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Australia Fintech Market Size, Share, Trends, Forecast: By Deployment Mode: On-Premises, Cloud; By Technology: Artificial Intelligence, Application Programming Interface (API), Robotic Process Automation, Data Analytics, Others; By Application: Banking, Trading, Taxation, Insurance, Others; Market Dynamics; Competitive Landscape; 2024-2032
Australia Fintech Market Outlook
The Australia fintech market size reached approximately USD 3.21 billion in 2023. The market is estimated to grow at a CAGR of 17.8% in the forecast period of 2024-2032, reaching a value of around USD 14.31 billion by 2032.
Key Trends in the Market
Fintech or financial technology refers to the usage of technology for automating financial services such as payments, insurance, loans, and trading, among others. It improves the efficiency of financial operations, offers faster turnaround time, and provides greater convenience to customers.
- The burgeoning popularity of embedded finance, which involves the integration of financial services into non-financial websites and apps, is one of the key Australia fintech market trends. One common example of embedded finance is digital wallets, the usage of which facilitates quicker payments as opposed to payment through cards or online banking modes.
- Increased integration of robotic process automation (RPA) technology into financial institutions for automating repetitive or mundane tasks also provides impetus to the Australia fintech market growth. This allows finance employees to focus on high-value tasks while improving the overall operational efficiency of financial institutes.
- There is also a surge in mergers and partnerships between market players to expand fintech solutions in Australia. For example, in December 2023, FrankieOne, a digital identity company, announced its partnership with Moroku, a digital banking provider, to strengthen the credit union, mutual, and neobank sectors in Australia and New Zealand.
Market Analysis
Based on deployment mode, the market is bifurcated into on-premises and cloud. On the basis of technology, the market is divided into artificial intelligence, application programming interface (API), robotic process automation, and data analytics, among others. The Australia fintech market segmentation, on the basis of application, includes banking, trading, taxation, and insurance, among others.
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the Australia fintech market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.
- Airwallex Pty Ltd.
- Zeller Holdings Pty Ltd.
- Paytron Pty Ltd.
- mx51 Group Pty Ltd.
- Block Inc. (Afterpay Limited)
- Judo Capital Holdings Ltd. (Judo Bank Pty Ltd.)
- Zip Co. Limited
- Athena Mortgage Pty Ltd.
- Wise Payments Limited
- PEXA Group Limited
- Others
Market Share by Technology
Data analytics occupies a significant portion of the Australia fintech market share, due to the growing usage of data analytics in extracting valuable insights from financial data. For example, insurance companies can use it to generate accident-related statistics and modify their policy accordingly.
It is also used in the internet banking sector to offer a personalised experience to customers by studying their behavioural patterns. Furthermore, data analytic methodology such as neural networks can be applied to a data set to predict the occurrence of fraud in future transactions.
Market Share by Application
As per the Australia fintech market analysis, the banking sector accounts for a sizeable share of the market due to the growing collaborations between fintech startups and banks. These startups aid banks with a seamless customer onboarding process as well as fraud detection.
Neobanks, digital banks without any physical branches, have gained popularity amid COVID-19 as customers are increasingly relying on digital banking solutions. These banks offer facilities such as savings accounts, mutual funds, and instant loans, of traditional banks without any hassle of visiting a branch.
Competitive Landscape
Airwallex Pty Ltd., incorporated in 2015, is a financial technology company. The company offers its payment and financial services to over 100,000 companies across the globe. Its business account offers borderless cards, expense management, bill payment, and integration with other software platforms.
Zeller Holdings Pty Ltd. is a financial services company, founded in 2020 and headquartered in Melbourne, Australia. Its product offerings include debit cards, corporate cards, sim cards, savings accounts, and transaction accounts. Zeller offers Australian businesses a comprehensive set of tools for fulfilling their financial needs.
Paytron Pty Ltd., established in 2020, is a spend automation company, with its headquarters in Sydney, Australia. Some of its specialities include accounts payable and receivable, accounting, bookkeeping, cashflow automation, invoices, and spend management. It is a custom-centric company which provides a customisable platform that can adapt to individual customer’s needs.
Other Australia fintech market players include mx51 Group Pty Ltd., Block Inc. (Afterpay Limited), Judo Capital Holdings Ltd. (Judo Bank Pty Ltd.), Zip Co. Limited, Athena Mortgage Pty Ltd., Wise Payments Limited, and PEXA Group Limited, among others.
