Madhya Pradesh and Jharkhand by India.
  • Several startups like Digital Money & Paylater are diversifying their services into Indonesia. They are developing a fintech platform that will cater to the influencer market, which is growing in Indonesia. This group of influencers included content creators, talent agencies, brand managers, and freelancers. The fintech platform will help these people manage their finances in one place securely.

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Market growth and trends

The growth of fintech market is driven by increasing adoption of smart devices and increasing internet penetration in developing economies. Growing government initiatives to boost the economy through digitalization and automation are expected to contribute significantly to the fintech market. Rapid urbanization coupled with increasing data literacy globally will ensure the growth of the market. The intensification of collaborations between regulatory authorities and financial institutions to protect the rights and interests of consumers will also stimulate the development of the fintech market. Artificial intelligence can enhance security, reduce human error through automation, and help build a customer-centric approach. Checks and balances would increase the compliance rate and reduce the risk of misappropriation of funds. Fintech’s ability to simplify procedures for customers and ensure transparent business transactions will retain its customer base for the long term. Fintech can improve the accessibility of financial services in backward regions, thereby increasing the market for the fintech industry.

Main conclusions

  • In 2021, the on-premises segment dominated the market with the largest market share of 52% and revenue of 59.97 billion.

The deployment type segment is divided into on-premises and cloud. In 2021, the on-premises segment dominated the market with the largest market share of 52% and revenue of 59.97 billion.

  • The artificial intelligence segment is expected to grow at the fastest CAGR of 28.9% during the forecast period.

The technology segment is divided into artificial programming interface (API), artificial intelligence (AI), blockchain, distributed computing and others. During the forecast period, the artificial intelligence segment is expected to grow at the fastest CAGR of 28.9%.

  • In 2021, the payments and remittances segment accounted for the largest share of the market, with 34% and a turnover of 39.21 billion.

The services segment is divided into payments and remittances, personal finance, loans, insurance and others. In 2021, the payments and remittances segment accounted for the largest share of the market, with 34% and a turnover of 39.21 billion.

  • In 2021, the banking segment dominated the market with the largest market share of 36% and market revenue of 41.52 billion.

The end-user segment is divided into banking, insurance, securities and others. In 2021, the banking segment dominated the market with the largest market share of 36% and market revenue of 41.52 billion.

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Fintech Market Regional Segment Analysis

  • North America (WE, Canada, Mexico)
  • Europe (Germany, FranceUK, Italy, SpainRest of Europe)
  • Asia Pacific (China, Japan, IndiaRest of APAC)
  • South America (Brazil and rest of South America)
  • The Middle East and Africa (UNITED ARAB EMIRATES, South Africarest of the MEA)

The North American region has emerged as the largest market in the global fintech market, with a market share of around 35% and 40.36 billion in market revenue in 2021. Thanks to several prominent players in this region, North America is the largest contributor in terms of market revenue. The Asia Pacific is expected to grow the fastest during the forecast period. The growing number of government initiatives aimed at boosting the economy through digitalization and automation are expected to contribute to the Asia Pacific fintech market significantly. Rapid urbanization coupled with increasing data literacy in the region will provide impetus for market growth.

Key players operating in the global fintech market are:

  • To affirm
  • Bankable
  • Carillon
  • Braintree
  • tassels
  • Flywire
  • PayPal
  • dwola
  • MANTL
  • Bandaged

This study forecasts revenue at global, regional and country levels from 2019 to 2030. Brainy Insights has segmented the global fintech market based on the segments mentioned below:

Global Fintech Market by Type of Deployment:

Global fintech market by technology:

  • Artificial programming interface (API)
  • Artificial Intelligence (AI)
  • blockchain
  • Distributed Computing
  • Others

Global fintech market by services:

  • Payments and fund transfers
  • Personal finance
  • Loans
  • Insurance
  • Others

Global fintech market by end user:

  • Banking
  • Insurance
  • Securities
  • Others

About the report:

The global fintech market is analyzed on the basis of value (USD billion). All segments have been analyzed on a global, regional and country basis. The study includes analysis of more than 30 countries for each part. The report offers an in-depth analysis of the driving factors, opportunities, restraints and challenges to gain a critical overview of the market. The study includes Porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position analysis, distribution and marketing channel analysis.

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About The Brainy Insights:

The Brainy Insights is a market research company, aiming to provide businesses with actionable insights through data analytics to improve their business acumen. We have a robust forecasting and estimating model to meet customers’ high-quality production goals in a short period of time. We provide custom (customer specific) and syndicated reports. Our union reporting repository is diverse across all domain categories and subcategories. Our customized solutions are designed to meet customer requirements, whether they are looking to expand or planning to launch a new product in the global market.

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SOURCE Smart Ideas