Global Fintech Market Synopsis
The global market for Fintech estimated at USD 191200 Million in 2023 is projected to reach a revised size of USD 270680 Million by 2030, growing at a CAGR of 7.20% over the period 2023-2030.
The Global fintech market refers to the use of technology and innovation to provide financial services and products to consumers and businesses. Fintech, which stands for financial technology, encompasses a wide range of services and products, including mobile banking, digital payments, cryptocurrency, online lending, personal finance management, and investment management.
- Fintech companies aim to provide faster, more convenient, and often more affordable financial services compared to traditional financial institutions. They leverage technologies such as artificial intelligence, blockchain, and cloud computing to provide solutions that meet the needs of consumers and businesses.
- The global fintech market has experienced rapid growth in recent years, driven by advances in technology, changing consumer behaviours, and increased regulatory support.
- The fintech market is highly competitive, with numerous startups and established players competing for market share.
- The market is also characterized by partnerships and collaborations between fintech companies and traditional financial institutions, as banks and other financial institutions seek to leverage fintech innovations to improve their services and stay competitive.
Top Key Players Involved Are:
"PayPal (U.S.), Square (U.S.), Stripe (U.S.), Ant Group (China), Revolut (UK), TransferWise (UK), Robinhood (U.S.), Adyen (Netherlands), Klarna (Sweden), Nubank (Brazil), Plaid (U.S.), Coinbase (U.S.), SoFi (U.S.), OnDeck (U.S.), Funding Circle (UK), iZettle (Sweden), Wealthfront (U.S.), Acorns (U.S.), Tala (U.S.), Zopa (UK) and Other Major Players."
Global Fintech Market Trend Analysis
The Increasing Demand for Digital Financial Services
- It is a major growth driver for the fintech market. Digital financial services, such as mobile banking, online lending, and digital payments, have become increasingly popular among consumers who are looking for convenient and cost-effective ways to manage their finances.
- The increasing availability and affordability of smartphones and internet access have made it easier for consumers to access digital financial services from anywhere, at any time. Also, digital financial services are often more convenient and accessible than traditional financial services, which require consumers to visit physical branches during business hours.
- Fintech companies are using data analytics and artificial intelligence to offer more personalized financial services that are tailored to the individual needs and preferences of consumers. Furthermore, digital financial services are often cheaper than traditional financial services, which can be particularly attractive to consumers who are looking to save money.
- Overall, the increasing demand for digital financial services is a key growth driver for the fintech market, and it is likely to continue to drive the growth of the industry in the coming years.
Increasing Adoption of Digital Technology
The rise of digital technology has transformed the way consumers interact with financial services and has created new opportunities for fintech companies to disrupt traditional financial institutions.
- The increasing use of smartphones and the internet has made it possible for consumers to access financial services from anywhere, at any time. This has led to a shift towards mobile and online banking, which has created opportunities for fintech companies to offer more innovative and convenient services.
- Cloud computing has made it easier for fintech companies to scale their operations and offer services that are more cost-effective and efficient. Cloud computing also enables fintech companies to store and manage large amounts of data, which is crucial for delivering personalized financial services.
- Moreover, advances in artificial intelligence and machine learning have made it possible for fintech companies to analyze data and make more accurate predictions about consumer behavior. This has enabled them to offer more personalized financial services and improve risk management.
- Additionally, blockchain technology and cryptocurrencies have created new opportunities for fintech companies to offer more secure and transparent financial services.
Segmentation Analysis of The Global Fintech Market
Global Fintech Market segments cover the Service, Application, and Deployment Mode. By Service, the Payment segment is Anticipated to Dominate the Market Over the Forecast period.
- Payment-related fintech services, such as digital wallets, mobile payments, and peer-to-peer (P2P) payments, have seen significant growth in recent years, and this trend is expected to continue. Digital payments are becoming increasingly popular among consumers and businesses due to their convenience, speed, and security. As more consumers and businesses adopt digital payments, the demand for payment-related fintech services is likely to grow.
- Furthermore, many fintech companies are adopting a mobile-first approach to payment services, which is resonating well with consumers who prefer to use their smartphones for financial transactions. E-commerce has seen tremendous growth in recent years, and this has led to an increase in the demand for online payment services.
- Also, governments around the world are increasingly supportive of fintech companies that offer payment services, and this is helping to drive the growth of the payment segment in the fintech market.
- Overall, the payment segment is anticipated to dominate the fintech market due to the increasing demand for digital payments, the rise of e-commerce, the adoption of mobile-first payment services, and increasing globalization. As the payment segment continues to grow, we are likely to see more innovation and competition in this space.
