Report Overview

Global FinTech Market - Industry Trends & Forecast Report 2028 

The global FinTech market is expected to grow at a CAGR of 25.0% during the forecast period of 2022-2028. The high growth rate is attributable to the growing popularity of digital payments coupled with the innovative ballooning activities in fintech such as digitized money, cryptocurrency, paperless lending, e-wallets, etc., higher adoption of e-commerce platforms for various purposes throughout the world, and supportive regulations formulated by the governments.

FinTech Overview 

FinTech stands for the combination of financial services with technology which has brought a revolution in the manner in which businesses operate. The FinTech sector had emerged markedly in the past few years, making the businesses more customer-centric. Growing innovations such as mobile wallets, digitized money, paperless lending, etc., and worldwide adoption of e-commerce platforms, coupled with rising smartphone penetration, have caused an increment in FinTech transactions. However, several concerns involving data security lack of mobile and technology expertise may impede the FinTech market during the forecast period 2022-2028.

Global FinTech Market

Growth Drivers 

Increase in Number of Collaborations Between National Regulators & Financial Institutions and Huge Potential of Developing Countries

Various regulatory bodies across Asia-Pacific, the U.S., and Europe are constantly eyeing global collaborations with the FinTech community. Additionally, the robust coordination between Fintech companies & regulators leads to a mutual benefit for both businesses and governments. For instance, the Global Financial Innovation Network (GFIN), which was formally launched in January 2019 by an international group of financial regulators and related organizations, is committed to supporting financial innovation for the interests of consumers.

Moreover, the emerging economies offer important opportunities for Fintech tech owing to massive investments for digital transformation, growing adoption of futuristic technologies like artificial intelligence in Fintech, Big Data, machine learning, & chatbots, and rapid expansion of domestic enterprises, especially in countries such as Australia, China, India, Singapore, and South Korea are expected to augment the market growth rate of the global fintech market substantially during the forecast period 2022-2028.

Growth Restraint

Diverse and Conflicting Government Regulations Applicable across Different Jurisdictions

Different jurisdictions have a different set of applicable laws and regulations, with an increasingly unified approach taken by financial centers toward regulation. This has become a critical factor for fintech technologies companies to deliver solutions across multiple regulations such as MiFID II and GDPR.

For instance, in the U.S., banks are bound by the Dodd-Frank Act, while in Europe, MiFID II regulations are applicable for businesses under its jurisdiction. Moreover, various data privacy and security issues are also a challenge. These factors hamper the growth of the global fintech market.

Global FinTech Market– By Deployment Mode

Based On deployment mode, the global fintech market can be segmented into two categories: On-premise and cloud based. Amidst the segmentation, the on-premise segment accounted for a larger market share in 2021. This is attributable to the higher preference for the on-premise solution as it provides a very personalised solution, entailing new integrations, functionalities un customizations. The more customer-oriented and easily customizable configuration of on-premise mode also makes it a big hit among the key players of the fintech market. Furthermore, the on-premise segment is expected to maintain the lead throughout the forecast period 2022-2028.

Global FinTech Market– By Application

Based on the application, the global FinTech market has been segmented into the following categories- payment & fund transfer, loans, insurance & personal finance, wealth management, and others. Amidst the segmentation, the payment segment accounted for the largest market share in 2021. This could be due to the high rate of adoption of digital payments due to convenience and also as a result of COVID restrictions. In terms of the highest CAGR during the forecast period, the insurance segment is expected to lead in this area. Other segments like loans, wealth management, etc., are also expected to exhibit a healthy market growth rate.

Global FinTech Market– By Technology

Based on the technology, the global FinTech market has been segmented into the following categories: application programming interface [API], artificial intelligence [AI], blockchain, robotic process automation, data analytics, and others. Amidst the segmentation, the AI segment is expected to exhibit the highest growth rate during the forecast period 2022-2028. It is due to the reason that AI has become a crucial part of the FinTech industry for collecting data, analyzing information, and developing customer-centric products. The numerous capabilities driven by AI are contributing to the growing share of the AI segment. Amidst other segments, blockchain, data analytics, etc. are also anticipated to grow at a significant CAGR in the coming years.

Global FinTech Market– By End-User

Based on the end-user, the global FinTech market has been segmented into the following categories: banking, insurance, securities, and others. Amidst the segmentation, the banking segment accounted for the largest share of the global fintech market in the year 2021. Moreover, it is expected to witness the highest CAGR during the forecast period 2022-2028. This can be attributed to the burgeoning innovations like e-wallets, digital currencies, e-payment interfaces, etc. devised by the banks and startups in this sector in order to enhance the user experiences and maintain the quality of services. In terms of other segments like insurance securities, they are anticipated to witness decent growth rates during the forecast period.

