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Report Overview

2023

Base Year

2018-2023

Historical Year

2024-2032

Forecast Year

Global Fintech Market Size

The global fintech market reached approximately USD 226.71 billion in 2023. The market is projected to grow at a CAGR of 16.8% between 2024 and 2032, reaching a value of around USD 917.17 billion by 2032.

Global FinTech Market Report Summary Description Value
Base Year USD Billion 2023
Historical Period USD Billion 2018-2023
Forecast Period USD Billion 2024-2032
Market Size 2023 USD Billion 226.71
Market Size 2032 USD Billion 917.17
CAGR 2018-2023 Percentage XX%
CAGR 2024-2032 Percentage 16.8%
CAGR 2024-2032 - Market by Region Asia Pacific 18.7%
CAGR 2024-2032 - Market by Country India 19.5%
CAGR 2024-2032 - Market by Country China 18.9%
CAGR 2024-2032 - Market by Deployment Mode Cloud 26.9%
CAGR 2024-2032 - Market by Technology Artificial Intelligence 19.2%
Market Share by Country 2023 France 3.2%

Fintech Market Outlook

  • As per fintech statistics globally, India ranks among the largest global fintech markets, with institutional investors rising from 535 to 1019 between 2021 and 2022.
  • In 2022, over 272 fintech unicorns worth USD 936 billion disrupted traditional financial services, offering seamless digital experiences to financial customers.
  • The rapid digital transformation of the banking sector and the growing e-commerce sector are driving the fintech market share globally.
  • As sales reach a milestone, Airtel Payments Bank's Q1 net profit increases 41% to Rs 7.2 crore. The Bank's Monthly Transacting Users (MTU) surpassed 88 million during the last quarter, contributing to an increase in customer deposits that increased by 53% year over year to Rs 2,943 crore.

Fintech Market

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Fintech Market Growth

Fintech, variously referred to as financial technology, is a technology that enhances or automates financial services and processes. It utilises specialised software and algorithms to help business owners, companies, and consumers manage their finances using a computer or a smartphone. It is typically used to automate insurance, investments, trading, risk management, and banking services, among others and can provide insight into finances.

The increasing internet penetration and the rising ownership of smartphones around the globe, along with the rising adoption of cashless currency, are the major factors propelling the fintech demand. Companies are also increasingly adopting the latest technologies to improve user-friendliness and propel the demand for fintech solutions among the technology-driven millennials and Gen-Z.

Key Trends and Recent Developments

Favourable government initiatives, rising adoption of innovative technologies and integration of advanced cybersecurity solutions are the major trends impacting the fintech demand growth.

June 2024

Mastercard confirmed the launch of "Mastercard For Fintechs," a new initiative aimed at providing fintech companies in Western Europe with the resources and know-how necessary to spur continuous expansion and advance their careers.

December 2023

The Saudi Central Bank (SAMA), along with the Capital Market Authority (CMA), launched Makken, a fintech programme, to provide technical support and cybersecurity tools to startups and entrepreneurs.

December 2023

Fintech start-up, IppoPay, collaborated with Visa to empower small businesses with credit cards. The collaboration signifies a significant milestone in IppoPay's trajectory, promising a realm of new financial possibilities.

July 2023

Arzooo, a Bengaluru-based B2B retail tech platform, announced the launch of Arzooo Pro Finance, its fintech service aimed at supporting offline retailers to surge in-store sales conversion and upsell higher-value products to aspirational shoppers.

March 2023

Synctera, a Banking as a Service (BaaS) company, announced its partnership with the National Bank of Canada to aid companies in building and launching embedded banking products and fintech apps in Canada.

Favourable government initiatives

Favourable government initiatives aimed at supporting the use of fintech to bolster financial inclusion and improve the efficiency of real-time payments are aiding the market growth.

Increasing adoption of innovative technologies in fintech

As per fintech industry analysis, here is an increasing adoption of technologies such as AI, machine learning, and robotic process automation to improve credit decision models, monitor borrower spending behaviour, and reduce expenses by fintech providers.

Integration of advanced cybersecurity solutions to aid market expansion

The development of robust cybersecurity measures, along with the rapid expansion of fintech solutions, is aiding the market growth.

Fintech Market Trends

The expansion of the e-commerce sector and advancements in financial technology are amplifying the utilisation of digital payment services, hence propelling demand of global fintech market.

