According to TechSci Research report, Global FinTech Market was valued USD7301.78 billion in 2020 and is expected to grow at a CAGR of 26.87% during the forecast period on account of increasing popularity of digital payments, the increasing investments in AI, machine learning, blockchain and big data due to its high efficiency to deliver cost-effective services and supporting government initiatives across the globe.
Rising internet penetration, adoption of e-commerce platforms across the economies coupled with rising smartphone penetration, accelerated partnerships, and increasing funding in start-ups are some of the other factors for the growth of the FinTech market globally. However, the concerns related to data security and lack of skilled consultants to deploy AI in FinTech might hamper the growth of the global FinTech market during the forecast period.
Browse FinTech Market 130 Figures spread through 151 Pages and an in-depth TOC on
“Global FinTech Market ” https://www.techsciresearch.com/report/fintech-market/4235.html
Global FinTech market can be segmented based on technology, service, application and region. In terms of technology, the market is categorized into API, AI, blockchain, distributed computing and others, including big data, robotic process automation, etc. The API segment held the majority of the market share in the year 2020. The implementation of technologies such as blockchain, artificial intelligence and machine learning is driving the financial services industry to adopt FinTech. The application of big data by FinTech companies is enabling them to identify suspicious behavior, which could be malicious to business operations. Artificial Intelligence is being increasingly integrated into the financial services industry across the globe. AI in FinTech platforms is being implemented for cost optimization of banks and other financial institutions.
Ant Group Co. Ltd., Paypal Holdings Inc., Tencent Holdings Ltd, Robinhood Markets Inc., Google Payment Corp., One97 Communications Ltd., Adyen NV., Qudian Inc., Afterpay Limited, Nexi SpA, Klarna Bank AB, Social Finance, Inc., 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.
“Due to the COVID-19 pandemic, several countries across the globe suffered adverse economic consequences owing to the lockdown to contain the spread of the virus. The COVID-19 pandemic conferred new financial challenges, because of which individuals adopted FinTech apps and services to assist them navigate a broad variety of monetary needs, such as banking, pay analyzers and making payments, among others. Payment wallets witnessed a significant rise in transactions for P2P transfers, bill payments, and P2M payments for essential services as a result of the lockdown implementation and aversion to exchange cash. Payment gateways transactions went up in volumes as payments were created through online platforms. Numerous FinTech companies have developed new products and provided digital solutions to meet the needs of rapidly changing economic conditions. FinTech investments in APAC have witnessed enormous growth in 2020 and the first half of 2021. FinTech firms across APAC are more focused on expanding their portfolio, customer reach and breadth of services.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.