Latest News- Fintech Market: On-premises is expected to lead the Deployment segment during 2025-2029

The Fintech Market is being driven by Influence of digitalization in global fintech market

The Fintech Market is expected to grow at a CAGR of 32.5% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 813.5 billion. The fintech sector is experiencing a noteworthy shift towards the implementation of blockchain technology, which is increasingly gaining traction due to its numerous advantages. Recognized as the global leader in digital wallets, blockchain is being adopted by financial institutions for various applications, including authentication processes and document verification within the banking system. This technology enables banks to streamline in-house money transactions and optimize cost structures, resulting in substantial savings. By leveraging blockchain, banks can significantly reduce the time and resources required for transaction processing, leading to potential billions in cost savings. This technology's primary benefits include enhanced security, transparency, and efficiency, making it an essential tool for financial institutions seeking to remain competitive in the rapidly evolving fintech landscape. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Deployment
  • On-premises
  • Cloud
• End-user
  • Banking
  • Insurance
  • Securities
  • Others
• Application
  • Fraud monitoring
  • KYC verification
  • Compliance and regulatory support
• Geography
  • APAC
    • China
    • India
    • Japan
  • North America
    • Canada
    • US
  • Europe
    • Germany
    • UK
    • France
    • Italy
  • South America
    • Brazil
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Influence of digitalization in global fintech market
• Integration of big data and artificial intelligence in fintech
• Innovation and development in technology

However, the market also witnesses some limitations, which are as follows:

• Privacy and security concerns of losing personal information
• Poor Internet connectivity in developing countries in global fintech market
• Lack of skilled workforce in global fintech market

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Market Scope in Fintech Market Research Report

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Research Analysis Overview

The Fintech market is witnessing significant advancements in digital identity and biometric authentication for KYC/AML compliance. Regulatory sandboxes and fintech accelerators foster innovation, while open API ecosystems, cloud computing, big data, and data mining enable predictive analytics for enhanced customer experience. Agile methodologies, microservices architecture, and mobile app development are shaping the industry. Decentralized finance, non-fungible tokens, fintech venture capital, and regulatory compliance are key trends. Fintech's future includes cybersecurity, risk management, and continuous innovation. The market size is growing rapidly, with insights and predictions shaping the industry landscape.

Market Research Overview

The Fintech market encompasses digital lending, payment processing, alternative lending, wealth management, financial planning, open banking, and data analytics. Technavio positions this sector as part of the broader global technology hardware, storage, and peripherals market, which is a segment of the larger global information technology market. This market includes manufacturers of cellular phones, personal computers, servers, and peripherals, as well as data storage components and other equipment. Technavio estimates the market size based on the revenue generated from sales of hardware devices, equipment, and components. Key growth drivers for the global technology hardware, storage, and peripherals market include the increasing volume, velocity, veracity, and variety (4Vs) of data, leading to a surging demand for data storage solutions.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/