Fintech Market Projected to Expand to $882 Billion by 2030

According to a report by Fortune Business Insights, the fintech market is expected to reach USD 882.30 billion by 2030 driven by the growth of advanced technologies and services. The report attributes this growth to the accelerated digital transformation of financial services during the pandemic.

With businesses and consumers increasingly adopting online and mobile banking, there has been a rising demand for financial technology platforms. Additionally, fintech companies offering payment and transaction processing services have experienced increased demand, driven by the growing prevalence of e-commerce, contactless payments, and digital wallets.

Additionally, Fortune Business Insights highlighted that the economic impact of the pandemic has spurred an increased demand for lending and credit services. Companies offering digital lending platforms and credit scoring solutions have witnessed growth during this period. These factors have contributed to the expansion of the fintech market amidst the pandemic.

Furthermore, North America has emerged as the global leader in the fintech market, with a market value of USD 89.61 billion in 2022. The region’s market growth is driven by factors such as the growing need for customization, regulatory compliance, cross-selling opportunities, and evolving fintech industry trends. North America, particularly Silicon Valley, serves as a hub for fintech innovation, leveraging its environment to foster continuous advancements in financial services.

According to the survey, the Asia Pacific region is anticipated to overtake the U.S. and become the world’s largest market by 2030.  As key companies are emphasizing the expansion of their geographical boundaries globally by introducing industry-specific solutions, these companies are strategically acquiring and collaborating with local players to capture a regional hold.