Global FinTech Market– Regional Insights.

On the basis of regions, the global FinTech market has been segmented into five categories- North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa. Amidst the segmentation, North America accounted for the largest share of the FinTech market in 2021. North America is one of the most prominent markets for FinTech in terms of innovation and development activities in financial technology. Moreover, a substantial presence of major fintech players in North America contributes to its dominance. Asia-Pacific is projected to grow with the highest CAGR during the forecast period in terms of the highest growth rate. The growing demand for fintech products like e-wallets, digital payment networks, etc. The consistently rising young population in Asia-Pacific, coupled with increasing penetration of smartphone and internet connectivity, has facilitated the growth of the FinTech market in the region.

Competitive Landscape 

The key players dominating the global FinTech market are Ant Group Co. Ltd., Paypal Holdings, Inc., Tencent Holdings Ltd., Robinhood Markets, Inc., Google Payment Corp., One97 Communications Ltd., Adyen NV., Qudian Inc., Afterpay Limited, Nexi SpA, Klarna Bank AB, Social Finance, Inc, Avant, LLC, Bankable, Blockstream Corporation Inc., Circle Internet Financial Limited, Cisco Systems Inc., Goldman Sachs, IBM Corporation, Microsoft, NVIDIA Corporation, Oracle, Tata Consultancy Services Limited and other prominent players. The significant market pioneers maintain their dominance in the market by investing in innovative activities launching improved fintech products and services for the customers. Different strategies are adopted, like engaging in strategic alliances, agreements, mergers, and collaborations.

Recent Development

• August 2021: MediTrust Health, a Chinese medical payments company, raised $155 million, wealthtech WeBull raised $150 million, and asset data management firm Xuncetech raised $108 million.

• October 2021: U.K. fintech RoosterMoney was acquired by banking giant NatWest to attract younger spenders and savers. RoosterMoney was launched in 2016 to encourage children about earning, saving, and spending money via reward charts, chore reminders, and customized interest rates set by their guardians.

Scope of Report:

By Deployment Mode  

• On-Premise

• Cloud

By Application

• Payment & Fund Transfer

• Loans

• Insurance & Personal Finance

• Wealth Management

• Others

By Technology

• Application Programming Interface [API]

• Artificial Intelligence [AI]

• Blockchain

• Robotic Process

•  Automation

• Data Analytics

• Others

By End-User

• Banking

• Securities

• Others

By Region

• North America

• Europe

• Asia-Pacific

• Latin America

• Middle-East and Africa

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Research Methodology
   1. Qualitative Research
      1. Primary & Secondary Research
   2. Quantitative Research
   3. Market Breakdown & Data Triangulation
      1. Secondary Research
      2. Primary Research
   4. Breakdown of Primary Research Respondents, By Region
   5. Assumption & Limitation
3. Executive Summary
4. Global FinTech Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
      2. Restraints
      3. Opportunities
      4. Challenges
   3. Technological Landscape/Recent Development
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
5. Global FinTech Market Overview
   1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Deployment Mode
         1. On-Premise
         2. Cloud
      2. By Application
         1. Payment & Fund Transfer
         2. Loans
         3. Insurance & Personal Finance
         4. Wealth Management
         5. Others
      3. By Technology
         1. Application Programming Interface [API]
         2. Artificial Intelligence [AI]
         3. Blockchain
         4. Robotic Process Automation
         5. Data Analytics
         6. Others
      4. By End User
         1. Banking
         2. Insurance
         3. Securities
         4. Others
      5. By Region
         1. North America
         2. Europe
         3. Asia-Pacific
         4. Latin America
         5. Middle-East and Africa
6. North America FinTech Market
   1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Deployment Mode
      2. By Application
      3. By Technology
      4. By End User
      5.  By Country
         1. United States
         2. Canada
7. Europe FinTech Market
   1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By
      2. By End User
      3. By Country
         1. Germany
         2. United Kingdom
         3. Italy
         4. France
         5. Spain
         6. Rest of Europe
8. Asia Pacific FinTech Market
   1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Communication Infrastructure
      2. By Core Network Technology
      3. By Network Architecture
      4. By Operational Frequency
      5. By End User
      6. By Country
         1. China
         2. India
         3. Japan
         4. South Korea
         5. Rest of Asia Pacific
9. Latin America FinTech Market
   1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Communication Infrastructure
      2. By Core Network Technology
      3. By Network Architecture
      4. By Operational Frequency
      5. By End User
      6. By Country
         1. Brazil
         2. Mexico
         3. Rest of Latin America
10. Middle East & Africa FinTech Market
    1. Market Size & Forecast by Value, 2018-2028
       1. By Value (USD Million)
    2. Market Share & Forecast
       1. By Communication Infrastructure
       2. By Core Network Technology
       3. By Network Architecture
       4. By Operational Frequency
       5. By End User
       6.        By Country
          1. Saudi Arabia
          2. UAE
          3. South Africa
          4. Rest of Middle East & Africa
11. Competitive Landscape
    1. List of Key Players and Their Offerings
    2. Market Share Analysis, 2021
    3. Competitive Benchmarking, By Operating Parameters
    4. Key Strategic Development (Merger, Acquisition, Partnership.)
12. Impact of COVID-19 on FinTech Market Industry
13. Company Profile (Company Overview, Financial Matrix, Competitive landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook) **
    1. Ant Group Co. Ltd
    2. Paypal Holdings, Inc.
    3. Tencent Holdings Ltd.
    4. Robinhood Markets, Inc.
    5. Google Payment Corp.
    6. One97 Communications Ltd.
    7. Adyen NV.
    8. Qudian Inc.
    9. Afterpay Limited
    10. Nexi SpA
    11. Klarna Bank AB
    12. Social Finance, Inc
    13. Avant, LLC
    14. Bankable
    15. Blockstream Corporation Inc.
    16. Circle Internet Financial Limited
    17. Cisco Systems Inc.
    18. Goldman Sachs
    19. IBM Corporation
    20. Microsoft
    21. NVIDIA Corporation
    22. Oracle
    23. Tata Consultancy Services
    24. Other Prominent Players
14. Key Strategic Recommendations

