Fintech Global Market Report 2022: Rapid digitization of

by James · November 17, 2022

Dublin, Nov. 17, 2022 (GLOBE NEWSWIRE) — The “Fintech Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” report has been added ResearchAndMarkets.com’s Offering.

The global fintech market size reached USD 131.14 billion in 2021. Looking ahead, the publisher expects the market to reach USD 385.93 billion by 2027, showing a CAGR of 19.71% during 2021-2027. Considering the uncertainty of COVID-19, we continuously track and evaluate the direct as well as the indirect impact of the pandemic on various end-use sectors. This insight is included in the report as a major market contributor.

Fintech, or financial technology, involves the integration of technology with financial services to improve or automate banking and investment operations. It includes retail banking, education, asset management, insurance investment, fundraising, digital lending, credit scoring and mobile banking. Fintech helps businesses, business owners and consumers better manage their financial processes using specialized software and algorithms on smartphones and computers. It also uses various technologies, such as artificial intelligence (AI), machine learning and robotic process automation (RPA), to automate and improve the delivery of financial services. Compared to traditional banking, fintech is more cost-effective, offers improved risk management, streamlines financial operations and enables faster payments.

Fintech market trends:

Rapid digitization of the banking, finance and insurance (BFSI) industry across the world creates positive outlook for the market. Fintech is transforming the banking system by increasing productivity and customer retention through speed and convenience. In line with this, the widespread technology to process large amounts of data in a short period of time, increase efficiency and minimize the chances of human error favors the market growth.

Apart from this, the integration of fintech solutions with artificial intelligence (AI) to detect and prevent fraud in digital banking channels is driving the market growth. In line with this, the use of machine learning (ML), big data and evolutionary algorithms in fintech to detect unusual activity and improve monitoring of financial transactions, speech recognition, risk management and secured network access to the banking institutions is having a positive impact. market growth. Other factors, including increased cooperation between national regulators and financial institutions, extensive research and development (R&D) activities, and implementation of various government initiatives to expand the fintech sector, are supporting market growth.

Key Market Segmentation:

The publisher provides an analysis of the key trends in each sub-segment of the global fintech market report, along with global, regional and country-level forecasts from 2022-2027. Our report has categorized the market based on distribution mode, technology, application and end user.

Breakdown by distribution mode:

Breakdown by technology: