Fintech Market Size, Share, Price, Trends, Report, Forecast 2023-2028 | EMR Inc.
The new report by Expert Market Research titled, ‘Global Fintech Market Size, Report and Forecast 2023-2028’, gives an in-depth analysis of the global fintech market, assessing the market based on its segments like services and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2022): USD 135.90 Billion
- Forecast CAGR (2023-2028): 11.9%
- Forecast Market Size (2028): USD 266.9 Billion
The pandemic led to a surge in online transactions and financing owing to the implementation of lockdowns and cashless businesses, which invigorated the fintech industry in the historical period. The expanding e-commerce and the growing adoption of smartphones, coupled with internet penetration, are significantly catalysing the growth of the fintech industry. The rising inclination of people towards digital payments and the installation of fintech apps due to maintaining transparency and convenience are also driving the fintech industry’s growth. The technological advancements, such as machine learning, artificial intelligence, robotic process automation, application programming interface (API), blockchain, data analytics in financial services to automate economic services are projected to augment the fintech industry in the forecast period.
Industry Definition and Major Segments
Financial technology uses computer programmes and technologies to improve banking and financial activities, such as insurance, investments, banking services, risk management, and trading compared to the traditional financial systems. Fintech is an emerging industry that helps companies, business owners, consumers to automate their economic operations and processes using algorithms and software.
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The fintech industry, by service, is divided into
- Money Transfer and Payments
- Savings and Investments
- Digital Lending and Lending Marketplaces
The regional markets for fintech include:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
The government initiatives to boost the investment flows in the fintech sector is contributing to the development of the industry. For instance, the Pradhan Mantri Jan Dhan Yojana by the Government of India aims for the financial inclusion of people who do not possess bank accounts. Such initiatives play a critical role in providing impetus to the market. In addition, the digitalisation of payments and the utilisation of the Unified Payments Interface are all measures taken by the Indian government to boost the fintech sector in the region. The efforts taken by the industry players are also propelling the fintech industry. In April 2021, Social Finance, Inc. (SoFi) collaborated with MotoRefi – an auto fintech startup, to introduce auto loan refinancing to help people save money on their auto loans. Such developments are expected to propel the fintech industry in the forecast period.
Key Market Players
The major players in the market are Social Finance, Inc. (SoFi), PayPal Holdings, Inc., Adyen NV, Avant, LLC, Clyde, and Stripe, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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