FinTech or financial technology is the new technology and innovation which is gaining prominence and replacing conventional financial services in different sectors like payments, E-Commerce, banks, social trading, wealth management, and others. Also, the Fintech market consists of sales of technology as well as platforms and related services. Moreover, companies in this market produce applications, processes and products, which are used in the financial services industry and these solutions are provided as an end-to-end process over the internet. Apart from that, it is used by financial institutions on the back end to automate insurance, trading, banking services, and risk management.
Global Fintech (Financial technology) Market: Key Players
The research study includes profiles of leading companies operating in the global fintech (financial technology) market. Key players profiled in the report include: Robinhood, Ant Financial, Paytm, Shanghai Lujiazui International Financial Asset Exchange, Oscar Insurance Corporation, Credit Karma, Kabbage, Atom Bank, Onfido, Uipath, and Microsoft.
Drivers for the Global Fintech (Financial technology) Market:
According to current market condition, the key reason for the growth of the fintech market includes high investment in technology-based solutions by banks and firms. Moreover, the infrastructure-based technology and APIs are reshaping the future of the financial services industry, thus aiding the growth of global fintech market. Furthermore, financial technology companies are delivering low-cost personalized products on account of emerging developments in the technology sector, leading to rising customer expectations, thereby, boosting the market growth globally.
Opportunities for the Global Fintech (Financial technology) Market:
Increasing mobile workforce leads further innovation in the Fintech market, and rising security market in developing economies are creating various opportunities during the forecast period. Additionally, growing internet penetration and increasing availability of spatial data are the primary factors propelling market growth.
Restrains for the Global Fintech (Financial technology) Market:
FinTech market size is unfortunately dwarfed by the governmental regulations with stringent rules that confine the operability of FinTech applications. Furthermore, there is a perceptible lack of “human touch” in these applications which is sometimes coupled with the extra convenience charges applicable to the transactions, and it’s quite evident by the fact that a lot of accounts made on FinTech mobile applications are dormant. Also, enormous operating cost stemming from multi-layered managements structures and large offices in prime locations. Apart from that, high overhead costs mean they have a hard time competing with flexible technology companies focusing on specialty areas and lower cost of operation. All these factors hinder global fintech (financial technology) market.
Region Wise, Global Fintech (Financial technology) Market Analysis:
On the basis of region, global fintech (financial technology) market include North America, Europe, Asia Pacific, Latin America, Middle East and Africa. North America accounted for the largest share of the global fintech (financial technology) market. The growth can be attributed to an increasing number of startups catering to most of the financial applications, including banking, insurance, and wealth management. North America region is followed by Asia pacific and Europe.
Global Fintech (Financial technology) Market: Product analysis
- API
- AI
- Blockchain
- Distributed Computing
- Cryptography
Global Fintech (Financial technology) Market: Application analysis
- Financing
- Asset Management
- Payments
Global Fintech (Financial technology) Market: Region analysis
- North America
- U.S.
- Canada
- Mexico
- Europe
- U.K.
- France
- Germany
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- ASEAN
- India
- Rest of Asia Pacific
- Latin America
- Brazil
- Argentina
- Colombia
- Rest of L.A.
- Middle East and Africa
- Turkey
- GCC
- UAE
- South Africa
- Rest of Middle East
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