Global Fintech Market Size, Share, Trends, COVID-19 Impact & Growth Forecast Report – Segmented By Technology (API, Artificial Intelligence, Blockchain and Distributed Computing), Service (Payment, Fund transfer, Personal Finance, Loans, Insurance and Wealth Management), Application (Banking, Insurance and Securities), Deployment Mode (Cloud and On-premises) and Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Industry Analysis (2024 to 2029)

Updated On: January, 2024
ID: 8751
Pages: 180

Global Fintech Market Size (2024 to 2029)

The size of the global fintech market is predicted to be worth USD 644.6 Billion by 2029 from USD 209.7 billion in 2024, growing at a CAGR of 25.18% from 2024 to 2029.

Current Scenario of the Global Fintech Market

Fintech is a combination of technology and financial services that have transformed the way businesses operate. In the last few years, the financial technology sector has emerged considerably and helped several financial institutions transform their businesses towards a customer-centric approach. Therefore, the scope of fintech market growth is expected to be immense in the coming years due to the rapid adoption of fintech from companies of all sizes. Fintech or financial technology is a novel advancement that is gaining prominence across the globe by replacing traditional financial services in various sectors such as payments, electronic commerce, banking, social commerce, wealth management and others. The rapid expansion of the e-commerce sector worldwide is fuelling the growth rate of the global fintech market. For instance, the worth of the global e-commerce sales reached USD 6.5 Trillion in 2023. The growing number of mobile users who make online transactions coupled with the fact that the implementation of FinTech significantly improves the customer experience by providing convenience in payments and delivery in e-commerce will propel the global Fintech market to experience incredible growth in the future.


The growing usage of fintech by financial institutions is primarily driving global market growth.

The adoption of fintech services has been growing rapidly in the last few years and is expected to continue further during the forecast period, which is one of the major factors propelling the global market growth. Fintech aids SMEs in meeting their financial needs, such as banking and payments, financial management, financing and insurance. In Asia, SMEs are pivotal and register about 42% of GDP and account for almost 50% of all jobs. Nonetheless, SMEs received only 19% of total bank credit in 2017. According to statistics published by the World Bank, increasing credit to SMEs is an hourly necessity because at least 1 million new jobs are needed monthly to satisfy the growing Asian workforce. The rapid adoption of fintech by financial institutions is anticipated to offer lucrative growth possibilities to the market participants. In addition to credit financing, there are several ways that SMEs can benefit from fintech, such as using APIs and distributed accounting technologies to achieve process efficiency.

The rising awareness of FinTech's ability to strengthen the security of financial data is further fuelling the growth rate of the global market.

Cybersecurity is a significant challenge in information technology. Organizations are vulnerable to financial loss due to cyber-attacks and have been investing significant amounts in FinTech. For instance, as per the information by KPMG, fintech companies have received a record high of USD 168 billion in investments in 2021. Along with providing required security, FinTech also ensures convenient transactions that further result in smooth operations and healthy cash flow in financial institutions.

The growing adoption and increased usage of mobile banking applications is also a key factor fuelling the growth rate of the fintech market.

In the current scenario, each bank has its own mobile application that allows customers to transact online and transfer money to other users around the world. For instance, the global number of mobile banking users have crossed 1.2 billion in 2021. The penetration of mobile banking is spreading aggressively in the Asia-Pacific region. For instance, in the Asia-Pacific alone, the penetration of mobile banking reached 62% in 2021. Furthermore, stringent government rules, the increasing adoption of advanced data security measures, and the rise of FinTech applications by people are contributing to the growth of the global fintech market.


On the other hand, the regulations from the governments of several countries with strict rules that limit the operability of FinTech applications are primarily hampering the growth of the global fintech market. Security concerns, cybersecurity risks and data privacy concerns are further limiting the growth rate of the global fintech market. The shortage of skilled personnel and slow adoption of fintech solutions in some of the emerging markets are showcasing unfavorable impacts on the global fintech market.




