The Global FinTech Industry Market Is Witnessing High Growth Owing To the High Prevalence of Finance Companies in the World


FinTech Industry Market, By Offering (Buy Now Pay Later Platform, Supply Chain & Invoice Financing, Neo & Challenger Banking Services, Spend & Expense Management, and Corporate Cards), By Enterprise Size (SMEs and Large Enterprises), By Industry (BFSI, Retail & E-commerce, Healthcare & Life Science, IT & Telecom, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027.

Financial technology, also called FinTech, is an umbrella term that covers a variety of technologies and solutions used to make finance and banking easier and more efficient. Fintech is used in nearly every industry, from small businesses to banks and large corporations. The innovations it brings to financial services include automated processes, big data, and artificial intelligence. One of the most popular applications of FinTech is mobile payments. This includes payments between prepaid debit cards, NFC payments, and account-to-account transfers. These applications are available through e-Wallets and mobile apps. Using these apps, customers can transfer money, check their balance, and view their accounts.

Major players operating in the global FinTech industry market include VA Tech Ventures Pvt. Limited (Happay), TOUCHSTONE GROUP PLC, SutiSoft, Inc., Sievo, Sage Intacct, Inc. (The Sage Group PLC), Ramp Business Corporation, Procurify, Open Financial Technologies Pvt Ltd, GEP, Coupa Software Inc., Brex Inc., Ariba, Inc. (SAP SE), Airbase Inc., Tradeshift, the UPS Store, Inc., NIUM Pte. Ltd, Mastercard Incorporated, JP Morgan Chase & Co. Inc., East West Bank (East West Bancorp, Inc.), Diners Club International Ltd, Citigroup Inc., Bank of America Corporation, American Express Company, AirPlus International Ltd., and Air Canada.

The global Fintech Industry Market was valued at US$ 208.01 Mn in 2019 and is expected to reach US$ 382.38 Mn by 2027 at a CAGR of 7.05% between 2020 and 2027.

The increasing incidence of finance companies in the world is expected to augment the growth of the global FinTech industry market. For instance, according to SovereignBoss, there are over 98,000 finance companies in the United Kingdom currently. Another type of fintech application is a virtual reality system. Companies such as Square Point of Sale integrate their data with their accounting software. These interfaces allow for easy inventory syncing. Similarly, robo-advisers provide online investment advice and manage portfolios. They are lower cost than human advisors. Moreover, technological advancements related to the financial sector are estimated to enhance the growth of the global FinTech market.

Covid-19 Impact Analysis:

During the COVID-19 pandemic, there have been several developments in the global FinTech market. For instance, in May 2022, Mastercard partnered with Synctera, in order to deliver account validation solutions for Synctera-powered FinTechs by using the open banking platform of Mastercard.

Key Takeaways:

· North America is expected to dominate the growth of the global FinTech market, owing to the high developments done by key companies in the region. For instance, in March 2022, Envestnet partnered with Productfy, so that the FinTech creators can use Productfy's platform.

· The Asia Pacific is estimated to witness high growth in the global FinTech market, owing to the increasing prevalence of financial service companies in the region. For instance, according to Easyleadz, there are more than 80,000 financial service companies in India

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