IMARC Group, a leading market research company, has recently releases report titled , "Fintech Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" The fintech market size reached US$ 158.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 449.1 Billion by 2028, exhibiting a growth rate (CAGR) of 17.7% during 2023-2028.
What is Fintech?
Fintech represents financial technology that involves the integration of technology with financial services to automate and improve banking and investing operations. It includes education, asset management, insurance investment, fundraising, digital lending, credit scoring, mobile banking, etc. Fintech services help companies, business owners, and consumers efficiently manage financial processes by using specialized software and algorithms on smartphones and computers. As a result, they are more cost-effective, offer enhanced risk management, streamline financial operations, and enable faster payments.
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What are the growth prospects and trends in the Fintech Industry:
The rising digitization of the banking, financial services and insurance (BFSI) sector across the globe is among the key factors stimulating the fintech market. Moreover, the growing usage of these technological solutions in transforming the banking system by enhancing productivity and customer retention via speed and convenience is also propelling the market growth. Besides this, the widespread adoption of this technology to process large volumes of data within a short period, improve efficiency, and reduce the chances of human error is acting as another significant growth-inducing factor. Furthermore, the increasing integration of fintech solutions with artificial intelligence (AI) to detect and prevent fraud in digital banking channels is further fueling the global market. Apart from this, the growing utilization of machine learning (ML), big data, and evolutionary algorithms in this technology to detect unusual activity and enhance monitoring of financial transactions, speech recognition, risk management, and secured network access to banking institutions is positively influencing the market growth. Additionally, the increasing collaboration between national regulators and financial institutions and extensive research and development (R&D) activities are anticipated to fuel the fintech market over the forecasted period.
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Who are the key players operating in the industry?
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
- Adyen N.V.
- Afterpay Limited (Block Inc.)
- Avant LLC, Cisco Systems Inc.
- Google Payment Corp.
- International Business Machines Corporation
- Klarna Bank AB
- Microsoft Corporation
- Nvidia Corporation
- Oracle Corporation
- Paypal Holdings Inc.
- Robinhood Markets Inc.
- SoFi Technologies Inc
- Tata Consultancy Services.
What is included in market segmentation?
The report has segmented the market on the basis of deployment mode, technology, application and end user.
Breakup by Deployment Mode:
- On-premises
- Cloud-based
Breakup by Technology:
- Application Programming Interface
- Artificial Intelligence
- Blockchain
- Robotic Process Automation
- Data Analytics
- Others
Breakup by Application:
- Payment and Fund Transfer
- Loans
- Insurance and Personal Finance
- Wealth Management
- Others
Breakup by End User:
- Banking
- Insurance
- Securities
- Others
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Porter's Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.
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