Fintech Market Size
|Study Period||2019 - 2028|
|Market Size (2023)||USD 204.30 Billion|
|Market Size (2028)||USD 355.57 Billion|
|CAGR (2023 - 2028)||11.72 %|
|Fastest Growing Market||Asia Pacific|
|Largest Market||North America|
*Disclaimer: Major Players sorted in no particular order
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Fintech Market Analysis
The Global Fintech Market size is estimated at USD 204.30 billion in 2023, and is expected to reach USD 355.57 billion by 2028, growing at a CAGR of 11.72% during the forecast period (2023-2028).
FinTech (Financial Technology) is now a buzzword in the financial market. It refers to computer programs and other modern technologies used by businesses that provide automated and improved financial services. Over the years, the fintech industry has evolved in significant ways, leading to the transformation of companies into customer-centric businesses. Thus, finding a place among a plethora of companies ranging from startups to tech companies to established firms all over the world is not easy. With either a collaborative or a challenging approach, financial services companies and tech companies have taken up each other's lanes and are progressing with disruptive and innovative propositions in an ever-evolving business landscape.
Various crises have acted as the catalyst for the development of the FinTech market. Since the last global financial crisis, investments in Fintech have been growing. The expansion of the sector was largely a technological response to the shortcomings of the traditional financial services industry, which came under extreme pressure during and after the crisis. Similarly, COVID-19 also severely impacted the global economy and initiated the recession. This crisis resulted in the accelerated development of the FinTech industry. In response to COVID-19, large financial institutions partnered with emerging technology companies to access the new market. While FinTech are themselves seeking to team up with large financial institutions to expand their market and services, In any case, the FinTech market is developing.
Many variations of fintech have emerged in recent years that use cutting-edge technologies tailored for specific functions or sectors, such as Insurtech, regtech, payment services, and so on. Now that the FinTech industry is clearly more than a hype, the extent of execution achieved in organizations' strategy gathers importance. The technology aspect of the FinTech industry is growing rapidly. are increasingly using technology such as Blockchain, Application Programming Interface (API), robotic process automation, data analytics, etc. Which are enabling greater agility, efficiency, and accuracy.
Fintech Market Trends
Surging Adoption of Digital Payments is Driving the Market
The COVID-19 pandemic boosted financial inclusion, which resulted in a significant increase in digital payments along with the global expansion of formal financial services. This expansion created new economic opportunities. Payments developments such as cash displacement, new payment choices such as the request to pay, digital currencies, and buy now, pay later services (BNPL) all created new possibilities for the FinTech market growth.
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Surging Investment in Fintech Companies is Anticipated to Drive the Market
Investment in financial technologies has increased significantly in many parts of the world. Between 2010 and 2019, the total value of investments in fintech companies increased dramatically, reaching USD 215.1 billion. However, investments in fintech companies fell by more than one-third in 2020, reaching USD 127.7 billion, but increased again in 2021, reaching USD 226.5 billion. The United States attracted the most investments in the sector, accounting for nearly 80% of the total. This investment trend in financial technology is expected to create lucrative growth prospects for the market.
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Fintech Industry Overview
In the present scenario, large financial institutions with a long history in the financial market are seeking to team up with emerging technology to expand their market. Similarly, FinTech startups themselves are partnering with large and established financial institutions to enhance their growth and market. So, M&A deals are increasing in the FinTech market. For instance, in 2021, PayPal completed its acquisition of Paidy, a buy now, pay later supplier based in Japan. This acquisition would broaden PayPal's capabilities, allocation, and applicability in Japan's domestic payments market. Similarly, in 2021, Mastercard acquired Aiia, a leading European provider of open banking technology. With this acquisition, Mastercard expands its current open banking technology and established data techniques, as well as accelerates the organization's progress toward establishing a more powerful global open data network. The major players in the market include Ant Financials, Zhong An, Atom Bank, SoFi, Paypal, Coinbase, Robinhood, Adyen, etc.
Fintech Market Leaders
*Disclaimer: Major Players sorted in no particular order
Fintech Market News
- May 2022 : Mastercard announced cooperation with Synctera, a renowned FinTech banking service. The firms collaborated to supply account validation solutions for Synctera-powered FinTechs using Mastercard's open banking platform.
- March 2022 : Envestnet has partnered up with Productfy, a developer of a business-to-business FinTech platform. With this collaboration, FinTech creators using Productfy's platform would have direct access to Envestnet via a single interface.
Fintech Market Report - Table of Contents
1.1 Study Assumptions And Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS AND DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Industry Attractiveness - Porters' Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
4.5 Insights of Technology Innovations in the Market
4.6 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 By Service Propositions
5.1.1 Money Transfer and Payments
5.1.2 Savings and Investments
5.1.3 Digital Lending & Lending Marketplaces
5.1.4 Online Insurance & Insurance Marketplaces (Insights into Life & Non life segments covered)
5.1.5 Others (E-Commerce Purchase Financing, etc)
5.2 By Geography
5.2.1 North America
188.8.131.52 Rest Of Europe
5.2.3 Latin America
184.108.40.206 Rest of Latin America
220.127.116.11 South Korea
18.104.22.168 Rest of APAC
5.2.5 Middle East and Africa
22.214.171.124 Saudi Arabia
126.96.36.199 Rest of Middle East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Market Concentration Overview
6.2 Company Profiles
6.2.1 Ant Financials
6.2.2 Zhong An International
6.2.3 Atom Bank
6.2.9 N 26
6.2.10 Ally Financials
6.2.11 Oscar Health
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. DISCLAIMER AND ABOUT US
Fintech Market Research FAQs
How big is the Global Fintech Market?
The Global Fintech Market size is expected to reach USD 204.30 billion in 2023 and grow at a CAGR of 11.72% to reach USD 355.57 billion by 2028.
What is the current Global Fintech Market size?
In 2023, the Global Fintech Market size is expected to reach USD 204.30 billion.
Who are the key players in Global Fintech Market?
Ant Financial, Adeyn, Paytm, Coinbase and Robinhood are the major companies operating in the Global Fintech Market.
Which is the fastest growing region in Global Fintech Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2023-2028).
Which region has the biggest share in Global Fintech Market?
In 2023, the North America accounts for the largest market share in Global Fintech Market.
Fintech Industry Report
Statistics for the 2023 Fintech market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Fintech analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.