Global Fintech Market Research Report 2023
Global Fintech Market Size By Service (Payment, Fund Transfer, Personal Finance, Loans, Insurance, Wealth Management), Application (Banking, Insurance, Securities, Others), Deployment Mode (Cloud, On-Premises), and Region Global Market Analysis and Forecast, 2023-2030
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.
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Global Fintech Market |
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Base Year: |
2022 |
Forecast Period: |
2023-2030 |
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Historical Data: |
2016 to 2021 |
Market Size in 2022: |
USD 191200 Mn. |
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Forecast Period 2022-30 CAGR: |
7.20% |
Market Size in 2030: |
USD 270680 Mn. |
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Segments Covered: |
By Service |
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By Application |
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By Deployment Mode |
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By Region |
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Global Fintech Market |
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Base Year: |
2022 |
Forecast Period: |
2023-2030 |
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Historical Data: |
2016 to 2021 |
Market Size in 2022: |
USD 191200 Mn. |
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Forecast Period 2022-30 CAGR: |
7.20% |
Market Size in 2030: |
USD 270680 Mn. |
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Segments Covered: |
By Service |
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By Application |
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By Deployment Mode |
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By Region |
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Key Market Drivers: |
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Key Market Restraints: |
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Key Opportunities: |
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Companies Covered in the Report: |
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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
Frequently Asked Questions
What would be the forecast period in the Global Fintech Market research report?
The forecast period in the Global Fintech Market research report is 2022-2030.
Who are the key players in 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
What are the segments of the Global Fintech Market?
The Global Fintech Market is segmented into Service, Application, Deployment Mode, and Region. By Service, the market is categorized into Payment, Fund Transfer, Personal Finance, Loans, Insurance, and Wealth Management. By Application, the market is categorized into Banking, Insurance, Securities, and Others. By Deployment Mode, the market is categorized into Cloud and On-Premises. By region, it is analyzed across North America (U.S.; 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; Southeast Asia, etc.), South America (Brazil; Argentina, etc.), Middle East & Africa (Saudi Arabia; South Africa, etc.).
What is the Global Fintech Market?
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.
How big is the Global Fintech Market?
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.