Market Size Available

2023 to 2029

Base Year


Forecast Period

2024 to 2029

Segments Covered

By Technology, Service, Application, Deployment Mode and Region

Various Analyses Covered

Global, Regional, & Country Level Analysis; Segment-Level Analysis, Drivers, Restraints, Opportunities, Challenges, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities

Regions Covered

North America, Europe, Asia Pacific, Latin America, Middle East and Africa

Key Market Players

Stripe, Square, PayPal, Robinhood, Coinbase, Ant Group, Adyen, Revolut, TransferWise, SoFi, Affirm, Klarna, Chime, Plaid, Ripple, Wealthfront, Betterment and OnDeck



Global Fintech Market Analysis By Technology

Based on technology, the API segment captured 36.2% of the worldwide market share in 2023 and is anticipated to be 11.4% during the forecast period. APIs have become foundational in modernizing financial services by facilitating open banking, enabling faster innovation and improving customer experience. The growing usage of API to enable seamless integration and data exchange between financial institutions, third-party developers, and service providers is one of the key factors propelling the expansion of the API segment in the global market. For instance, more than 60% of financial institutions globally use APIs to enhance their digital capabilities.  

The AI segment was the second biggest segment in the global market in 2023 and is expected to grow at a CAGR of 16.1% during the forecast period. The growth of the AI segment is majorly attributed to the capability of AI to analyze vast datasets, derive actionable insights, and automate complex decision-making processes. The transformative potential of AI in data analysis, risk management, fraud detection, and customer service automation and the quest for operational efficiency, enhanced decision-making, and superior customer engagement are boosting the growth rate of the AI segment in the global market.

The blockchain segment is estimated to expand at a prominent CAGR during the forecast period. Blockchain plays a crucial role in areas such as digital currencies and smart contracts to offer secure and transparent transactions. The ability of blockchain to provide decentralized and tamper-resistant ledgers that ensure trust in financial transactions is driving the growth of the blockchain segment in the global market.

Global Fintech Market By Service

Based on service, the payment segment dominated the market, holding 28.7% of the global market share in 2023 and is anticipated to be the fastest-growing segment in the global fintech market during the forecast period. The rapid adoption of digital payment methods and the growing volume of digital payment transactions are propelling the expansion of the payment segment in the global market. For instance, global digital payment transactions exceeded 700 billion in 2021 and are experiencing 20% Y-O-Y growth. Factors such as e-commerce expansion and the rise of contactless payments are further boosting the growth rate of the payment segment.

The fund transfer segment is the next promising segment and is projected to grow at a CAGR of 12.8% during the forecast period. The growth of the fund transfer segment is majorly driven by the growing number of international money transfers and remittances. The global nature of financial transactions fuels the dominance of fund transfer services, and fintech solutions in this space often offer faster, more cost-effective, and transparent alternatives to traditional banking methods.

The personal finance segment is set to hit the highest CAGR during the forecast period owing to the gaining prominence as consumers seek tools to manage their finances effectively. The dominance of the personal finance segment is driven by the growing demand for financial literacy, real-time insights into spending habits, and the desire for personalized financial advice.

Global Fintech Market Analysis by Application

Based on application, the banking segment led the market and accounted for 42.9% of the global market share in 2023 and is predicted to continue playing the dominating role in the worldwide market throughout the forecast period. Fintech innovations in banking, such as mobile banking apps, digital wallets and peer-to-peer lending platforms have been reshaping how the traditional banking system works. Factors such as convenience, accessibility and cost-effectiveness are majorly propelling the demand for fintech banking solutions among consumers and financial institutions and driving the segmental expansion. For instance, the usage of mobile banking apps increased by 25% globally in 2021 and has over 2 billion active users.

The insurance segment is another major segment and is expected to witness a prominent CAGR during the forecast period. The growth of the insurance market is primarily driven by innovations such as digital underwriting, personalized policies, and streamlined claims processing. Insurance leverages technology to enhance customer experiences, provide transparent offerings, and optimize risk management.

The securities segment is anticipated to capture a notable share of the global fintech market during the forecast period. Securities applications play a third significant role in modernizing investment processes. The dominance of securities applications is attributed to their ability to democratize access to investment opportunities, automate portfolio management, and provide cost-effective solutions for investors seeking diversified and personalized investment strategies.

Global Fintech Market Analysis By Deployment Mode

The cloud segment held the largest share of the global fintech market in 2022 and the domination of the segment in the global market is expected to continue throughout the forecast period due to the scalability, flexibility, and cost-effectiveness of cloud solutions that seek to rapidly scale their operations. The ability to adapt to fluctuating workloads and the potential for cost savings contribute to the dominance of cloud deployment.

The on-premises segment is estimated to register a healthy CAGR during the forecast period. On-premises deployment, where the software and infrastructure are hosted locally within a company's data centers, has traditionally been the choice for some financial institutions due to security and control considerations. On-premises solutions offer a high level of customization and control but may face challenges in terms of scalability, upfront costs, and agility compared to cloud alternatives.


