Fintech Market by Product Type, Distribution Channel, End User 2023-2028

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Global Fintech Market Research Report:

The latest report by IMARC, titled “ Fintech Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” " the global fintech market size reached US$ 158.9 Billion in 2022. Fintech includes the intersection of financial services and technology that utilizes advanced algorithms and data analysis to provide innovative solutions in the financial industry. These services include mobile payment apps, roboadvisors, and blockchain-based solutions. Fintech also employs automated processes and artificial intelligence (AI) to deliver personalized services to customers, such as customized investment portfolios, real-time risk assessments, and instant credit approvals. It consists of mobile payment solutions, peer-to-peer lending, online wealth management, and cryptocurrency and aims to provide customers with more accessible and affordable financial services. Fintech offers numerous advantages, including increased efficiency, cost reduction, and accessibility. When compared with traditional financial institutions, these companies are more agile, offer enhanced risk management and costeffectiveness, and can adapt to changes in the market more quickly. Currently, payment and money transfer services, lending platforms, investment and wealth management platforms, and blockchainbased solutions are some of the common fintech solutiontypesavailable inthe market.

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Global Fintech Market Trends:

The rapid digitization of the expanding banking, financial services, and insurance (BFSI) industry across the globe and the increasing need to transform traditional baking systems represent some of the key factors contributing to a positive outlook for the market. In line with this, the surging adoption of digital payment solutions, such as request to pay, digital currencies, e-wallets, and buy now, pay later services (BNPL), supported by the implementation of umpteen government programs to expand the fintech sector, are acting as other growth-inducing factor. Additionally, the increasing awareness regarding the advantages of fintech solutions, such as enhancing productivity and customer retention through the provision of speed and convenience, are favoring the market growth.

Besides this, the widespread adoption of technology in processing large volumes of data, thus enhancing efficiency and minimizing human errors, is providing an impetus to the market growth. This is further supported by the integration of artificial intelligence (AI) with fintech solutions to facilitate fraud detection in digital banking channels. Moreover, the surging collaboration between financial institutions and national regulators and burgeoning investments in research and development (R&D) activities are propelling the market growth. Looking forward, the market value is projected to reach US$ 449.1 Billion by 2028, expanding at a CAGR of 17.7% during 2023-2028.

Looking forward, the market value is projected to reach a strong growth during the forecast period (2023-2028).

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Market Summary:

Breakup by Deployment Mode:

• On-premises

• Cloud-based

Breakup by Technology:

• ApplicationProgramming Interface

• Artificial Intelligence

• Blockchain

• Robotic ProcessAutomation

• Data Analytics

• Others

Breakup by Application:

• Payment and Fund Transfer

• Loans

• Insurance andPersonal Finance

• Wealth Management

• Others

Breakup by End User:

• Banking

• Insurance

• Securities

• Others

Breakup by Region:

• North America

• United States

• Canada

• Asia-Pacific

• China

• Japan

• India

• South Korea

• Australia

• Indonesia

• Others

• Europe

• Germany

• France

• United Kingdom

• Italy

• Spain

• Russia

• Others

• Latin America

• Brazil

• Mexico

• Others

• Middle East and Africa

Competitive Landscape with Key Players:

• Adyen N.V.

• Afterpay Limited(BlockInc.)

• Avant LLC

• Cisco SystemsInc.

• Google Payment Corp.

• International Business MachinesCorporation

• Klarna BankAB

• Microsoft Corporation

• NvidiaCorporation

• Oracle Corporation

• Paypal Holdings. Inc.

• Robinhood MarketsInc.

• SoFi TechnologiesInc

• Tata Consultancy Services

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