Regional Analysis of The Global Fintech Market
North America is Expected to Dominate the Market Over the Forecast Period.
- The region is one of the largest and most mature fintech markets in the world, with a large number of established fintech companies and a supportive regulatory environment.
- North America has a well-established financial infrastructure, which provides a strong foundation for the fintech industry. The region has a large number of financial institutions, which are increasingly partnering with fintech companies to offer innovative financial services.
- Also, the regulatory environment in North America is generally supportive of the fintech industry. Regulatory agencies are working to create a framework that encourages innovation while protecting consumers.
- In addition to this, there is a growing amount of investor interest in the North American fintech market. Venture capital firms and other investors are providing funding to fintech companies, which is helping to drive innovation and growth.
- Overall, North America is expected to dominate the fintech market over the forecast period due to its established financial infrastructure, supportive regulatory environment, growing investor interest, and increasing consumer demand for innovative financial services.
Source – Statista
In 2020, fintech companies saw investments decrease by more than one-third, dropping below 125 billion U.S. dollars. Investment value increased again in 2021 up to almost 239 billion U.S. dollars. 2022, however, slightly decrease 2022, although remained well above the value measured in 2020. The Americas were the region attracting the most investments in the sector, accounting for more than 40 percent of the total.
Covid-19 Impact Analysis on Global Fintech Market
The COVID-19 pandemic has had a significant impact on the global fintech market.
- The pandemic has accelerated the adoption of digital technology in the financial industry. With physical distancing measures in place, consumers have been forced to use digital channels to access financial services. Also, the pandemic has led to an increased demand for contactless payments. Consumers are increasingly using digital wallets and mobile payments to avoid physical contact with cash and payment terminals.
- The pandemic has hurt funding for fintech startups. Investors have become more cautious and are less willing to invest in risky ventures. This has led to a slowdown in the creation of new fintech companies. Additionally, the pandemic has led to regulatory changes that have affected the fintech industry. In some cases, regulators have loosened regulations to encourage the use of digital financial services. In other cases, they have increased scrutiny of fintech companies to ensure that they are operating safely and securely.
Top Key Players Covered in The Global Fintech Market
- PayPal (U.S.)
- Square (U.S.)
- Stripe (U.S.)
- Ant Group (China)
- Revolut (UK)
- TransferWise (UK)
- Robinhood (U.S.)
- Adyen (Netherlands)
- Klarna (Sweden)
- Nubank (Brazil)
- Plaid (U.S.)
- Coinbase (U.S.)
- SoFi (U.S.)
- OnDeck (U.S.)
- Funding Circle (UK)
- iZettle (Sweden)
- Wealthfront (U.S.)
- Acorns (U.S.)
- Tala (U.S.)
- Zopa (UK) and Other Major Players.
Key Industry Developments in The Global Fintech Market
In April 2023, PayPal Ventures invested in Finanzguru. Frankfurt-based fintech Finanzguru, Germany’s leading open-banking enabled, holistic financial advisor, has raised €13 million led by new investors SCOR Ventures and PayPal Ventures, with participation from existing investors including Deutsche Bank, coparion, VR Ventures, Hannover Digital Investments, Venture Stars and former Postbank CEO Frank Strauss.
In April 2023, Square Launched Nearly 100 New Features to Help Sellers Diversify Revenue Streams and Automate Operations. Square unveiled an integrated spring product release, introducing a bevy of new features across our entire product ecosystem to unlock growth and create resilience for any type and size of business.
Global Fintech Market
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Base Year:
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2022
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Forecast Period:
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2023-2030
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Historical Data:
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2016 to 2021
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Market Size in 2022:
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USD 191200 Mn.
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Forecast Period 2022-30 CAGR:
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7.20%
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Market Size in 2030:
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USD 270680 Mn.