Key Highlights of the Report
| 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:
|
| Breakup by Deployment Mode |
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| Breakup by Technology |
|
| Breakup by Application |
|
| Market Dynamics |
|
| Competitive Landscape |
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| Companies Covered |
|
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 Asia Pacific Fintech Market Overview
8.1 Key Industry Highlights
8.2 Asia Pacific Fintech Historical Market (2018-2023)
8.3 Asia Pacific Fintech Market Forecast (2024-2032)
8.4 Asia Pacific Fintech Market Breakup by Country
8.4.1 China
8.4.2 Japan
8.4.3 India
8.4.4 ASEAN
8.4.5 Australia
8.4.6 Others
9 Australia Fintech Market Overview
9.1 Key Industry Highlights
9.2 Australia Fintech Historical Market (2018-2023)
9.3 Australia Fintech Market Forecast (2024-2032)
10 Australia Fintech Market by Deployment Mode
10.1 On-Premises
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Cloud
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
11 Australia Fintech Market by Technology
11.1 Artificial Intelligence
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Application Programming Interface (API)
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 Robotic Process Automation
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 Data Analytics
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Others
12 Australia Fintech Market by Application
12.1 Banking
12.1.1 Historical Trend (2018-2022)
12.1.2 Forecast Trend (2023-2028)
12.2 Trading
12.2.1 Historical Trend (2018-2022)
12.2.2 Forecast Trend (2023-2028)
12.3 Taxation
12.3.1 Historical Trend (2018-2022)
12.3.2 Forecast Trend (2023-2028)
12.4 Insurance
12.4.1 Historical Trend (2018-2022)
12.4.2 Forecast Trend (2023-2028)
12.5 Others
13 Market Dynamics
13.1 SWOT Analysis
13.1.1 Strengths
13.1.2 Weaknesses
13.1.3 Opportunities
13.1.4 Threats
13.2 Porter’s Five Forces Analysis
13.2.1 Supplier’s Power
13.2.2 Buyer’s Power
13.2.3 Threat of New Entrants
13.2.4 Degree of Rivalry
13.2.5 Threat of Substitutes
13.3 Key Indicators for Demand
13.4 Key Indicators for Price
14 Competitive Landscape
14.1 Market Structure
14.2 Company Profiles
14.2.1 Airwallex Pty Ltd.
14.2.1.1 Company Overview
14.2.1.2 Product Portfolio
14.2.1.3 Demographic Reach and Achievements
14.2.1.4 Certifications
14.2.2 Zeller Holdings Pty Ltd.
14.2.2.1 Company Overview
14.2.2.2 Product Portfolio
14.2.2.3 Demographic Reach and Achievements
14.2.2.4 Certifications
14.2.3 Paytron Pty Ltd.
14.2.3.1 Company Overview
14.2.3.2 Product Portfolio
14.2.3.3 Demographic Reach and Achievements
14.2.3.4 Certifications
14.2.4 mx51 Group Pty Ltd.
14.2.4.1 Company Overview
14.2.4.2 Product Portfolio
14.2.4.3 Demographic Reach and Achievements
14.2.4.4 Certifications
14.2.5 Block Inc. (Afterpay Limited)
14.2.5.1 Company Overview
14.2.5.2 Product Portfolio
14.2.5.3 Demographic Reach and Achievements
14.2.5.4 Certifications
14.2.6 Judo Capital Holdings Ltd. (Judo Bank Pty Ltd.)
14.2.6.1 Company Overview
14.2.6.2 Product Portfolio
14.2.6.3 Demographic Reach and Achievements
14.2.6.4 Certifications
14.2.7 Zip Co. Limited
14.2.7.1 Company Overview
14.2.7.2 Product Portfolio
14.2.7.3 Demographic Reach and Achievements
14.2.7.4 Certifications
14.2.8 Athena Mortgage Pty Ltd.
14.2.8.1 Company Overview
14.2.8.2 Product Portfolio
14.2.8.3 Demographic Reach and Achievements
14.2.8.4 Certifications
14.2.9 Wise Payments Limited
14.2.9.1 Company Overview
14.2.9.2 Product Portfolio
14.2.9.3 Demographic Reach and Achievements
14.2.9.4 Certifications
14.2.10 PEXA Group Limited
14.2.10.1 Company Overview
14.2.10.2 Product Portfolio
14.2.10.3 Demographic Reach and Achievements
14.2.10.4 Certifications
14.2.11 Others
15 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Asia Pacific Fintech Market: Key Industry Highlights, 2018 and 2032
2. Australia Fintech Market: Key Industry Highlights, 2018 and 2032
3. Australia Fintech Historical Market: Breakup by Deployment Mode (USD Billion), 2018-2023
4. Australia Fintech Market Forecast: Breakup by Deployment Mode (USD Billion), 2024-2032
5. Australia Fintech Historical Market: Breakup by Technology (USD Billion), 2018-2023
6. Australia Fintech Market Forecast: Breakup by Technology (USD Billion), 2024-2032
7. Australia Fintech Historical Market: Breakup by Application (USD Billion), 2018-2023
8. Australia Fintech Market Forecast: Breakup by Application (USD Billion), 2024-2032
9. Australia Fintech Market Structure
Key Questions Answered in the Report
In 2023, the market reached an approximate value of USD 3.21 billion.
The market is projected to grow at a CAGR of 17.8% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032, reaching a value of around USD 14.31 billion by 2032.
The major market drivers are the proliferation of the internet, the rising adoption of digital financial services, and favourable government regulations such as Consumer Data Right (CDR).
The key trends of the market include the burgeoning popularity of embedded finance, increased integration of RPA technology into financial institutions, and growing mergers and partnerships between market players to expand fintech solutions in Australia.
Different deployment modes are on-premises and cloud.
Various applications are banking, trading, taxation, and insurance, among others.
The key players in the market are Airwallex Pty Ltd., Zeller Holdings Pty Ltd., Paytron Pty Ltd., mx51 Group Pty Ltd., Block Inc. (Afterpay Limited), Judo Capital Holdings Ltd. (Judo Bank Pty Ltd.), Zip Co. Limited, Athena Mortgage Pty Ltd., Wise Payments Limited, and PEXA Group Limited, among others.
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