List of Figures

Figure 1        Global FinTech market Segmentation

Figure 2        Global FinTech Market Value Chain Analysis

Figure 3        Company Market Share Analysis, 2028

Figure 4        Global FinTech Market Size, By Value (USD Million), 2018-2028

Figure 5        Global FinTech Market Share, By Deployment Mode, By Value, 2018-2028

Figure 6        Global FinTech Market Share, By Application, By Value, 2018-2028

Figure 7        Global FinTech Market Share, By Technology, By Value, 2018-2028

Figure 8        Global FinTech Market Share, By End User, By Value, 2018-2028

Figure 9        Global FinTech Market Share, By Region, By Value, 2018-2028

Figure 10       North America FinTech Market Size, By Value (USD Million), 2018-2028

Figure 11       North America FinTech Market Share, By Deployment Mode, By Value, 2018-2028

Figure 12       North America FinTech Market Share, By Application, By Value, 2018-2028

Figure 13       North America FinTech Market Share, By Technology, By Value, 2018-2028

Figure 14       North America FinTech Market Share, By End User, By Value, 2018-2028

Figure 15       North America FinTech Market Share, By Country, By Value, 2018-2028

Figure 16       Europe FinTech Market Size, By Value (USD Million), 2018-2028

Figure 17       Europe FinTech Market Share, By Deployment Mode, By Value, 2018-2028

Figure 18       Europe FinTech Market Share, By Application, By Value, 2018-2028

Figure 19       Europe FinTech Market Share, By Technology, By Value, 2018-2028

Figure 20       Europe FinTech Market Share, By End User, By Value, 2018-2028

Figure 21       Europe FinTech Market Share, By Country, By Value, 2018-2028

Figure 22       The Asia-Pacific FinTech Market Size, By Value (USD Million), 2018-2028

Figure 23       The Asia-Pacific FinTech Market Share, By Deployment Mode, By Value, 2018-2028

Figure 24       The Asia-Pacific FinTech Market Share, By Application, By Value, 2018-2028

Figure 25       The Asia-Pacific FinTech Market Share, By Technology, By Value, 2018-2028

Figure 26       The Asia-Pacific FinTech Market Share, By End User, By Value, 2018-2028

Figure 27       The Asia-Pacific FinTech Market Share, By Country, By Value, 2018-2028

Figure 28       Latin America FinTech Market Size, By Value (USD Million), 2018-2028

Figure 29       Latin America FinTech Market Share, By Deployment Mode, By Value, 2018-2028

Figure 30       Latin America FinTech Market Share, By Application, By Value, 2018-2028

Figure 31       Latin America FinTech Market Share, By Technology, By Value, 2018-2028

Figure 32       Latin America FinTech Market Share, By End User, By Value, 2018-2028

Figure 33       Latin America FinTech Market Share, By Country, By Value, 2018-2028

Figure 34       The Middle East & Africa FinTech Market Size, By Value (USD Million), 2018-2028

Figure 35       The Middle East & Africa FinTech Market Share, By Deployment Mode, By Value, 2018-2028

Figure 36       The Middle East & Africa FinTech Market Share, By Application, By Value, 2018-2028

Figure 37       The Middle East & Africa FinTech Market Share, By Technology, By Value, 2018-2028