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Segments Covered:
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By Service
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- Payment
- Fund Transfer
- Personal Finance
- Loans
- Insurance
- Wealth Management
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By Application
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- Banking
- Insurance
- Securities
- Others
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By Deployment Mode
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By Region
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- North America (US, Canada, Mexico)
- Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)
- Western Europe (Germany, UK, France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)
- Asia Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New Zealand, Rest Of APAC)
- Middle East & Africa (Turkey, Bahrain, Kuwait, Saudi Arabia, Qatar, UAE, Israel, South Africa)
- South America (Brazil, Argentina, Rest Of SA)
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Chapter 1: Introduction
1.1 Research Objectives
1.2 Research Methodology
1.3 Research Process
1.4 Scope and Coverage
1.4.1 Market Definition
1.4.2 Key Questions Answered
1.5 Market Segmentation
Chapter 2:Executive Summary
Chapter 3:Growth Opportunities By Segment
3.1 By Service
3.2 By Application
3.3 By Deployment Mode
Chapter 4: Market Landscape
4.1 Porter's Five Forces Analysis
4.1.1 Bargaining Power of Supplier
4.1.2 Threat of New Entrants
4.1.3 Threat of Substitutes
4.1.4 Competitive Rivalry
4.1.5 Bargaining Power Among Buyers
4.2 Industry Value Chain Analysis
4.3 Market Dynamics
4.3.1 Drivers
4.3.2 Restraints
4.3.3 Opportunities
4.5.4 Challenges
4.4 Pestle Analysis
4.5 Technological Roadmap
4.6 Regulatory Landscape
4.7 SWOT Analysis
4.8 Price Trend Analysis
4.9 Patent Analysis
4.10 Analysis of the Impact of Covid-19
4.10.1 Impact on the Overall Market
4.10.2 Impact on the Supply Chain
4.10.3 Impact on the Key Manufacturers
4.10.4 Impact on the Pricing
Chapter 5: GLobal Fintech Market by Service
5.1 GLobal Fintech Market Overview Snapshot and Growth Engine
5.2 GLobal Fintech Market Overview
5.3 Payment
5.3.1 Introduction and Market Overview
5.3.2 Historic and Forecasted Market Size (2016-2030F)
5.3.3 Key Market Trends, Growth Factors and Opportunities
5.3.4 Payment: Geographic Segmentation
5.4 Fund Transfer
5.4.1 Introduction and Market Overview
5.4.2 Historic and Forecasted Market Size (2016-2030F)
5.4.3 Key Market Trends, Growth Factors and Opportunities
5.4.4 Fund Transfer: Geographic Segmentation
5.5 Personal Finance
5.5.1 Introduction and Market Overview
5.5.2 Historic and Forecasted Market Size (2016-2030F)
5.5.3 Key Market Trends, Growth Factors and Opportunities
5.5.4 Personal Finance: Geographic Segmentation
5.6 Loans
5.6.1 Introduction and Market Overview
5.6.2 Historic and Forecasted Market Size (2016-2030F)
5.6.3 Key Market Trends, Growth Factors and Opportunities
5.6.4 Loans: Geographic Segmentation
5.7 Insurance
5.7.1 Introduction and Market Overview
5.7.2 Historic and Forecasted Market Size (2016-2030F)
5.7.3 Key Market Trends, Growth Factors and Opportunities
5.7.4 Insurance: Geographic Segmentation
5.8 Wealth Management
5.8.1 Introduction and Market Overview
5.8.2 Historic and Forecasted Market Size (2016-2030F)
5.8.3 Key Market Trends, Growth Factors and Opportunities
5.8.4 Wealth Management: Geographic Segmentation
Chapter 6: GLobal Fintech Market by Application
6.1 GLobal Fintech Market Overview Snapshot and Growth Engine
6.2 GLobal Fintech Market Overview
6.3 Banking
6.3.1 Introduction and Market Overview
6.3.2 Historic and Forecasted Market Size (2016-2030F)
6.3.3 Key Market Trends, Growth Factors and Opportunities
