The global fintech size is expected to reach USD 190.80 Billion in 2028 and register a CAGR of 8.5% over the forecast period, according to the latest report by Reports and Data. Major factors driving revenue growth are rising demand for smartphones and banking apps, increasing investment by private investors in fintech companies, rapid Internet penetration, implementation of Artificial Intelligence (AI) and blockchain technologies across various operations and processes, and increasing disposable income. Fintech or financial technology is a combination of financial solutions and advanced technologies. Fintech is based on advanced technologies and solutions for delivering value-added banking and financial solutions more efficiently. Financial organizations and banks are using various technologies and solutions such as AI, analytics, blockchain, mobile commerce, cloud infrastructure, cryptography, biometrics, cybersecurity, and RPA to offer more advanced and effective financial solutions and to improve their customer experience.
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Some key applications of fintech are retail banking, stock trading firms, investment banking, hedge funds, and others. Retail banking segment accounted for largest revenue share in the global in 2020. This can be attributed to rising preference for retail banking due to its many advantages, including multiple product offering such as deposits, insurance, credit cards securities, and investments, availability of feasible loan options, and public wealth safety.
The automotive industry revenue has expanded significantly over the recent past and is expected to register robust revenue CAGR over the forecast period. Technological advancements in the automotive sector, rising sales of passenger cars and commercial vehicles are key factors fueling global market revenue growth. In addition, rising demand for luxurious cars and comfortable driving, increasing sales of electric vehicles owing to rising awareness about excess carbon emission are fueling growth. In addition, increasing adoption of autonomous cars due to rising number of road accidents, and rising demand for green vehicles are expected to boost growth going ahead. Growing shift towards hybrid and electric vehicles in order to reduce carbon emissions and mitigate global warming has significantly contributed to the revenue growth of the automotive sector. OEMs and automotive companies account for a significant share in the global.
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Some Key Highlights From the Report:
- In July 2021, Hay launched a cloud native microservice, Hay-as-a-Service’ (HaaS) solution. This service is designed to offer quick, secure and customizable financial services processing for financial and non-financial organizations.
- AI segment is expected to register relatively faster revenue CAGR throughout the forecast period. This can be attributed rising preference for AI technology due to various advantages such as quick and easy access of large algorithms, risk detection, secure operation, and others.
- North America is expected to register significant revenue growth over the forecast period. Increasing use of e-Commerce platforms and rising preference for technologically advanced solutions for providing enhanced security to financial data and records of users are some major factors driving revenue growth of the in this region.
- Some major players in the include Microsoft, Paytm, Google, IBM, Intel, Affirm, Upstart, Sigmoidal, Zest Finance, and Amazon.
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Table of Content:
Chapter 1. Market Synopsis1.1. Market Definition1.2. Research Scope & Premise1.3. Methodology1.4. Market Estimation TechniqueChapter 2. Executive Summary2.1. Summary Snapshot, 2020-2028Chapter 3. Indicative MetricsChapter 4. Fintech Segmentation & Impact Analysis4.1. Fintech Material Segmentation Analysis4.2. Industrial Outlook4.2.1. Market indicators analysis4.2.2. Market drivers analysis22.214.171.124. Implementation of blockchain126.96.36.199. Rising demand for mobile banking4.2.3. Market restraints analysis188.8.131.52. Concerns regarding data safety4.3. Technological Insights4.4. Regulatory Framework4.5. ETOP Analysis4.6. Porter’s Five Forces Analysis4.7. Competitive Metric Space Analysis4.8. Price trend Analysis4.9. Customer Mapping4.10. Covid-19 Impact Analysis4.11. Global Recession Influence…
For the purpose of this report, Reports and Data has segmented the fintech based on technology, services, application, and region:
Technology Outlook (Revenue, USD Billion; 2018-2028)
- Artificial Intelligence (AI)
- Mobile Commerce
- Cloud Infrastructure
- Cyber Security
Services Outlook (Revenue, USD Billion; 2018-2028)
- Wealth Management
- Fund Transfer
- Personal Loans and P2P Lending
- personal Finance
Application Outlook (Revenue, USD Billion; 2018-2028)
- Retail Banking
- Stock Trading Firms
- Investment Banking
- Hedge Funds
Regional Outlook (Revenue, USD Billion; 2018-2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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