The global fintech market growth can be attributed to the increasing government investments to promote financial inclusion, surge digital payments, and ensure the stability of financial service payments. For instance, the United Kingdom government has created a task force to explore digital bank currency to form a more open, greener, and technologically advanced financial services sector. Similarly, South Korea’s regulatory sandbox scheme is aimed at commercialising innovative fintech solutions and promoting competition.

Fintech organisations are increasingly integrating AI to prevent fraud, respond to customers’ queries, and enhance client engagement. There is a surge in the deployment of cloud computing, blockchain, and IoT by fintech companies to maintain sensitive data, reduce transaction costs, and comply with government regulations. Technological advancements and innovations thus add to the rising growth of the fintech market.

With the rising demand for flexibility of purchase payment among customers, fintech institutions are boosting fintech industry revenue by replacing traditional financing with alternatives. Companies are offering convenient payment solutions such as buy now, pay later (BNPL) transaction options, which acts as one of the crucial fintech market trends. For instance, in February 2023, CRED, an India-based fintech company, launched CRED flash to foray into the BNPL segment, offering customised spending limits to members for repayment within 30 days.

Fintech Market by Segments

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Fintech Industry Segmentation

“Fintech Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Market Breakup by Deployment Mode

  • On-Premises
  • Cloud

Market Breakup by Technology

  • Application Programming Interface (API)
  • Artificial Intelligence
  • Blockchain
  • Robotic Process Automation
  • Data Analytics
  • Others

Fintech Market Segmentation by Application

  • Banking
  • Trading
  • Taxation
  • Insurance
  • Others

Market Breakup by Region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa
CAGR 2024-2032 - Market by Country
India 19.5%
China 18.9%
UK 15.4%
USA 15.0%
Germany 13.8%
Canada XX%
France XX%
Italy XX%
Japan 11.6%
Australia XX%
Saudi Arabia XX%
Brazil XX%
Mexico XX%

Global Fintech Market Share

Deployment Of Cloud-Based Solutions Is Expected To Increase Due To Their Scalability, Flexibility, And Agility

According to the global fintech market analysis, the deployment of cloud-based fintech solutions is significantly increasing. Cloud computing offers several advantages to the fintech sector, revolutionising the way financial services are delivered, managed, and accessed.

Fintech companies can scale their operations easily with cloud services to boost the growth of fintech market. They can expand or reduce their computing resources based on demand, allowing for flexibility in handling peak loads or sudden increases in user activity without major infrastructure investments. For instance, Apex Fintech Solutions has rolled out a cloud-based business-to-business investment infrastructure that runs in real time. The new platform seeks to enhance efficiency and risk management amongst financial firms that offer their services to global markets.

Moreover, enhanced security is a major factor boosting the adoption of cloud technologies in fintech and shaping the fintech market dynamic and trends. Top cloud service providers invest significantly in robust security measures, often offering advanced encryption, firewalls, and security protocols. Fintech companies can leverage these features to ensure the protection of sensitive financial data and comply with industry regulations. Meanwhile, on-premise fintech solutions are preferred by organisations with an enhanced focus on security.

Integration Of Blockchain In Fintech Solutions Is Rising Owing To Its Ability To Reduce Costs And Speed Of Financial Transactions.

A new trend of fintech market is the integration of blockchain technology in the fintech sector is significantly increasing as it ensures secure, tamper-resistant transactions by using decentralised, immutable ledgers. It provides a transparent record of transactions across a distributed network, reducing the risk of fraud or unauthorised alterations. The cryptographic nature of blockchain also ensures data integrity and security.

There is so much that blockchain technology can do for the insurance sector. Blockchain technology for decentralized insurance is already under development by fintech companies like Etherisc and Insurepal. By automating claim processing, insurance policies, and payouts, these systems lower the need for manual interventions and the related expenses. They do this by utilizing smart contracts.

Besides, there is a rising deployment of application programming interface (API) by fintech organisations to enhance their service offerings, provide customers with payments and account access, and surge the accessibility of financial data. In the forecast period, the fintech market revenue can further be boosted by advancements in financial technology. These are expected to surge the deployment of technologies such as data analytics and artificial intelligence by key players.