6.3.4 Banking: Geographic Segmentation
6.4 Insurance
6.4.1 Introduction and Market Overview
6.4.2 Historic and Forecasted Market Size (2016-2030F)
6.4.3 Key Market Trends, Growth Factors and Opportunities
6.4.4 Insurance: Geographic Segmentation
6.5 Securities
6.5.1 Introduction and Market Overview
6.5.2 Historic and Forecasted Market Size (2016-2030F)
6.5.3 Key Market Trends, Growth Factors and Opportunities
6.5.4 Securities: Geographic Segmentation
6.6 Others
6.6.1 Introduction and Market Overview
6.6.2 Historic and Forecasted Market Size (2016-2030F)
6.6.3 Key Market Trends, Growth Factors and Opportunities
6.6.4 Others: Geographic Segmentation
Chapter 7: GLobal Fintech Market by Deployment Mode
7.1 GLobal Fintech Market Overview Snapshot and Growth Engine
7.2 GLobal Fintech Market Overview
7.3 Cloud
7.3.1 Introduction and Market Overview
7.3.2 Historic and Forecasted Market Size (2016-2030F)
7.3.3 Key Market Trends, Growth Factors and Opportunities
7.3.4 Cloud: Geographic Segmentation
7.4 On-Premises
7.4.1 Introduction and Market Overview
7.4.2 Historic and Forecasted Market Size (2016-2030F)
7.4.3 Key Market Trends, Growth Factors and Opportunities
7.4.4 On-Premises: Geographic Segmentation
Chapter 8: Company Profiles and Competitive Analysis
8.1 Competitive Landscape
8.1.1 Competitive Positioning
8.1.2 GLobal Fintech Sales and Market Share By Players
8.1.3 Industry BCG Matrix
8.1.4 Heat Map Analysis
8.1.5 GLobal Fintech Industry Concentration Ratio (CR5 and HHI)
8.1.6 Top 5 GLobal Fintech Players Market Share
8.1.7 Mergers and Acquisitions
8.1.8 Business Strategies By Top Players
8.2 PAYPAL (U.S.)
8.2.1 Company Overview
8.2.2 Key Executives
8.2.3 Company Snapshot
8.2.4 Operating Business Segments
8.2.5 Product Portfolio
8.2.6 Business Performance
8.2.7 Key Strategic Moves and Recent Developments
8.2.8 SWOT Analysis
8.3 SQUARE (U.S.)
8.4 STRIPE (U.S.)
8.5 ANT GROUP (CHINA)
8.6 REVOLUT (UK)
8.7 TRANSFERWISE (UK)
8.8 ROBINHOOD (U.S.)
8.9 ADYEN (NETHERLANDS)
8.10 KLARNA (SWEDEN)
8.11 NUBANK (BRAZIL)
8.12 PLAID (U.S.)
8.13 COINBASE (U.S.)
8.14 SOFI (U.S.)
8.15 ONDECK (U.S.)
8.16 FUNDING CIRCLE (UK)
8.17 IZETTLE (SWEDEN)
8.18 WEALTHFRONT (U.S.)
8.19 ACORNS (U.S.)
8.20 TALA (U.S.)
8.21 ZOPA (UK)
8.22 OTHER MAJOR PLAYERS
Chapter 9: Global GLobal Fintech Market Analysis, Insights and Forecast, 2016-2030
9.1 Market Overview
9.2 Historic and Forecasted Market Size By Service
9.2.1 Payment
9.2.2 Fund Transfer
9.2.3 Personal Finance
9.2.4 Loans
9.2.5 Insurance
9.2.6 Wealth Management
9.3 Historic and Forecasted Market Size By Application
9.3.1 Banking
9.3.2 Insurance
9.3.3 Securities
9.3.4 Others
9.4 Historic and Forecasted Market Size By Deployment Mode
9.4.1 Cloud
9.4.2 On-Premises
Chapter 10: North America GLobal Fintech Market Analysis, Insights and Forecast, 2016-2030
10.1 Key Market Trends, Growth Factors and Opportunities
10.2 Impact of Covid-19
10.3 Key Players
10.4 Key Market Trends, Growth Factors and Opportunities
10.4 Historic and Forecasted Market Size By Service
10.4.1 Payment
10.4.2 Fund Transfer
10.4.3 Personal Finance
10.4.4 Loans
10.4.5 Insurance
10.4.6 Wealth Management
10.5 Historic and Forecasted Market Size By Application
10.5.1 Banking
10.5.2 Insurance
10.5.3 Securities
10.5.4 Others
10.6 Historic and Forecasted Market Size By Deployment Mode
10.6.1 Cloud
10.6.2 On-Premises
10.7 Historic and Forecast Market Size by Country
10.7.1 US
10.7.2 Canada
10.7.3 Mexico
Chapter 11: Eastern Europe GLobal Fintech Market Analysis, Insights and Forecast, 2016-2030
11.1 Key Market Trends, Growth Factors and Opportunities
11.2 Impact of Covid-19
11.3 Key Players
11.4 Key Market Trends, Growth Factors and Opportunities
11.4 Historic and Forecasted Market Size By Service
