According to Valuates Reports, the Global FinTech market is projected to grow at a Compound Annual Growth Rate (CAGR) of 23.84% reaching a capital of USD124.3 Billion. Many banks, investment companies and insurers plan to take part in this growth by heavily investing in the FinTech industry.
Some of the factors driving the FinTech market include: high reliance on mobile devices and other technologies and rising investments in tech-based financial solutions. The highest contributor in the FinTech market is projected to be North America with invesgtments reaching over USD80 Billion. The Asia-Pacific is expected to grow rapidly due to interest in open banking and redefining financial services.
Segments in the FinTech industry based on type include: API, AI, Blockchain, Distributed Computing and Cryptography. Based on application, the segments are the following: financing, asset management and payments.