FINTECH INDUSTRY MARKET ANALYSIS

Fintech Industry MarketSize and Trends

In addition, the increasing adoption of digital payment among millennial is expected to drive market growth during the forecast period. A mobile wallet is a type of digital wallet that enables users to access account information, process payment, and pay for services through smartphone applications. Mobile wallet stores have details of payment card on the app itself to make the payment process simpler and convenient. For instance, according to Coherent Market Insights analysis, the mobile payment industry is expected to reach US$195,000 million by 2021 from US$ 115,000 million in 2019.

Statistics:

North America held dominant position in the global fintech industry market in 2019, accounting for 32.92% share in terms of value, followed by Europe, and Asia Pacific.

Figure 1: Global FinTech Industry Market Share (%), By Region, 2019

The global fintech industry market was valued at US$ 208.01 Mn in 2019 and is expected to reach US$ 382.38 Mn by 2027 at a CAGR of 7.05% between 2020 and 2027.

Market- Trends

COVID-19 pandemic had a significant impact on the FinTech Industry market. Several countries across the globe such as India, Italy, the U.K., and others imposed nationwide lockdown in 2020. Many European countries such as Germany, Spain, and the U.K. also faced the second wave of the COVID-19. These lockdown across many countries increased the use of remote services such as online shopping, entertainment, streaming services, and mobile payments, which has boosted the adoption of FinTech Industry. In addition, many countries such as the U.K., Germany, Ireland, Poland, and Egypt have raised limits on the size of contactless payments.