Newark, June 6, 2024 (GLOBE NEWSWIRE) — Brainy Insights estimates that the fintech market will grow from $248.21 billion in 2022 to $792.50 billion by 2032. The main reason for the growth of the fintech market is the growing demand for facilitating the process of transferring funds, digital lending, etc. The growing number of deals in financial institutions and companies are leading to integrating fintech services into existing infrastructures.

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Key insights into the Fintech market

The North America region will account for the largest size of the market during the forecast period.

The North American region will hold a significant market share due to the growing number of stakeholders involved in the fintech market. Growing investment in the region’s banking and non-banking financial companies is a major driver of the fintech market. The availability of advanced infrastructure is leading to the development of innovative fintech products in the United States and Canada. Furthermore, the presence of major financial companies in the United States has led to rapid growth of the market.

The cloud segment is expected to boost the market during the forecast period.

The deployment mode segment is divided into on-premises and cloud. The cloud segment is expected to boost the market during the forecast period. The unmatched scalability and flexibility of cloud computing are among its key advantages in the financial sector. Financial institutions are now adhering to market conditions and customer expectations with the help of cloud software.

The blockchain segment is expected to boost the market during the forecast period.

The technology segment is divided into cybersecurity, artificial intelligence, blockchain, public cloud infrastructure, biometrics, identity management, and others. The blockchain segment is expected to boost the market during the forecast period. The fintech sector sees how blockchain technology can revolutionize revenue generation, improve end-user experience and streamline delivery, increase efficiency and reduce operational risk.

The wealth management segment is expected to boost the market during the forecast period.

The applications segment is divided into funds transfer and payments, wealth management, insurance, digital lending and lending marketplaces, and others. The wealth management segment is expected to boost the market during the forecast period. Digital wealth management produces a faster and smoother financial planning process than traditional financial planning. By using artificial intelligence to help create a smoother process for the financial planner, digital wealth management takes this a step further.

The investment firm segment is expected to boost the market during the forecast period.

The vendor segment is divided into banks, non-bank financial companies, investment companies, payment processors, and others. The investment firm segment is expected to boost the market during the forecast period. Investment firms provide FinTech apps to offer customized financial solutions that meet each user’s particular needs. FinTech apps combine artificial intelligence and sophisticated data analytics to provide personalized investment advice, budgeting tools and other services.

Report scope and segmentation –

Market dynamics

Driver: Simplified payments and funds transfer

Payments and transactions are now safer and more efficient thanks to fintech apps. With just a few clicks on their smartphone, FinTech app users can quickly transfer money, pay bills or make purchases using digital payment methods. FinTech platforms allow consumers to arrange transfers entirely online or via mobile apps without having to visit physical branches. Plus, pre-populated data, smooth user interfaces, and efficient onboarding make cross-border fund transfers easy. PayPal, for example, makes it completely possible to send money abroad via its mobile app, which is quite simple for users. FinTech provides near-instant or same-day transfers instead of transfers that take days, using digital assets and blockchain binaries instead of traditional settlement layers.

Restrictions: Accessibility issues

Fintech companies typically conduct business online only. Therefore, they need physical locations where customers can go to get service. Clients who prefer face-to-face meetings or need help with complicated financial matters may find this problematic. Fintech can also contribute to financial exclusion, depriving some people of access to financial services.

Opportunity: Investment in big data and analytics

Numerous financial institutions competing in the market have been disrupted and transformed by digitalization in the financial sector. Data and analytics have advanced over the past decade, and organizations are increasingly relying on them. Big data and analytics are widely used to generate more personalized and targeted user experiences. Businesses use data and analytics to compete because it allows them to improve operations, optimize revenue, anticipate customer needs, provide personalized product offerings, and estimate demand. Many of the underbanked could now be reached thanks to big data analytics in fintech and cutting-edge credit risk assessment techniques, opening up new sources of revenue.

Challenges: Data privacy issues

Digital technology plays an important role in the financial services offered by fintech companies. While this technology has many benefits, it also presents serious security risks. Cyberattacks and data thefts can compromise consumers’ financial and personal information, causing significant financial harm. For security breaches, fintech companies can also be held personally and professionally liable.

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Some of the major players operating in the fintech market are:

• Bankable
• Circle Internet Financial Limited
• Blockstream Corporation Inc.
•Cisco Systems Inc.
• IBM Company
• Goldman Sachs
•Microsoft
• Oracle
• NVIDIA Company
• Tata Consultancy Services Limited
• Ant financials
• Paypal
• SoFi
• Adyen
• Financial allies

Coverage of key market segments:

By distribution mode:

• Headquarter
• Cloud

By technology:

• Cyber ​​security
• Artificial intelligence
• Blockchain
• Public cloud infrastructure
• Biometrics and identity management
• Others

By Application:

• Transfer of funds and payments
• Wealth management
• Insurance
• Digital lending and lending markets
• Others

For suppliers:

• Banks
• Non-banking financial companies
• Investment firms
• Payment processor
• Others

By region

• North America (United States, Canada, Mexico)
• Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, rest of APAC)
• South America (Brazil and the rest of South America)
• Middle East and Africa (UAE, South Africa, rest of MEA)

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About the report:

The market is analyzed based on value (billions of dollars). All segments were analyzed on a global, regional and country basis. The study includes analysis of more than 30 countries for each part. The report analyzes the drivers, opportunities, restraints and challenges to gain critical insights into the market. The study includes Porter’s five forces model, attractiveness analysis, product analysis, supply and demand analysis, competitor position grid analysis, distribution and analysis of marketing channels.

About Brainy Insights:

Brainy Insights is a market research company, aimed at providing companies with actionable insights through data analysis to improve their business acumen. We have a robust prediction and estimation model to meet clients’ goals of high-quality results in a short amount of time. We provide customized (client specific) and syndicated reports. Our repository of union reports is diverse across all domain categories and subcategories. Our customized solutions are tailored to meet customers’ needs, whether they are looking to expand or are planning to launch a new product into the global market.

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