Press Release
Press Release
The market is being driven by favourable government initiatives promoting digitisation and financial sector reforms. The accelerated shift towards digital services and cashless payments, especially after the COVID-19 pandemic, is aiding the fintech market growth.
There is also a rising proliferation of digital payment services, with companies like PayPal, NaverPay, and Google Pay witnessing a rise in customers and transactions. Fintech firms' adoption of advanced technologies to combat cybercrime and the introduction of personalised AI are also fuelling the market expansion.
The widespread use of smartphones, growing internet access, and the shift towards digital payments are transforming the payment and transfer systems. According to the World Population Review, the growth in smartphone users has surged internet use from 43.7% to 55% in the past five years. By 2025, it is estimated about 72.6% of worldwide smartphone users are estimated to access the internet solely from their phones, according to the same source.
Moreover, there is also an increasing adoption of fintech solutions among tech-savvy millennials and Gen-Z. Further, a thriving ecosystem of startups and established firms offers abundant opportunities for small and medium-sized enterprises through various funding and financial services.
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The growing partnerships and innovations are also contributing to the market demand. In October 2023, National Australia Bank (NAB) teamed up with US startup Trovata to launch NAB Liquidity+, an AI-powered cash management platform. This innovative solution offers real-time visibility of cash positions, empowering corporate clients to enhance working capital management through streamlined banking data.
Furthermore, increasing mergers and acquisitions by key players are also propelling the market. For instance, in October 2023, iA Financial Corporation announced its decision to acquire Vericity through an all-cash deal worth around USD 170 million. The acquisition is aimed at expanding its presence in the U.S. insurance market. This strategic move includes the conversion of Vericity's shares at a 101% premium to bolster iA Financial's position in the insurance sector.
The major players in the global fintech market are PayPal Holdings, Inc., Ant Group, Stripe, Inc., Intuit Inc., Adyen Group, Coinbase, Square Capital, LLC, Avant, LLC., Klarna Bank AB, and Nu Pagamentos S.A, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Deployment Mode |
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Breakup by Technology |
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Breakup by Application |
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Breakup by Region |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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