DUBLIN, October 13, 2021 / PRNewswire / – The “Global FinTech Market, By Technology, By Service, By Application, By Region, Competition Forecast and Opportunity, 2026” report was added to ResearchAndMarkets.com offer.
The global FinTech market has been assessed at $ 7,301.78 billion in 2020 and is expected to grow at a CAGR of 26.87% during the forecast period.
The growing popularity of digital payments, increased investment in technology solutions, favorable government regulations, increased adoption of IOT devices are expected to positively influence the global fintech market in the coming years.
Growing innovations such as mobile wallets, digital money, paperless loans, etc. However, concerns over data security, lack of mobile and technological expertise may hamper the FinTech market during the forecast period.
The global FinTech market can be segmented into technology, service, application, and region. On the basis of technology, the market can be segmented into API, AI, blockchain, distributed computing, and others including big data, robotic process automation, etc. The AI segment is expected to experience the highest growth rate until 2026.
AI has become a staple of the FinTech industry in terms of collecting data, analyzing information, and building customer-centric products. Banking companies around the world, in order to avoid the loss of sensitive customer information, are implementing advanced AI-based risk analysis and fraud detection capabilities. The increased implementation of advanced risk analysis and fraud detection contributes to the growing share of the segment.
On the basis of service, the market can be segmented into payment, remittances, personal finance, loans, insurance, and others including equity, wealth management, etc. The payments segment is expected to dominate the market in 2020, but the insurance segment is expected to grow at the fastest growth rate during the forecast period.
On the basis of end-use industry, the market is sub-segmented into banking, insurance, securities and others including e-commerce, ITR, etc. The banking segment captures the highest market share in 2020 and is expected to dominate the market in the forecast period as well. Banks and start-ups in this space are developing electronic wallets and payment interfaces to maintain services and provide a better and faster user experience.
Regionally, the FinTech market has been segmented into several regions including Asia Pacific, Europe, North America, South America, and Middle East & Africa. Among these regions, Asia Pacific The region is expected to show the highest growth during the forecast period, mainly due to expanding customer base, larger share of Gen Z and Gen Y population, and the will to embrace new technologies and the huge market opportunity to move from cash to digital payments.
Leading companies develop cutting edge technologies and launch new products to stay competitive in the market. Other competitive strategies include mergers and acquisitions and the development of new services.
The major players operating in the global FinTech market are
- Ant Group Co. Ltd.
- Paypal Holdings, Inc.
- Tencent Holdings Ltd.
- Robinhood Markets, Inc.
- Google Payment Corp.
- One97 Communications Ltd.
- Adyen NV.
- Qudian inc.
- After-payment, limited
- Nexi SpA
- Klarna Bank AB
- Social Finance, Inc
- Before, LLC
Scope of the report:
Years considered for this report:
- Historical years: 2016-2019
- Baseline year: 2020
- Estimated year: 2021
- Forecast period: 2022-2026
Global FinTech Market, By Technology:
- Block chain
- Distributed computing
Global FinTech Market, By Service:
- Funds transfer
- Personal finance
Global FinTech Market, By Application:
Global FinTech Market, By Region:
- Asia Pacific
- South Korea
- North America
- United States
- Middle East & Africa
- United Arab Emirates
- Saudi Arabia
- South America
For more information on this report, visit https://www.researchandmarkets.com/r/vxaxin
Research and markets
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SOURCE Research and Markets