Fintech Market to Grow at CAGR of 23.58% – TechSci Research

According to TechSci Research report, “Global Fintech Market By Technology (API; AI; Blockchain; Distributed Computing, Others), By Service (Payment; Fund Transfer; Personal Finance; Loans; Insurance; Others), By Application (Banking; Insurance; Securities & Others), By Region, Competition, Forecast & Opportunities, 2025”, global fintech market was valued USD 5504.13 Billion in 2019 and is expected to grow at CAGR of 23.58% during the forecast period on account of the increasing popularity of digital payments, increasing investments in blockchain, big data due to its high efficiency to deliver cost-effective services and a surge in the online shopping amid the COVID-19 pandemic.

Lately, traditional financial service companies have forayed into the fintech market. Besides, increasing funding in start-ups are some of the other factors for the growth of fintech market, globally. However, the lack of skilled consultants to deploy AI in fintech might hamper the growth of the global fintech market during the forecast period.

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Global fintech market can be segmented based on technology, service, application and region. In terms of service, the market is categorized into payment; fund transfer; personal finance; loans; insurance; and others. Out of these, the payment segment led the market with share of 69.07% in 2019 and the trend is likely to continue through 2025. Dominant share of the segment can be attributed to increased contactless cards and emergence of retail-focused fintech companies which are looking to expand the use of this functionality by taking it to every corner of commerce. Moreover, the popularity of payment apps like GoUrl, Cayan, Stripe, and Amazon Pay amongst customers and retailers would further drive growth of this segment.

PayPal Holdings, Inc., Ant Group, Robinhood Markets, Inc., Afterpay Limited, Google Pay (Alphabet Inc.), Paytm (One97 Communications Ltd.), Adyen, Qudian Inc., Nexi SpA, Klarna Bank AB, Social Finance, Inc., and Avant, LLC, among others are the leading players operating in global fintech market. Companies operating in the fintech market are using inorganic growth strategies in order to increase their market share. Total investment in Fintech companies has surpassed USD 24.6 billion in 2019, exemplifying strategy most opted by fintech companies in 2019.

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“The FinTech industry is witnessing a boom in Asia-Pacific region and the region is expected to continue its dominance in the coming years on account of huge and growing consumer base, high willingness to accept new technology and the sheer size of the market opportunity to convert from cash to digital payments. Asia-Pacific region offers huge potential for FinTech platforms. China has been at the forefront with the country being the largest FinTech market in the world. The highest investment for FinTech startups also comes from China.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Global Fintech Market By Technology (API; AI; Blockchain; Distributed Computing, Others), By Service (Payment; Fund Transfer; Personal Finance; Loans; Insurance; Others), By Application (Banking; Insurance; Securities & Others), By Region, Competition, Forecast & Opportunities, 2025” has evaluated the future growth potential of global Fintech market and provided statistics & information on market size, shares, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in the global Fintech market.