According to a market insight, the global FinTech market is anticipated to reach USD 305.7 billion by 2023, at a CAGR of 22.17 percent. The report titled ‘Global Fintech Market describing the Product / Business Scope, Overview and outlook from 2019 to 2023’, published by Orbis Research, a leading market research firm. According to the report, high usage of mobile devices and technology-based solutions is accelerating the demand for financial and banking solutions that can be accessed through personal devices. Today, banks and firms are heavily investing in technology-based solutions, competing with contemporary fintech companies.
There is a range of services offered in the FinTech sector, including Regtech, Insurtech, payment/billing, mortgage/real estate, money transfer/remittance, and others such as lending, capital market, wealth management. Among these services, the payment/billing segment is predicted to compel major growth in the global market, with a revenue generation of USD 207.11 billion during the projected timeframe, following the Rigtech market with growing at a CAGR of 22.05 percent. This is mainly due to the advent of new regulations pertaining to Fintech sector. The global FinTech market is also largely driven by popular payment apps like GoUrl, Stripe, Cayan, and Amazon Pay amongst customers and retailers. The FinTech space also comprises major technologies such as Blockchain, Cryptography, Artificial Intelligence, Biometrics and identity management, Cybersecurity, and RPA (Robotic Process Automation). Among these emerging technologies, AI and Blockchain will witness significant growth with attracting major investments throughout the projected timeframe.
AI interfaces and Chatbots have primarily redefined customer service, and its escalating popularity will allow AI-oriented FinTech market to grow at a CAGR of 21.72 percent, followed by Blockchain-driven FinTech companies. Based on the region, the report further reveals that North America is the leading contributor to the global Fintech market, which is projected to touch USD 80.85 billion by 2023. Owing to an increasing number of start-ups outfitting to most of the financial areas, including banking, insurance and wealth management are the foremost reason for the market growth in this region.