FinTech Market Size to Reach USD 16652680 Million by 2028 at a CAGR of 13.9% | Valuates Reports
BANGALORE, India, April 21, 2022 /PRNewswire/ --The Global FinTech Market is Segmented by Type (API, AI, Blockchain, Distributed Computing, Cryptography), by Application (Asset Management, Financing, Payments): Opportunity Analysis and Industry Forecast, 2022–2028.
The global fintech market size is projected to reach USD 16652680 Million by 2028 from USD 6588780 Million in 2021 at a Compound Annual Growth Rate (CAGR) of 13.9% during the forecast period 2022-2028.
Major factors driving the growth of Fintech Market:
FinTech provides convenient services & helps maintain transparency, in terms of financial inclusions, this factor is expected to drive the growth of the fintech market.
Furthermore, a growing number of collaborations between national regulators and financial institutions, as well as the implementation of advanced technologies by several financial bodies to provide integrated and value-added services to customers, are major factors driving the fintech market forward. The recent COVID-19 is also expected to boost the fintech market.
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TRENDS INFLUENCING THE GLOBAL FINTECH MARKET
As a means of combating the infection, governments all over the world began encouraging the use of contactless payments. Remote working, e-commerce, telemedicine, and e-learning have all aided the growth of online payments. In the post-COVID world, convenience will become the primary driver of FinTech market growth as safety becomes less of a concern.
The need to predict user behavior and better serve customers is expected to drive AI adoption in fintech. Artificial intelligence (AI) is used in FinTech for a variety of purposes, including lending decisions, customer support, fraud detection, credit risk assessment, insurance, wealth management, and more. AI is being used by modern FinTech companies to improve efficiency, precision, and query resolution speed. This factor is expected to drive the growth of the fintech market.
Companies are under increasing pressure to improve their digital capabilities, which has resulted in a surge in global investment. This is accomplished quickly through investments, partnerships, and fintech acquisitions. With each passing day, private equity and corporate venture capital investments reach new heights. As a result, the rising global investment will provide ample opportunities for the fintech market to grow in the coming years.
As several financial companies integrate Fintech solutions into their existing business processes, developing economies offer significant opportunities for Fintech tech companies to expand their offerings. The traditional banking system can be very costly. Bank fees and overdraft penalties prevent billions of people from getting a loan or opening a savings account. Overall, nearly 4 billion people are underbanked, meaning they do not have access to a full range of financial services despite having a bank account. Serving this massive untapped market offers lucrative opportunities for the fintech market to expand.
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FINTECH MARKET SHARE ANALYSIS
Based on type, The AI segment will provide lucrative opportunities for growth in the fintech market share due to the growing use of AI interfaces, and chatbots for efficient customer service.
Based on region, North America is expected to provide lucrative opportunities for growth in the fintech market share, because of the increasing adoption and development of advanced technologies in the fintech sector.
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Major Players in the Fintech Market
- Ant Financial
- Adyen
- Qudian
- Xero
- Sofi
- Lufax
- Avant
- ZhongAn
- Klarna
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SIMILAR REPORTS:
- The global Blockchain in Fintech market size is projected to reach USD 5163.7 Million by 2028, from USD 417.1 Million in 2021, at a CAGR of 42.6% during 2022-2028.
- The global Fintech Lending market size is projected to reach USD 3100520 Million by 2027, from USD 401260 Million in 2020, at a CAGR of 32.3% during 2021-2027.
- The global Digital Banking market size is projected to reach USD 30750 Million by 2027, from USD 9098.7 Million in 2020, at a CAGR of 19.0% during 2021-2027.
- The global FinTech Investment market size is projected to reach USD 113670 Million by 2028, from USD 42170 Million in 2021, at a CAGR of 14.7% during 2022-2028.
- The global Contactless Payments market size is projected to reach USD 23410 million by 2027, from USD 10260 Million in 2020, at a CAGR of 12.0% during 2021-2027.
- The global Fintech Technologies market size is projected to reach USD 229760 Million by 2028, from USD 105110 Million in 2021, at a CAGR of 11.3% during 2022-2028.
- According to our latest research, the global Artificial Intelligence (AI) in Fintech market size will reach USD 11890 Million in 2028, growing at a CAGR of 15.7% over the analysis period.
- The global Payment Processing Solutions market size is projected to reach USD 52060 Million by 2027, from USD 33810 Million in 2020, at a Compound Annual Growth Rate (CAGR) of 5.9% during 2021-2027.
- The global Trade Finance market size is projected to reach USD 10987510 Million by 2027, from USD 7616520 Million in 2020, at a CAGR of 5.4% during 2021-2027.
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