Fintech Market Segmented By Service Type (Wealth Management, Payments, Insurance, Personal Finance, Personal Loans, Fund Transfer, and Others), By Technology (Robotic Process Automation, Mobile Commerce and Transfers, Data Analytics, and Others), By Service Provider (Securities Brokerages and Investment Firms, Payment Processors, Banks, Non-Banking Financial Companies and Others), and By Region (North America, Europe, Middle East, Latin America, South Africa, Asia Pacific, and Rest of the world) – Key Insights and Impact of COVID-19 on the Global Market Growth 2021-2026

Fintech Market Introduction:

Fintech Market size has valued at USD 11.11 billion in 2021, and it is anticipated to reach USD 19.18 billion by the end of 2026, with growth at a CAGR of 11.5% during the forecast period 2021-2026. Growth within the historic period resulted from growth within the emerging markets, increased funding and investments in fintech startups, rising internet penetration, and an increase in income. Factors that negatively affected growth within the historic period were stringent government regulations, and lack of human touch.

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Fintech Market Growth Scenario:

Financial Technologies (Fintech) market contains platform-based financial services, sales of technology, and associated goods. FinTech is that the use of technology and innovation to supply financial services through internet-based platforms. Companies during this market provide end-to-end process financial services and solutions to automate financial processes over the net. It’s utilized by end-user organizations on the rear end to automate insurance, trading, banking services, and risk management.

FinTech companies can cover many services, starting from those offering more traditional banking services like payment services and fund transfers, to those who are technologically focused offering services that enhance the processes within the major financial markets. FinTech companies started as exclusively technology companies to boost or assist activities within the financial sector. Because the market has developed, these companies have evolved as an alternative to traditional financial services providers by offering a good range of economic services containing mobile POS (point of service) payments, crowdlending to big business, and marketplace offering to customers.

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Companies in the global fintech market are progressively implementing blockchain technology for enhanced security and operating effectiveness. Blockchain may be a technology that involves the implementation of a distributed database that’s accessible to all or any of the users over a network, where each user can add a replacement data record (block), with a timestamp that can’t be altered. Blockchain technology maintains the authentication of information by restricting changes in older data blocks while allowing the users to continue adding new data blocks, thus, providing high security and transparency to companies operating within the fintech market.

The rise of mobile payment technology could be a trend adopted by this generation. A mobile wallet may be a form of digital wallet that allows the user to process payments, access account information, and buy services through a smartphone application. to hurry up the whole payment process, the mobile wallet stores details about the payment card on the app itself. Mobile wallets are on the increase and therefore the reason for the massive acceptance of mobile wallets are often attributed to the increasing number of smartphones.

Fintech Market Segmentation Analysis:

Global Fintech Market Segmented By Service Type, By Technology, and By Service Provider. Based on Service Type, the market segmented into Wealth Management, Payments, Insurance, Personal Finance, Personal Loans, Fund Transfer, and Others. Based on Technology, it is divided into Robotic Process Automation, Mobile Commerce and Transfers, Data Analytics, and Others. Based on Service Provider into Securities Brokerages and Investment Firms, Payment Processors, Banks, Non-Banking Financial Companies and Others.

Geographical Classification of the Global Market Report:

Geographically the global Fintech Market classified into North America into the USA, Canada. By Latin America into Brazil, Argentina, Mexico. By Europe into UK, Germany, Spain, France, London, Italy, and rest of the European countries. The Middle East and Africa into KSA, UAE, Qatar, & South Africa. The Asia Pacific into India, China, Japan, Malaysia, Singapore, Australia, and the Rest of the APAC countries

Regional Growth Insights:

North America was the most important region within the FinTech market, accounting for 40.8% of the worldwide market in 2019. it absolutely was followed by Asia Pacific, Western Europe and also the other regions. For the Future period, the speedy developing regions in the FinTech market are going to be South America and Asia-Pacific, where progress is at CAGR of 14% and 12.9% correspondingly from 2020-2026.

Chances thrive through the fast-developing Asia-Pacific fintech landscape, and investment is hastening to tap into them. Open Banking and other regulatory initiatives are redefining financial services markets, with third-party providers able to gain access to formerly proprietary bank customer data.

Major Players Covered in the Global Fintech Market Report:

The prominent companies profiled in the global Fintech Market report are; PayPal Holdings, Inc., Stripe, Tencent Holdings Ltd, Ant Financial Services Group, Envestnet, Inc, Square, Inc, SoFi Inc., Shopify Inc.,, LendingClub Corporation, Xero Limited, Adyen N.V, Kabbage, Avant Inc, Robinhood, Plaid, Ripple, Chime, Coinbase, Darktrace, Checkout, Sumup, and Revolut.

Market Taxonomy:

By Service Type:

  • Wealth Management
  • Payments
  • Insurance
  • Personal Finance
  • Personal Loans
  • Fund Transfer
  • Others

By Technology:

  • Robotic Process Automation
  • Mobile Commerce and Transfers
  • Data Analytics
  • Others

By Service Provider:

  • Securities Brokerages and Investment Firms
  • Payment Processors
  • Banks
  • Non-Banking Financial Companies
  • Others

Geographical classification:

  • North America
  • Latin America
  • Europe
  • Middle East
  • South Africa
  • Asia Pacific
  • Rest of the World

Key Players:

  1. PayPal Holdings, Inc
  2. Stripe
  3. Tencent Holdings Ltd
  4. Ant Financial Services Group
  5. Envestnet, Inc
  6. Square, Inc
  7. SoFi Inc
  8. Shopify Inc
  9. LendingClub Corporation
  10. Xero Limited
  11. Adyen N.V
  12. Kabbage
  13. Avant Inc
  14. Robinhood
  15. Plaid

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