The global financial technology or Finance IT market is promoted to grow uniformly. As a result, it will reach a market value of approximately US$322 billion by 2026 at a CAGR of about 25.06% in 2022-2027.
Finance IT is also called as Fintech; it combines the terms’ financial’ and ‘technology.’ It includes the implementation of new technological advancements in services and products in the financial industry. Software and hardware application in financial services and processes have become more accessible, faster, and more secure.
This industry includes not only payment processing solutions but also mobile banking apps. Technology in financial services has many advantages, such as speed, coverage, customer experience, convenience, improved security, and various technologies, such as big data and artificial intelligence, cybersecurity solutions, blockchain and cryptocurrencies, and digital banking.
Fintech has changed the way of operating businesses. In recent years, the financial technology sector has increased considerably, transforming enterprises to a customer-centric approach. As a result, financial services and technology companies have taken mutual paths and lengthened with disruptive and innovative techniques in a continually changing business scenario.
Financial Technology is a novel progression of gaining prominence worldwide by switching traditional financial services in various sectors such as electronic commerce, social commerce, payments, wealth management, and banking. E-commerce advances the key application segment of the FinTech market, spreading rapidly around the globe. In addition, infrastructure-based technology in the application programming interfaces and the open platforms is improving the future of the financial services industry.
This market presents many growth opportunities with a global adoption rate of 25% for fintech companies. Fintech helps small and medium-sized enterprises (SMEs) to meet their financial needs, such as financial management, insurance, banking and payments, and financing. In Asia, SMEs account for around 50% of all jobs and about 42% of GDP. According to the world bank statistics, increasing the credit to SMEs is necessary to satisfy the Asian workforce.
The Key players in this market are mentioned is Cisco System Inc., Goldman Sachs, Blockstream Corporation Inc., Microsoft, Bankable, NVIDIA Corporation, Tata Consultancy Services Limited, Circle Internet Financial Limited, Oracle, and Other Key players.
Our Banking & Finance category segmentation encompasses:
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