A new study by Research and Markets shows immense growth for the global financial technology (fintech) market, set to be valued at USD 305 billion by 2023, with a CAGR of over 22% in the five year period until then.
The double digit growth is credited to the high penetration and use of mobile devices, coupled with the adoption of tech-based solutions across the world as the global demand for banking and financial solutions accessible via personal devices grows. A key growth driver has also been the heavy investments made by banks and firms in technology-based solutions, in direct competition with contemporary fintech companies.
The report also mentions quite a bit of fintech jargon, reflecting the rising popularity of various services provided in the fintech sector. These include regtech (regulatory tech), payment/billing, insurtech (insurance tech) , money transfer/remittance, mortgage/real estate, lending, capital market and wealth management).
The payments and billing segment is still expected to be the biggest sector, predicted to lead a revenue generation of USD 207.11 billion by 2023.
In terms of regions, North America will be the leading contributor to the global fintech market with over USD 80 billion by 2023. Asia Pacific, however, is touted to have the highest growth with a CAGR of 43.34% during 2018-2023. Latin America will be an emerging region, driven mainly by state initiatives in Brazil and Mexico.
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