According to the latest research report titled, “Fintech Market (2024 – 2029)” by Mordor Intelligence, the fintech market is estimated at USD 228.24 billion in 2024 and growing at a CAGR of 11.72% during the forecasted period.
FinTech (Financial Technology) has become a prominent term within the financial market. It encompasses computer programs and other modern technologies utilized by businesses to offer automated and enhanced financial services. Over time, the fintech industry has undergone significant evolution, prompting companies to shift towards customer-centric models. Consequently, establishing a foothold amidst a diverse array of entities, spanning from startups to tech giants to established firms worldwide, presents a formidable challenge. Financial services and technology companies have adopted both collaborative and competitive strategies, venturing into each other’s domains and driving forward with disruptive and innovative propositions within an ever-changing business landscape.
Report Summary
Which are the Top Companies in the Fintech Market?
In today’s landscape, well-established financial institutions are actively pursuing collaborations with emerging technologies to broaden their market reach. Likewise, FinTech startups are forging partnerships with established financial entities to accelerate their growth and market penetration.
Prominent players in the Fintech Market:
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Key Highlights from the Fintech Market Report
1. Surging Adoption of Digital Payments is Driving the Market
The COVID-19 pandemic has catalyzed financial inclusion, leading to a notable surge in digital payments and the worldwide expansion of formal financial services. This expansion has opened new economic prospects. Developments in payments, including the displacement of cash, and the emergence of new payment options like request-to-pay, digital currencies, and buy-now-pay-later services (BNPL), have all contributed to the potential growth of the FinTech market.
2. Surging Investment in Fintech Companies is Anticipated to Drive the Market
Investments in financial technology have experienced significant growth globally. From 2010 to 2019, the total investment value in fintech companies surged to USD 215.1 billion. However, there was a notable decline in 2020, with investments plummeting by over one-third to USD 127.7 billion. Nevertheless, 2021 witnessed a resurgence, with investments climbing back up to USD 226.5 billion. The United States emerged as the primary recipient of investments in the sector, capturing nearly 80% of the total. This investment trajectory in financial technology is poised to generate promising growth opportunities for the market.
What are the Latest Developments in the Fintech Market?
Mordor Intelligence Report on the Fintech Market segments the market based on product type, application, and geography:
In a nutshell, the Mordor Intelligence Market Research Report provides in-depth market insight to industry players, investors, researchers, consultants, and business strategists, looking for comprehensive details on the Fintech industry. Get a glance at the Fintech Market Report (2024 – 2029)
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