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Base Year
Historical Year
Forecast Year
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% |
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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.
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.
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.
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“Fintech Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:
Market Breakup by Deployment Mode
Market Breakup by Technology
Fintech Market Segmentation by Application
Market Breakup by Region
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% |
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.
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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.
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.
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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*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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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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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61 448 06 17 27
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63 287899028, +63 967 048 3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84865399124
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