Fintech Technologies Market Expected to Reach $698.48 Billion By 2030

According to a recent report published by Allied Market Research, titled, “Fintech Technologies Market By Deployment Mode, Application, Technology, and End User: Global Opportunity Analysis and Industry Forecast, 2021-2030”, the global fintech technologies market size was valued at $110.57 billion in 2020, and is projected to reach $698.48 billion by 2030, growing at a CAGR of 20.3% from 2021 to 2030.

Increase in use of smartphones for mobile banking, investing, borrowing services, and cryptocurrency are examples of technologies aiming to make financial services more advance & accessible to the general public. Moreover, Fintech technology companies consist of both startups and established financial institutions trying to replace & enhance usage of financial services provided by existing financial companies. In addition, Fintech technologies include advance technologies such as artificial application programming interface (API), artificial intelligence (AI), blockchain, robotic process automation, and data analytics to enhance financial processes. Payments, fund transfer, personal finance, insurance, and wealth management are some of the major business areas engaged in fintech technologies.

Factors such as improved focus on financial regulations, increase in adoption of advance technologies, and rapid growth in collaboration between regulators & financial institutions are major factors that drive growth of the fintech technologies market. In addition, General Data Protection Regulation (GDPR) concerns across various regions and untapped potential of emerging economies are expected to provide lucrative opportunities for the fintech technologies providers in the coming years.

On the basis of application, the banking segment acquired major fintech technologies market share during the forecast period. Moreover, fintech technologies allows banks to confidentially exchange the transaction detail document with their customers. Furthermore, it provides numerous benefits such as high security, hassle free data transaction service, and others

By region, the global fintech technologies market was dominated by North America in 2020, and is expected to maintain this trend during the forecast period. Rise in awareness of fintech technologies among banks & financial institutions and surge in partnership of fintech technologies companies with regulatory bodies are the major factors that influence growth of the fintech technologies market in this region. However, Asia-Pacific is expected to grow at the fastest CAGR during the forecast period. Several financial institutions are adopting fintech technologies to boost business efficiency and governments across Japan, Malaysia, and Indonesia are encouraging the banking & financial industry for implementing Fintech are major factors for the market growth in this region. 

The fintech technologies industry has experienced significant impact on revenue, owing to imposition of lockdowns & shutdowns, several financial regulations & changes in existing business operations took place. Therefore, owing to changes in consumer demand and to expand financial services particularly in emerging markets, companies in the financial sectors across major countries are implementing secured technologies & releasing new frameworks via fintech technologies in the market. Therefore, rise in adoption of advance technologies and increase in investments toward digitalized business models among financial companies are some of the major fintech technologies trends during the pandemic situation.

Key Findings of the Study

• By application, the banking segment led the highest fintech technologies market share, in terms of revenue in 2020.
• On the basis of deployment mode, the cloud segment is expected to exhibit the fastest fintech technologies market growth rate during the forecast period.
• Region wise, North America generated the highest revenue in 2020.  

The key players operating in the fintech technologies market analysis include Bankable, Blockstream Corporation Inc., Circle Internet Financial Limited, Cisco Systems Inc., Goldman Sachs, IBM Corporation , Microsoft, NVIDIA Corporation, Oracle, and Tata Consultancy Services Limited. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.