Fintech Market by Region

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Fintech Market Regional Analysis

Strong BFSI Sector in North America To Bolster Demand in the Region

North America represents a significant portion of the fintech market share due to innovations by key players and the high adoption of technology in the BFSI sector. The increasing proliferation of start-ups such as Alinea, OneVest, and Brex, among others in countries such as the United States and Canada also paves way to several fintech market opportunities. Meanwhile, Europe is also witnessing healthy growth due to the development of alternative finances and rising digital investments in the region.

The United Kingdom has emerged as a leading fintech destination in Europe, supported by growing venture capital investments, a deep talent pool, and a favourable regulatory environment. As per the UK government, London is home to more than 90,000 professional and financial service companies, and regions like Edinburgh, Belfast, Newcastle, Manchester, Bristol, and Leeds are emerging as fintech hotspots. Evolving payment technology, the rise of digital baking, and rising R&D activities by key players support the Europe fintech market landscape.

Meanwhile, the fintech industry in Asia Pacific is anticipated to grow at the fastest pace in the forecast period owing to the rising demand for personalised banking services and increasing investments in fintech startups in the region. For instance, in January 2024, Indian fintech startup FinAGG Technologies announced that it had raised USD 11 million as a part of its Series A funding. The funding is aimed at expanding the company’s global outreach, product innovations, and online and offline presence.

Reportedly, China enjoys 87% of fintech adoption whereas Singapore, South Korea, and Hong Kong boast fintech penetration of 67%. This trend is expected to grow in the coming years with the rise of neobanks, the development of convenient fintech solutions, and the growing adoption of tech-enabled fintech services.

Competitive Landscape

The market players are increasing their collaboration and research and development activities to gain a competitive edge in the market:

PayPal Holdings, Inc.

PayPal, headquartered in California and founded in 1998, is one of the largest digital payment platforms that enables individuals and businesses to make online transactions. The company has expanded its business to offer various services, including transferring money, online payments, and acting as a digital wallet.

Ant Group

Ant Group is a financial technology company based in China and is known for its flagship product, Alipay. The company is headquartered in Zhejiang, was founded by Alibaba Group in 2014, and provides various financial services, including payments and insurance.

Stripe, Inc.

Stripe, Inc. is an American technology company that offers payment processing software for Internet businesses. Founded in 2010, Stripe provides a platform that enables businesses to accept payments online, handling transactions, subscription billing, and other financial tasks.

Other key players considered in the global fintech market report are Intuit Inc., Adyen Group, Coinbase, Square Capital, LLC, Avant, LLC., Klarna Bank AB, and Nu Pagamentos S.A, 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:

  • Deployment Mode
  • Technology
  • Application
  • Region
Breakup by Deployment Mode
  • On-premise
  • Cloud
Breakup by Technology
  • Application Programming Interface (API)
  • Artificial Intelligence
  • Blockchain
  • Robotic Process Automation
  • Data Analytics
  • Others
Breakup by Application
  • Banking
  • Trading
  • Taxation
  • Insurance
  • Others
Breakup by Region
  • North America
    • United States of America 
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • PayPal Holdings, Inc.
  • Ant Group
  • Stripe, Inc.
  • Intuit Inc.
  • Adyen Group
  • Coinbase
  • Square Capital, LLC
  • Avant, LLC.
  • Klarna Bank AB
  • Nu Pagamentos S.A
  • Others

View Our Regional Reports

United States Fintech Market

Brazil Fintech Market

Vietnam Fintech Market

France Fintech Market

Germany Fintech Market

United Kingdom Fintech Market

China Fintech Market

Australia Fintech Market

Saudi Arabia Fintech Market

Fintech Market Report Snapshots

Fintech Market Size

Fintech Market Growth

Fintech Market Trends

Fintech Market Share

Fintech Companies

Fintech Market Regional Analysis

*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*

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Key Questions Answered in the Report

In 2023, the global fintech market attained a value of approximately USD 226.71 billion.

The market is projected to grow at a CAGR of 16.8% between 2024 and 2032.

The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 917.17 billion by 2032.

The market is being driven by the rising use of fintech by the young population and the introduction of various favourable government initiatives.

The market is aided by technological advancements, and the rise of the e-commerce sector, which has increased the demand for remote management of finances.

The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.

On-premise and cloud are the different deployment modes of fintech in the market.

Application programming interface (API), artificial intelligence, blockchain, robotic process automation, and data analytics, among others, are the different technologies of the market.

Banking, trading, taxation, and insurance, among others are the major applications of the market.

The major players in the 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.

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