11.4.1 Payment
11.4.2 Fund Transfer
11.4.3 Personal Finance
11.4.4 Loans
11.4.5 Insurance
11.4.6 Wealth Management
11.5 Historic and Forecasted Market Size By Application
11.5.1 Banking
11.5.2 Insurance
11.5.3 Securities
11.5.4 Others
11.6 Historic and Forecasted Market Size By Deployment Mode
11.6.1 Cloud
11.6.2 On-Premises
11.7 Historic and Forecast Market Size by Country
11.7.1 Bulgaria
11.7.2 The Czech Republic
11.7.3 Hungary
11.7.4 Poland
11.7.5 Romania
11.7.6 Rest of Eastern Europe
Chapter 12: Western Europe GLobal Fintech Market Analysis, Insights and Forecast, 2016-2030
12.1 Key Market Trends, Growth Factors and Opportunities
12.2 Impact of Covid-19
12.3 Key Players
12.4 Key Market Trends, Growth Factors and Opportunities
12.4 Historic and Forecasted Market Size By Service
12.4.1 Payment
12.4.2 Fund Transfer
12.4.3 Personal Finance
12.4.4 Loans
12.4.5 Insurance
12.4.6 Wealth Management
12.5 Historic and Forecasted Market Size By Application
12.5.1 Banking
12.5.2 Insurance
12.5.3 Securities
12.5.4 Others
12.6 Historic and Forecasted Market Size By Deployment Mode
12.6.1 Cloud
12.6.2 On-Premises
12.7 Historic and Forecast Market Size by Country
12.7.1 Germany
12.7.2 UK
12.7.3 France
12.7.4 Netherlands
12.7.5 Italy
12.7.6 Russia
12.7.7 Spain
12.7.8 Rest of Western Europe
Chapter 13: Asia Pacific GLobal Fintech Market Analysis, Insights and Forecast, 2016-2030
13.1 Key Market Trends, Growth Factors and Opportunities
13.2 Impact of Covid-19
13.3 Key Players
13.4 Key Market Trends, Growth Factors and Opportunities
13.4 Historic and Forecasted Market Size By Service
13.4.1 Payment
13.4.2 Fund Transfer
13.4.3 Personal Finance
13.4.4 Loans
13.4.5 Insurance
13.4.6 Wealth Management
13.5 Historic and Forecasted Market Size By Application
13.5.1 Banking
13.5.2 Insurance
13.5.3 Securities
13.5.4 Others
13.6 Historic and Forecasted Market Size By Deployment Mode
13.6.1 Cloud
13.6.2 On-Premises
13.7 Historic and Forecast Market Size by Country
13.7.1 China
13.7.2 India
13.7.3 Japan
13.7.4 South Korea
13.7.5 Malaysia
13.7.6 Thailand
13.7.7 Vietnam
13.7.8 The Philippines
13.7.9 Australia
13.7.10 New Zealand
13.7.11 Rest of APAC
Chapter 14: Middle East & Africa GLobal Fintech Market Analysis, Insights and Forecast, 2016-2030
14.1 Key Market Trends, Growth Factors and Opportunities
14.2 Impact of Covid-19
14.3 Key Players
14.4 Key Market Trends, Growth Factors and Opportunities
14.4 Historic and Forecasted Market Size By Service
14.4.1 Payment
14.4.2 Fund Transfer
14.4.3 Personal Finance
14.4.4 Loans
14.4.5 Insurance
14.4.6 Wealth Management
14.5 Historic and Forecasted Market Size By Application
14.5.1 Banking
14.5.2 Insurance
14.5.3 Securities
14.5.4 Others
14.6 Historic and Forecasted Market Size By Deployment Mode
14.6.1 Cloud
14.6.2 On-Premises
14.7 Historic and Forecast Market Size by Country
14.7.1 Turkey
14.7.2 Bahrain
14.7.3 Kuwait
14.7.4 Saudi Arabia
14.7.5 Qatar
14.7.6 UAE
14.7.7 Israel
14.7.8 South Africa
Chapter 15: South America GLobal Fintech Market Analysis, Insights and Forecast, 2016-2030
15.1 Key Market Trends, Growth Factors and Opportunities
15.2 Impact of Covid-19
15.3 Key Players
15.4 Key Market Trends, Growth Factors and Opportunities
15.4 Historic and Forecasted Market Size By Service
15.4.1 Payment
15.4.2 Fund Transfer
15.4.3 Personal Finance
15.4.4 Loans
15.4.5 Insurance
15.4.6 Wealth Management
15.5 Historic and Forecasted Market Size By Application
15.5.1 Banking
15.5.2 Insurance
15.5.3 Securities
15.5.4 Others
15.6 Historic and Forecasted Market Size By Deployment Mode
15.6.1 Cloud
15.6.2 On-Premises
15.7 Historic and Forecast Market Size by Country
15.7.1 Brazil
15.7.2 Argentina
15.7.3 Rest of SA
Chapter 16 Investment Analysis
Chapter 17 Analyst Viewpoint and Conclusion