Global Fintech Market Size Expected to Reach US$ 449.1 Billion by 2028, Facilitated by Digitization in BFSI Industry

March 15 09:37 2023
Global Fintech Market Size Expected to Reach US$ 449.1 Billion by 2028, Facilitated by Digitization in BFSI Industry
Financial Technology Market
The global fintech market size reached US$ 158.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 449.1 Billion by 2028, exhibiting a growth rate (CAGR) of 17.7% during 2023-2028.

The latest research study by IMARC Group, “Fintech Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”  offers a comprehensive analysis of the industry, which comprises insights on global fintech industry report. The market size reached US$ 158.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 449.1 Billion by 2028, exhibiting a growth rate (CAGR) of 17.7% during 2023-2028.


Fintech represents financial technologies that are designed to improve banking and investing operations, such as retail banking, asset management, insurance investment, digital lending, fundraising, credit scoring, and mobile banking. They consist of application programming interfaces, blockchain, robotic process automation, data analytics, etc. These fintech solutions aid companies and consumers in managing their financial processes effectively by utilizing specialized software and algorithms on smartphones and computers. They even help to automate and enhance the delivery of financial services and ensure cost-effectiveness, enhanced risk management, streamlined financial operations, and faster payments. Consequently, fintech systems find widespread utilization in banks and insurance industries across the globe.


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Fintech Market Trends and Drivers:


The increasing need for enhancing productivity and customer retention in the banking segment by facilitating speed and convenience is primarily driving the fintech market. In line with this, the growing adoption of the technology to process extensive volumes of data within a short period and minimize the chances of human error is also positively influencing the global market. Moreover, the escalating integration of fintech solutions with artificial intelligence or AI, machine learning (ML), and big data for detecting unusual activity, preventing fraud in digital banking channels, and improving the monitoring of financial transactions, risk management, speech recognition, and secured network access to the banking institutions is acting as another significant growth-inducing factor. Besides this, the elevating collaboration between national regulators and financial institutions and the launch of several government initiatives to expand the fintech segment aimed at overcoming the shortcomings of the traditional financial service industry are expected to bolster the fintech market over the forecasted period.


Fintech Market Report Scope

Report Coverage


Market size value in 2022

US$ 158.9 Billion

Market forecast in 2028

US$ 449.1 Billion

Growth Rate

(CAGR) of 17.7% from 2022-2027.

Base year for estimation


Historical data


Forecast period



Fintech Market 2023-2028 Analysis and Segmentation:


Competitive Landscape:


The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.


  • Adyen N.V.
  • Afterpay Limited (Block Inc.)
  • Avant LLC, Cisco Systems Inc.
  • Google Payment Corp.
  • International Business Machines Corporation
  • Klarna Bank AB
  • Microsoft Corporation
  • Nvidia Corporation
  • Oracle Corporation
  • Paypal Holdings Inc.
  • Robinhood Markets Inc.
  • SoFi Technologies Inc 
  • Tata Consultancy Services.


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The report has segmented the market on the basis of deployment mode, technology, application and end user.


Breakup by Deployment Mode:

  • On-premises
  • Cloud-based


Breakup by Technology:

  • Application Programming Interface
  • Artificial Intelligence
  • Blockchain
  • Robotic Process Automation
  • Data Analytics
  • Others


Breakup by Application:

  • Payment and Fund Transfer
  • Loans
  • Insurance and Personal Finance
  • Wealth Management
  • Others


Breakup by End User:

  • Banking
  • Insurance
  • Securities
  • Others


Breakup by Region:

  • North America: (United States, Canada)
  • Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
  • Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
  • Latin America: (Brazil, Mexico, Others)
  • Middle East and Africa


Key highlights of the report:

  • Market Performance (2017-2022)
  • Market Outlook (2023-2028)
  • Porter’s Five Forces Analysis
  • Market Drivers and Success Factors
  • SWOT Analysis
  • Value Chain
  • Comprehensive Mapping of the Competitive Landscape


If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.


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IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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