The global FinTech market will grow to $1.3 trillion within 10 years

The global FinTech market will grow to $1.3 trillion within 10 years

Fintech innovations have accelerated the digital financial revolution. Estimated at $272 billion in 2023, the global FinTech market is projected to reach $725 billion by 2030 and $1.3 trillion by 2034, growing at a CAGR of 15%, Beinsure Media predicts.

This growth has democratized investing. Commission-free trading apps are attracting millions of new retail investors by offering commission-free transactions, making stock market investing more affordable.

Automated savings programs are also gaining momentum. Cornerstone research shows that among the 13% of US consumers who use them, nearly $17 billion has been generated in additional deposits.

That means we’re on the cusp of the next big evolution: the rise of super apps. These platforms aim to consolidate various financial and lifestyle services into a single, seamless interface.

Global FinTech market development forecast for 2024-2034

Key technology players saw this integration potential early on. META has integrated payments into WhatsApp, while Apple and Google have done the same in their mobile operating systems. In China, super apps have gained significant popularity (from 2015 to 2023, WeChat’s revenue grew from $3.6 billion to $16.38 billion).

The fintech market is about the connection between financial services and technology. It involves the use of innovative technologies and digital solutions to provide financial products, services and processes.

Expanding incentives for fintech companies in applications such as mobile applications, artificial intelligence, blockchain, data analytics and cloud computing to displace and improve some functions of the financial industry.

Fintech companies provide financial technology solutions, tools and services to other businesses (B2B). Advances in the field of artificial intelligence, blockchain, cloud computing and big data analytics have made it possible to create innovative fintech solutions.

These advances have boosted the fintech sector by making services more convenient, secure and efficient. Customers increasingly rely on digital platforms to meet their financial needs.

Fintech areas such as peer-to-peer lending, robo-advisors, and mobile payment apps have gained popularity due to the demand for convenient, personalized, and efficient financial solutions.

However, regulatory guidance for fintech varies significantly from region to region and can be complex and dynamic. Complying with these regulations can be expensive and time-consuming, especially for new and smaller companies.

Fintech companies attract hackers because they handle sensitive financial data. Strong cybersecurity measures are necessary to protect against fraud, data leakage, and other security threats.

Source: forinsurer.com

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