Fintech Market to Grow at CAGR of 12.31% through 2032

The fintech market size is anticipated to grow from USD 248.21 Billion in 2022 to USD 792.50 Billion in 10 years. The market should witness a moderate growth rate owing to the increasing demand for fintech for overcoming the shortcomings of traditional financial products and services. The rising investment in the AI, blockchain and cyber security industry provides significant lucrative opportunities to the market.

Newark, June 06, 2024 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the fintech market will grow from USD 248.21 Billion in 2022 to USD 792.50 Billion by 2032. The primary reason for the growth of the fintech market is the rising demand for easing the process of fund transferring, digital lending, etc. The rising number of agreements in financial institutions and companies is leading to integrating fintech services into the existing infrastructure.

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Key Insight of the Fintech Market

The North American region will account for the largest market size during the forecast period.

The North American region will hold a significant market share due to the rising number of stakeholders involved in the fintech market. The growing investment in the region’s banking and non-banking financial companies is one of the main factors propelling the fintech market. The availability of advanced infrastructure is leading to the development of innovative fintech products in the U.S. and Canada. Also, the presence of major financial firms in the U.S. has led to rapid growth of the market.

The cloud segment is expected to augment the market during the forecast period.

The deployment mode segment is divided into on-premises and cloud. The cloud segment is expected to augment the market during the forecast period. The unmatched scalability and flexibility of cloud computing are among its main advantages in the financial industry. Financial institutions are now adhering to market conditions and client expectations with the help of cloud software.

The blockchain segment is expected to augment the market during the forecast period.

The technology segment is divided into cyber security, artificial intelligence, blockchain, public cloud infrastructure, biometrics, identity management, and others. The blockchain segment is expected to augment the market during the forecast period. The fintech sector sees how blockchain technology can revolutionize revenue generation, enhance end-user experience, and streamline delivery, increase efficiency, and lower operational risk.

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The wealth management segment is expected to augment the market during the forecast period.

The application segment is divided into fund and payment transfer, wealth management, insurance, digital lending and lending marketplaces and others. The wealth management segment is expected to augment the market during the forecast period. Digital wealth management produces a quicker, more seamless financial planning process than traditional financial planning. By using artificial intelligence to help create a more seamless process for the financial planner, digital wealth management goes one step further in this regard.

The investment firms segment is expected to augment the market during the forecast period.

The providers segment is divided into banks, non-banking finance companies, investment firms, payment processors and others. The investment firms segment is expected to augment the market during the forecast period. Investment firms provide FinTech apps to offer personalized financial solutions that address the particular requirements of every user. FinTech apps combine artificial intelligence and sophisticated data analytics to provide customized investing advice, budgeting tools, and other services.

Report Scope and Segmentation –

Market Dynamics

Driver: Streamlined payments and transfer of funds

Payments and transactions are now safer and more efficient due to fintech apps. With just a few clicks on their smartphone, users of FinTech apps may swiftly transfer money, pay bills, or make purchases utilizing digital payment methods. FinTech platforms let consumers arrange transfers entirely online or through mobile apps without having to visit physical branches. Additionally, pre-filled data, seamless user interfaces, and efficient onboarding make cross-border fund transfers easier. PayPal, for instance, makes sending money overseas completely possible using its mobile app, which is quite simple for users. FinTech provides near-instant or same-day transfers instead of transfers taking days by employing digital assets and blockchain rails instead of traditional settlement layers.

Restraint: Issues in Accessibility

Fintech businesses typically only conduct business online. Therefore, they need physical locations where customers may go to get assistance. Customers who prefer face-to-face encounters or need help with complicated financial matters may find this troublesome. Fintech may also factor in financial exclusion, depriving some people of access to financial services.

Opportunity: Investment in big data and analytics

Numerous financial institutions that compete in the market have been disrupted and transformed by digitalization in the financial industry. Data and analytics have advanced over the past ten years, and organizations have increasingly relied on them. Big data and analytics are widely used to generate more customized and targeted user experiences. Businesses utilize data and analytics to be competitive because they enable them to enhance operations, optimize revenue, anticipate customer needs, deliver personalized product offers, and estimate demand. Many of the underbanked may now be reached due to big data analytics in fintech and cutting-edge techniques for credit risk assessment, opening up new revenue sources.

Challenges: Data privacy issues

Digital technology plays a major role in the financial services offered by fintech companies. Although this technology has numerous advantages, there are also serious security dangers. Cyber-attacks and data thefts can compromise consumers’ financial and personal information, which can cause significant financial harm. For security breaches, fintech companies can also be held personally and professionally liable.

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Some of the major players operating in the fintech market are:

• Bankable
• Circle Internet Financial Limited
• Blockstream Corporation Inc.
• Cisco Systems Inc.
• IBM Corporation
• Goldman Sachs
• Microsoft
• Oracle
• NVIDIA Corporation
• Tata Consultancy Services Limited
• Ant Financials
• Paypal
• SoFi
• Adyen
• Ally Financials

Key Segments Cover in the Market:

By Deployment Mode:

• On-Premises
• Cloud

By Technology:

• Cyber Security
• Artificial Intelligence
• Blockchain
• Public Cloud Infrastructure
• Biometrics and Identity Management
• Others

By Application:

• Fund and Payment Transfer
• Wealth Management
• Insurance
• Digital Lending and Lending Marketplaces
• Others

By Providers:

• Banks
• Non-Banking Finance Companies
• Investment Firms
• Payment Processor
• Others

By Region

• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

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About the report:

The market is analyzed based on value (USD Billion). All the segments have been analyzed on a global, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter’s five forces model, attractiveness analysis, product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.

About The Brainy Insights:

The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirements whether they are looking to expand or planning to launch a new product in the global market.

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