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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Tables and Figures spread through 110 Pages and an in-depth TOC on "Global
Fintech Market"
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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.
Contact
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