Figure 38       The Middle East & Africa FinTech Market Share, By End User, By Value, 2018-2028

Figure 39       The Middle East & Africa FinTech Market Share, By Country, By Value, 2018-2028

List of Tables

 Table 1         Global FinTech Market Size, By Deployment Mode, By Value, 2018-2028                            

Table 2         Global FinTech Market Size, By Application, By Value, 2018-2028                           

Table 3         Global FinTech Market Size, By Technology, By Value, 2018-2028                           

Table 4         Global FinTech Market Size, By End User, By Value, 2018-2028                     

Table 5         Global FinTech Market Size, By Region, By Value, 2018-2028                       

Table 6         North America FinTech Market Size, By Deployment Mode, By Value, 2018-2028                          

Table 7         North America FinTech Market Size, By Application, By Value, 2018-2028                           

Table 8         North America FinTech Market Size, By Technology, By Value, 2018-2028                          

Table 9         North America FinTech Market Size, By End User, By Value, 2018-2028                   

Table 10        North America FinTech Market Size, By Country, By Value, 2018-2028                     

Table 11        Europe FinTech Market Size, By Deployment Mode, By Value, 2018-2028                           

Table 12        Europe FinTech Market Size, By Application, By Value, 2018-2028                          

Table 13        Europe FinTech Market Size, By Technology, By Value, 2018-2028                          

Table 14        Europe FinTech Market Size, By End User, By Value, 2018-2028                    

Table 15        Europe FinTech Market Size, By Country, By Value, 2018-2028                     

Table 16        The Asia-Pacific FinTech Market Size, By Deployment Mode, By Value, 2018-2028                        

Table 17        The Asia-Pacific FinTech Market Size, By Application, By Value, 2018-2028                         

Table 18        The Asia-Pacific FinTech Market Size, By Technology, By Value, 2018-2028                        

Table 19        The Asia-Pacific FinTech Market Size, By End User, By Value, 2018-2028                            

Table 20        The Asia-Pacific FinTech Market Size, By Country, By Value, 2018-2028                             

Table 21        Latin America FinTech Market Size, By Deployment Mode, By Value, 2018-2028                           

Table 22        Latin America FinTech Market Size, By Application, By Value, 2018-2028                           

Table 23        Latin America FinTech Market Size, By Technology, By Value, 2018-2028                           

Table 24        Latin America FinTech Market Size, By End User, By Value, 2018-2028                    

Table 25        Latin America FinTech Market Size, By Country, By Value, 2018-2028                      

Table 26  The Middle East & Africa FinTech Market Size, By Deployment Mode, By Value, 2018-2028                            

Table 27        The Middle East & Africa FinTech Market Size, By Application, By Value, 2018-2028                      

Table 28        The Middle East & Africa FinTech Market Size, By Technology, By Value, 2018-2028                      

Table 29        The Middle East & Africa FinTech Market Size, By End User, By Value, 2018-2028                         

Table 30        The Middle East & Africa FinTech Market Size, By Country, By Value, 2018-2028                          

Table 31        Ant Group Co. Ltd. Company Overview                        

Table 32        Ant Group Co. Ltd. Financial Overview                         

Table 33        Paypal Holdings, Inc. Company Overview                     

Table 34        Paypal Holdings, Inc. Financial Overview                      

Table 35        Robinhood Markets, Inc. Company Overview                          

Table 36        Robinhood Markets, Inc. Financial Overview                           

Table 37        Google Payment Corp. Company Overview                   

Table 38        Google Payment Corp. Financial Overview                    

Table 39        Adyen NV. Company Overview                          

Table 40        Adyen NV. Financial Overview                          

Table 41        Afterpay Limited Company Overview                           

Table 42        Afterpay Limited Financial Overview                            

Table 43        Nexi SpA Company Overview                           

Table 44        Nexi SpA Financial Overview                  

Table 45        Klarna Bank AB Company Overview                   

Table 46        Klarna Bank AB Financial Overview                   

Table 47        Social Finance, Inc Company Overview                        

Table 48        Social Finance, Inc Financial Overview                         

Table 49        Avant, LLC Company Overview                         

Table 50        Avant, LLC Financial Overview                          

Table 51        Bankable Company Overview                           

Table 52        Bankable Financial Overview                  

Table 53        Blockstream Corporation Inc. Company Overview                   

Table 54        Blockstream Corporation Inc. Financial Overview                    

Table 55        Circle Internet Financial Limited Company Overview                         

Table 56        Circle Internet Financial Limited Financial Overview                          

Table 57        Cisco Systems Inc. Company Overview                       

Table 58        Cisco Systems Inc. Financial Overview                        

Table 59        Goldman Sachs Company Overview                   

Table 60        Goldman Sachs Financial Overview