Insights on the $332.5 Bn Fintech Market is Expected to Grow at a CAGR of over 19.8% During 2022-2028 | Vantage Market Research
WASHINGTON, May 09, 2022 (GLOBE NEWSWIRE) — Financial technology is one of the most widespread terms used for research in finance industry in present time. Financial Technology (FinTech) is the use of modern innovative technology in the field of finance. It is basically used for innovative and disruptive technology for providing the financial services. Fintech catered to need of more security for the investors by providing innovative and secured financial services. The other reason for the emergence of Fintech could be attributed to the need for the financial services at more affordable cost which provides mobility and faster pace. Owing to these factors in acceptance, fintech domain is gaining huge importance on a global market, states Vantage Market Research, in a report, titled “Fintech Market Size, Share & Trends Analysis Report by Deployment Mode (On-premise, Cloud), by Application (Payment & Fund Transfer, Loans, Insurance & Personal Finance, Wealth Management), by Technology (Application Programming Interface (API), Artificial Intelligence (AI), Blockchain, Robotic Process Automation), by End User (Banking, Insurance, Securities, Others), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) – Global Industry Assessment (2016 – 2021) & Forecast (2022 – 2028)”.
The market size stood at USD 112.5 Billion in the year 2021. The Global Fintech Market size is expected to reach USD 332.5 Billion by the year 2028, and is expected to grow exhibiting a Compound Annual Growth Rate (CAGR) of 19.8% during the forecast period.
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The report on Fintech market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Value Chain Analysis
- Historic Data, Estimates and Forecast
- Company Profiles
- Porter’s Five Forces Analysis
- Global and Regional Dynamics
Market Overview:
Increasing Compatibility with Financial Services is expected to Fuel the Market Growth.
The market is mainly driven by rising compatibility with financial services industry ecosystem and increase in the Cryptocurrency market cap and ICO. This technology helps in generating faster transactions and reduces TCO. The major restraining factor for Fintech Market is uncertainty of regulatory standards and frameworks imposed by the system. Additionally, digital technology in financial sector growing rapidly, Innovations in financial technology such as mobile money, peer-to-peer (P2P) or marketplace lending, Robo-advice, insurance technology (insurtech) and crypto-assets have emerged around the world. These developments have the potential to make markets more diverse, competitive, efficient, and inclusive, but could also increase concentration. Innovation has introduced competition and increased inclusion, particularly in emerging markets and developing economies
Key Insights & Findings from the Report:
- According to our primary respondents’ research, the Fintech market is predicted to grow at a CAGR of roughly 19.8% during the forecast period.
- The Fintech market was estimated to be worth roughly USD 112.5 Billion in 2021 and is expected to reach USD 332.5 Billion by 2028; based on primary research.
- On the basis of region, Asia Pacific is projected to dominate the worldwide Fintech market.
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Segmentation of the Global Fintech Market:
- Deployment Mode
- On-Premise
- Cloud
- Application
- Payment & Fund Transfer
- Loans
- Insurance & Personal Finance
- Wealth Management
- Others
- Technology
- Application Programming Interface (API)
- Artificial Intelligence (AI)
- Blockchain
- Robotic Process Automation
- Data Analytics
- Others
- End User
- Banking
- Insurance
- Securities
- Others
- Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Privacy and Security Concerns to Hinder the Market Growth
As per the Privacy Compliance Hub (PCH), Fintechs organizations are under constant pressure to rapidly deploy new applications and services. These businesses typically hold and process large amounts of customer data and innovation cannot come at the expense of privacy compliance. Major users are opting for financial assistance care about privacy, particularly when it comes to their financial information. Thus, for Fintech Market to flourish privacy and security should be considered on top priority. This will help the market to grow in the forecast years.
COVID-19 Analysis:
The COVID-19 outbreak has affected various industries worldwide. The Fintech Market also had a huge impact. Governments across the world took severe actions like border seals, lockdown, and implementing strict social distancing measures, in order to stop the swift spread of COVID-19. These actions led to a severe impact on the global economy impairing various industries. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data- points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Region 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
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Regional Analysis:
Increasing Growth of Fintech Market in North America
Asia Pacific is expected to grow at the fastest CAGR in coming years due to high demand for fintech blockchain technology in commercial sector. Additionally, this region contains the world’s best financial institutions and needed professionals. These are few of the reasons is expected to grow in coming years.
Developing economies like India, China, and the Middle East are considered to gain huge opportunities in the fintech blockchain technology. North America held the largest share of the Fintech Market in 2021, followed by Europe and the Asia Pacific. In major parts of the world, the market is still growing owing to insufficient funds, lack of education, minimum availability financial professionals, underdeveloped IT infrastructure and social constraints.
List of Prominent Players in the Fintech Market:
- Bankable
- Block stream Corporation Inc.
- Circle Internet Financial Limited
- Cisco Systems Inc.
- Goldman Sachs
- IBM Corporation
- Microsoft
- NVIDIA Corporation
- Oracle
- Tata Consultancy Services Limited
Browse market data Tables and Figures spread through 146 Pages and in-depth TOC on “Fintech Market Size, Share & Trends Analysis Report by Deployment Mode (On-premise, Cloud), by Application (Payment & Fund Transfer, Loans, Insurance & Personal Finance, Wealth Management), by Technology (Application Programming Interface (API), Artificial Intelligence (AI), Blockchain, Robotic Process Automation), by End User (Banking, Insurance, Securities, Others), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) – Global Industry Assessment (2016 – 2021) & Forecast (2022 – 2028)” View detailed Research Report here – http://www.vantagemarketresearch.com/press-release/fintech-market-280878
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Fintech Market?
- How will the Fintech Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Fintech Market?
- What is the Fintech market drivers and restrictions?
- What will be the CAGR and size of the Fintech Market throughout the forecast period?
This market titled “Fintech Market” will cover exclusive information in terms of Geographic Segmentation, Regional Analysis, Forecast, and Quantitative Date – Units, Key Market Trends, and various others as mentioned below:
| Parameter | Details |
| Market Size Provided for Years | 2016-2028 |
| Base Year | 2021 |
| Historic Years | 2016-2020 |
| Forecast Years | 2022-2028 |
| Segments Covered |
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| Region & Counties Covered |
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| Companies Covered |
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| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis |
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