Press Release

Asia Pacific To Register Highest CAGR in Fintech Market During Forecast Period

Rising use of mobile devices and increasing investment in technology-based solutions to drive global fintech market through 2024

According to TechSci Research report, Global Fintech Market By Technology, By Service, By Application, By Deployment Mode, By Region, Competition, Forecast & Opportunities, 2024, global fintech market is expected to register a CAGR of around 20% during the forecast period on account of the rising use of mobile devices and technology-based solutions. One of the key reasons for the strong growth of global fintech market in the forthcoming years is that traditional financial service companies have entered the market. Moreover, with increased funding in start-ups, more established fintech companies are building strategies for technological development, which is further anticipated to spur global fintech market. However, the lack of skilled consultants to deploy AI in fintech might hamper the growth of the global fintech market during the forecast period.

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Global fintech market can be segmented based on technology, service, application, deployment mode and region. Considering the deployment mode, the market can be segmented into cloud and on-premises. Cloud deployment mode is anticipated to witness high traction in the upcoming years as most of the players in the fintech market offer cloud-based trading solutions to make profits and effectively automate the trading process. In terms of service, the market is categorized into payment; fund transfer; personal finance; loans; insurance; and wealth management. Out of these, the payment service segment is anticipated to witness the major growth in the global market, leading to a revenue generation of around $ 207 billion by 2024 on account of contactless cards and the emergence of retail-focused fintech companies looking to expand the use of this functionality by taking it to every corner of commerce. Moreover, the popularity of payment apps like GoUrl, Cayan, Stripe, and Amazon Pay amongst customers and retailers would further drive growth of this segment.

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Robinhood, Ant Financial, Paytm, Shanghai Lujiazui International Financial Asset Exchange, Oscar Insurance Corporation, Credit Karma, Kabbage, Atom Bank, Onfido, Uipath, Microsoft, among others are the leading players operating in global fintech market.

“Asia-Pacific fintech market is projected to witness the fastest growth at a CAGR of around 43% during the forecast period on account of increasing number of start-ups in the region catering to various financial areas, including banking, insurance and wealth management. Moreover, the economies like China, Japan, South Korea, Australia, and India are the major contributors in the growth of Asia-Pacific fintech market.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

Global Fintech Market By Technology, By Service, By Application, By Deployment Mode, By Region, Competition, Forecast & Opportunities, 2024 has evaluated the future growth potential of global fintech market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global fintech market.

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