DUBLIN, Oct. 13, 2021 /PRNewswire/ — The “Global FinTech Market, By Technology, By Service, By Application, By Region, Competition Forecast & Opportunities, 2026” report has been added to ResearchAndMarkets.com’s offering.
The Global FinTech Market was valued at USD7301.78 billion in 2020 and is projected to grow at a CAGR of 26.87% during the forecast period.
Rising popularity for digital payments, increased investments in technology-based solutions, supportive government regulations, increased adoption of IOT devices are expected to positively influence the Global FinTech Market in the coming years.
Rising innovations like mobile wallets, digitized money, paperless lending, etc., and adoption of e-commerce platforms across the economies, coupled with rising smartphone penetration have paved the way for increasing FinTech transactions. However, concerns related to data security, lack of mobile and technology expertise may hamper the FinTech market during the forecast period.
The Global FinTech Market can be segmented into technology, service, application, and region. Based on 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 witness the highest growth rate through 2026.
AI has become a critical element of the FinTech industry in terms of collecting data, analyzing information, and creating customer-centric products. The banking firms across the globe, in order to prevent the loss of sensitive customer information, are implementing advanced risk analytics and fraud detection capabilities that are powered by AI. Increased implementation of advanced risk analytics and fraud detection is contributing to the growing share of the segment.
Based on service, the market can be segmented into payment, fund transfers, personal finance, loans, insurance, and others including equity, wealth management, etc. The payment segment is expected to dominate the market in the year 2020, however the insurance segment is expected to grow at the fastest growth rate in the forecast period.
Based on end-use industry, the market is sub-segmented into banking, insurance, securities, and others including ecommerce, ITR, etc. The banking segment captures the highest market share in the year 2020 and is expected to dominate the market in the forecast period as well. Banks and start-ups in this space are developing e-wallets and payment interfaces to maintain services & deliver a better and faster user experience.
Regionally, the FinTech market has been segmented into various regions including Asia-Pacific, Europe, North America, South America, and Middle East & Africa. Among these regions, Asia-Pacific region is expected to exhibit the highest growth in the forecast period primarily on the account of expanding customer base, largest population share of Gen Z and millennials, and willingness to accept new technology and huge market opportunity to convert from cash to digital payments.
Leading companies are developing advanced technologies and launching new products to stay competitive in the market. Other competitive strategies include mergers and acquisitions and new service developments.
The major players operating in the Global FinTech Market are
Report Scope:
Years considered for this report:
Global FinTech Market, By Technology:
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API
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AI
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Blockchain
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Distributed Computing
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Others
Global FinTech Market, By Service:
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Payment
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Fund Transfer
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Personal Finance
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Loans
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Insurance
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Others
Global FinTech Market, By Application:
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Banking
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Insurance
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Securities
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Others
Global FinTech Market, By Region:
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Asia-Pacific
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China
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Japan
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South Korea
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India
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Australia
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North America
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United States
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Canada
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Mexico
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Europe
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United Kingdom
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Germany
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France
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Spain
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Italy
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Middle East & Africa
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UAE
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Saudi Arabia
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Nigeria
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South America
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Brazil
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Argentina
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Colombia
For more information about this report visit https://www.researchandmarkets.com/r/vxaxin
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