Market Size of Global Fintech Industry
|2020 - 2029
|Market Size (2024)
|USD 312.92 Billion
|Market Size (2029)
|USD 608.35 Billion
|CAGR (2024 - 2029)
|> 14.00 %
|Fastest Growing Market
*Disclaimer: Major Players sorted in no particular order
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Fintech Market Analysis
The Global Fintech Market size is estimated at USD 312.92 billion in 2024, and is expected to reach USD 608.35 billion by 2029, growing at a CAGR of greater than 14% during the forecast period (2024-2029).
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.