“Financial Technology Market”
The global fintech market size reached USD 158.9 billion in 2022. Looking ahead, IMARC Group expects the market to reach USD 449.1 billion by 2028, showing a CAGR of 17.7% during 2023-2028 .
The latest research study from the IMARC Group, “Fintech Market: Global Industry Trends, Share, Size, Growth, Opportunities and Forecast 2023-2028” offers a comprehensive analysis of the industry, which includes insights into global fintech industry report. The market size reached USD 158.9 billion in 2022. Looking ahead, IMARC Group expects the market to reach USD 449.1 billion by 2028, with a CAGR of 17.7% during 2023-2028.
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Fintech represents financial technologies designed to improve banking and investment operations, such as retail banking, asset management, insurance investment, digital lending, fundraising, credit scoring and mobile banking. They consist of application programming interfaces, blockchain, robotic process automation, data analytics, etc. These fintech solutions help businesses and consumers manage their financial processes efficiently by using specialized software and algorithms on smartphones and computers. They even help to automate and improve the delivery of financial services and ensure cost efficiency, improved risk management, streamlined financial operations and faster payments. Consequently, fintech systems find widespread use in banking and insurance industries worldwide.
Request a free PDF sample for more detailed market insights: https://www.imarcgroup.com/fintech-market/requestsample
Fintech market trends and drivers:
The growing need to increase productivity and customer retention in the banking segment by facilitating speed and convenience is primarily driving the fintech market. In line with this, the increasing use of technology to process large amounts of data in a short period of time and minimize the chances of human error is also positively impacting the global market. In addition, the escalating integration of fintech solutions with artificial intelligence or AI, machine learning (ML) and big data to detect unusual activity, prevent fraud in digital banking channels, and improve monitoring of financial transactions, risk management, voice recognition and secured network access to the banking institutions acts as another significant growth-inducing factor. In addition to this, the uplifting collaboration between national regulators and financial institutions and the launch of several government initiatives to expand the fintech segment aimed at overcoming the shortcomings of the traditional financial services industry are expected to strengthen the fintech market during the forecast period.
Scope of Fintech Market Report
Market size value in 2022
158.9 billion dollars
Market forecast for 2028
449.1 billion dollars
(CAGR) of 17.7% from 2022-2027.
Base year for estimation
Fintech Market 2023-2028 Analysis and Segmentation:
The market’s competitive landscape has been studied in the report with the detailed profiles of the key players operating in the market.
- Adyen NV
- Afterpay Limited (Block Inc.)
- Avant LLC, Cisco Systems Inc.
- Google Payments Corp.
- International Business Machines Corporation
- Klarna Bank AB
- Microsoft Corporation
- Nvidia Corporation
- Oracle Corporation
- Paypal Holdings Inc.
- Robinhood Markets Inc.
- SoFi Technologies Inc
- Tata Consulting Services.
Ask the analyst about customization and explore the full report with table of contents and list of figures: https://www.imarcgroup.com/fintech-market
The report has segmented the market on the basis of distribution mode, technology, application and end user.
Breakdown by distribution mode:
Breakdown by technology:
- Application Programming Interface
- Artificial intelligence
- Robotic process automation
- Data analysis
Breakdown by application:
- Payment and fund transfer
- Insurance and personal finance
- Wealth management
Breakdown by end user:
- Banking operations
Breakdown by region:
- North America: (USA, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, others)
- Europe: (Germany, France, UK, Italy, Spain, Russia, others)
- Latin America: (Brazil, Mexico, others)
- Middle East and Africa
Important 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 require specific information that is not currently within the scope of the report, we can provide it to you as part of the customization.
Browse other reports from the IMARC Group:
IMARC Group is a leading market research company providing management strategy and market research worldwide. We work with clients across all sectors and regions to identify their most valuable opportunities, address their most critical challenges and transform their business.
IMARC’s information products include major market, scientific, financial, and technological developments for business leaders in pharmaceutical, industrial, and high-tech organizations. Market forecasting and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and new processing methods are at the top of the company’s expertise.
Company name: IMARC Group
Contact person: Elena Anderson
Email: Send email
Address:134 N 4th St.
Country: United States
Press release distributed by ABNewswire.com
To view the original version on ABNewswire visit: Global Fintech Market Size Expected to Reach USD 449.1 Billion by 2028, Facilitated by Digitization in BFSI Industry