Geographically, the Asia Pacific region emerged as the top-performing regional segment in the global market in 2023 and held 32.8% of the global market share. During the forecast period, the Asia-Pacific fintech market is expected to witness the fastest CAGR of 27.45%. The growth of the Asia-Pacific regional market is majorly driven by factors such as rapid digitization, burgeoning tech startups, supportive regulatory frameworks, high smartphone penetration, rising internet connectivity, an increasing number of initiatives from the governments of Asia-Pacific countries to promote financial inclusion and strong investor interest in fintech startups. India is one of the topmost countries in terms of using a high number of digital companies. According to a recent survey, around 89.5 million transactions were recorded in 2022 in India alone. China is next in leading the dominant share of the fintech market and is projected to grow at a CAGR of 8.34% during the forecast period. The increasing youth population is the primary factor that will help the market grow in this country. Rapid urbanization and a growing number of smartphones are anticipated to elevate the demand for fintech services, especially in the banking sector. Fintech services will enhance the customer experience as they offer M2M communication that levels up the efficiency in decision-making. Quick adoption of advanced technologies to ease the complex structured business processes in digitization is surging the growth rate of the Chinese fintech market. Japan and South Korea are likely to show great opportunities for the fintech market in the coming years, whereas the Singapore fintech market has been growing faster in the past few years.

North America closely followed the Asia-Pacific region and stood as the second-biggest regional segment in the worldwide market in 2023. The North America fintech market captured 29.7% of the global market share in 2023 and is expected to register a prominent CAGR during the forecast period owing to the increasing support from the public and private sectors. Trends towards blockchain technology in developed countries like the U.S. and Canada are inclined to show a positive impact on the growth rate of the fintech market in North America. Blockchain technology is greatly adopted by banking, finance, and healthcare and is raising interest in fintech services.

Europe is expected to hit the promising CAGR during the forecast period. The increasing number of banking institutions and the launch of various digital payment methods in favor of customers are attributed to gearing up the growth rate of the European fintech market. The European fintech market has been experiencing significant investments from various venture capital, private equity and corporate funding firms from the last few overs, which has been contributing to the European market growth notably. The governments of European countries have been strongly supporting fintech innovation and have brought initiatives such as PSD2 and GDPR to promote open banking and data protection. The regional market players such as Revolut, TransferWise and N26 have shown significant growth and brought several changes to the banking and payment systems.

The Latin America fintech market is anticipated to account for a considerable share of the global market in 2023 and is projected to have robust growth opportunities in the foreseen period. The growing popularity of mobile-based payment methods is anticipated to promote the demand for fintech companies in Latin America. The number of fintech companies in Latin America is growing steadily in the Latin American region, and countries such as Brazil and Mexico have been experiencing a steady increase in the usage of mobile payments. The governments of Latin American countries are also bringing favorable regulations to support innovation and entrepreneurship in the fintech sector across the region. For instance, in 2018, Mexico announced a fintech law to regulate crowdfunding, electronic payments and cryptocurrencies.

The fintech market in MEA is forecasted to register a steady CAGR during the forecast period. Factors such as the growing penetration of mobiles and improvements in the banking infrastructure are promoting the growth of the MEA fintech market.


Stripe, Square, PayPal, Robinhood, Coinbase, Ant Group, Adyen, Revolut, TransferWise, SoFi, Affirm, Klarna, Chime, Plaid, Ripple, Wealthfront, Betterment and OnDeck are some of the notable companies in the global fintech market.

This research report on the global fintech market has been segmented and sub-segmented based on technology, service, application, deployment mode and region.

By Technology

  • API
  • Artificial Intelligence
  • Blockchain
  • Distributed Computing

By Service

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

By Application

  • Banking
  • Insurance
  • Securities
  • Others

By Deployment Mode

  • Cloud
  • On-premises

By Region

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East and Africa

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Frequently Asked Questions

How much is the global fintech market expected to grow in the next five years?

The global fintech market is estimated to grow at a CAGR of 25.18% from 2023 to 2028. 

How big the fintech market?

The global fintech market is expected to reach USD 167.54 billion in 2023. 

Which region is growing the fastest in the worldwide fintech market?

North America is the most dominating region in the global fintech market. 

Who are the key players in the global fintech market?

Companies playing a major role in the global fintech market are Stripe, Square, PayPal, Robinhood, Coinbase, Ant Group, Adyen, Revolut, TransferWise, SoFi, Affirm, Klarna, Chime, Plaid, Ripple, Wealthfront, Betterment and OnDec. 

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