Global FinTech Market Segments
The global Fintech market reached a value of nearly $111,240.5 million in 2019, having grown at a compound annual growth rate (CAGR) of 7.9% since 2015, and is expected to grow at a CAGR of 9.2% to nearly $158,014.3 million by 2023. Also, the market is expected to grow to $191,840.2 million in 2025 at a CAGR of 10.2% and to $325,311.8 million in 2030 at a CAGR of 11.1%. Big tech companies like Google, Amazon, Facebook and Apple are focusing on financial services, which positively impacts the growth of the FinTech market. However, concerns regarding security of consumer data is restraining the growth of the market.
The FinTech (Financial Technologies) market consists of sales of technology and platform based financial services and related goods. FinTech is the use of technology and innovation to provide financial services through internet-based platforms. Companies in this market provide end-to-end process financial services and solutions to automate financial processes over the Internet. It is used by end-user organizations on the back end to automate insurance, trading, banking services, and risk management.
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The global FinTech market is further segmented based on type and geography.
By Type Of Service – Payments, Wealth Management, Insurance, Personal Loans, Personal Finance, Fund Transfer, Others
By Service Provider - Payment Processors, Securities Brokerages And Investment Firms, Banks, Non-Banking Financial Companies, Others
By Technology - Mobile Commerce And Transfers, Robotic Process Automation, Data Analytics, Others.
By Geography: The global FinTech market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America was the largest region in the FinTech market, accounting for 40.8% of the global market.
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Trends In The FinTech Market
Rise of mobile payment technology is a trend adopted by the current generation. A mobile wallet is a type of digital wallet that enables the user to process payments, access account information, and pay for services through a smartphone application. To speed up the entire payment process, the mobile wallet stores details about the payment card on the app itself. Mobile wallets are on the rise and the reason for the large acceptance of mobile wallets can be attributed to the increasing number of smartphones.
FinTech Global Market Report 2020 is one of a series of new reports from The Business Research Company that provides FinTech market overviews, analyzes and forecasts FinTech market size and growth for the global FinTech market, FinTech market share, FinTech market players, FinTech market size, FinTech market segments and geographies, FinTech market trends, FinTech market drivers and FinTech market restraints, FinTech market’s leading competitors’ revenues, profiles and market shares. The FinTech market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.