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Phase-Xs | Biologics & Biosimilars | Coherent Market Insights

Impact Analysis of Covid-19

The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.

FinTech is a combination of ‘finance’ and ‘technology’. It refers to the technology that helps consumers and financial institutions deliver financial services in an affordable and effective manner. In the FinTech industry, consumers can manage their financial transactions, transfer money, and can make quick lending decisions. Digital lending, credit, mobile banking, mobile payments, crypto currency, block chain, trading are examples of fintech.

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.

Global FinTech Industry Market - Impact of Coronavirus (Covid-19) Pandemic

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.

North America is expected to hold dominant position in the global fintech industry market during the forecast period.

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.

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FinTech Industry Market Report Coverage

Report Coverage Details
Base Year: 2019 Market Size in 2019: US$ 208.01 Mn
Historical Data for: 2017 to 2019 Forecast Period: 2020 to 2027
Forecast Period 2020 to 2027 CAGR: 7.05% 2027 Value Projection: US$ 382.38 Mn
Geographies covered:
  • North America: U.S. and Canada
  • Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
  • Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe
  • Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
  • Middle East and Africa: GCC Countries, South Africa, and Rest of Middle East and Africa
Segments covered:
  • By Offering: Buy Now Pay Later Platform, Supply Chain & Invoice Financing, Neo & Challenger Banking Services, Spend  & Expense Management, Corporate Cards.
  • By Enterprise Size: SMEs, Large Enterprises.
  • By Industry: BFSI (Banking, Financial Services and Insurance), Retail & e-commerce, Healthcare  & Life Science, IT & Telecom, Others.
  • By Region: North America, Europe, Latin America, Asia Pacific, Middle East and Africa.
Companies covered:

Major companies operating in the global FinTech Industry are: Corporate Card for Spend Management Platform:  Air Canada, AirPlus International Ltd, American Express Company, Bank of America Corporation, Citigroup Inc, Diners Club International Ltd, East West Bank (East West Bancorp, Inc.), JP Morgan Chase & Co. Inc, Mastercard Incorporated, NIUM Pte. Ltd, The UPS Store, Inc, Tradeshift. 

Spend Management/Spend Analytics Solutions Providers: Advanced, Airbase Inc, Ariba, Inc. (SAP SE), Brex Inc, Coupa Software Inc, GEP, Open Financial Technologies Pvt Ltd, Procurify, Ramp Business Corporation, Sage Intacct, Inc. (The Sage Group PLC), Sievo, SutiSoft, Inc, TOUCHSTONE GROUP PLC, VA Tech Ventures Pvt Limited (Happay).

Growth Drivers:
  • Increasing focus by corporates to optimize working capital
  • Increasing use of mobile wallet apps
Restraints & Challenges:
  • Growing  Data Security Concerns

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

FinTech Industry  | Coherent Market Insights

North America held dominant position in the global fintech industry market in 2019 and is projected to retain its dominance throughout the forecast period, owing to trend of digitalization and adoption of advanced technologies such as blockchain and artificial intelligence. In addition, major companies in North America are adopting strategies such as acquisition of small companies for increasing the service offering in the region. For instance, in November 2017, JPMorgan Chase & Co., a U.S.-based investment bank and financial services holding company acquired WePay, an online payment services company. Through this acquisition, JP Morgan Chase & Co. was able to offer WePay Payment Technology to its four million small business clients

Major companies operating in the global fintech industry are: Corporate Card for Spend Management Platform:  Air Canada, AirPlus International Ltd., American Express Company, Bank of America Corporation, Citigroup Inc., Diners Club International Ltd, East West Bank (East West Bancorp, Inc.), JP Morgan Chase & Co. Inc., Mastercard Incorporated, NIUM Pte. Ltd, the UPS Store, Inc., and Tradeshift.

Spend Management/Spend Analytics Solutions Providers: Advanced, Airbase Inc., Ariba, Inc. (SAP SE), Brex Inc., Coupa Software Inc., GEP, Open Financial Technologies Pvt Ltd, Procurify, Ramp Business Corporation, Sage Intacct, Inc. (The Sage Group PLC), Sievo, SutiSoft, Inc., TOUCHSTONE GROUP PLC, VA Tech Ventures Pvt. Limited (Happay).

Among offering segment, the Neo & Challenger Banking Services sub-segment is expected to dominate the market during the forecast period owing to increase in number of digital transactions.

Neo banks are digital banks, which do not have any physical presence and operates through partnered bank license in the market. Neo banks provide digital payment solutions, remittance, and money transfer services, saving accounts, insurances, and mortgages only through mobile applications, which is boosting the adoption of Neo banks across the globe. Furthermore, the coronavirus pandemic has fueled the adoption of Neo banks in the North American region. According to Coherent Market Insights’ analysis, the number of Neo Bank customers is expected to increase up to 145 million by 2024.

Figure 2: Global FinTech Industry Market Value (US$ Mn), 2017 - 2027

FinTech Industry  | Coherent Market Insights

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.

FinTech service providers are offering technology to enhance financial services, fintech providers are integrating advanced technologies such as artificial intelligence, blockchain, and data science into traditional financial services to make them safer, faster, and efficient. Fintech companies are engaged in innovating in every sector of finance, from payments to loan credit to stock trading. The fintech industry is majorly getting adopted in the banking industry for the remote access of bank accounts from mobile devices, neo banks, cryptocurrency & block chain, investments and saving, stock market trading, payments, insurance, and lending.

Market Dynamics

The demand for mobile banking applications is increasing, which is expected to propel the demand for Fintech Industry over the forecast period. Mobile banking application allows a customer to transact money form mobile devices across the globe. In addition, the adoption of digital wallets has increased. Through digital wallets, users can easily store card details and pay through the apps. For instance, Google Pay, Samsung Pay, Apple Pay, and others enable users to pay through wallets using their cards. This, in turn, increases the market growth during the forecast period. For instance, according to the Reserve Bank of India (RBI) in September 2019, India witnessed over 1,100 million transactions accounting for US$ 64,000 million, which is expected to increase over the forecast period.

Concerns regarding the security of consumer data is a major factor hindering the global fintech industry market growth during the forecast period. Databases of companies mainly include sensitive data related to debit or credit cards and financial information and these databases are the primary targets of cybercriminals.

Market Taxonomy

This report segments the global fintech industry analysis on the basis of offering, enterprise size, industry, and region. On the basis of offering, global fintech industry analysis is segmented into buy now pay later platform, supply chain & invoice financing, neo & challenger banking services, spend & expense management, and corporate cards. On the basis of enterprise size, the global fintech industry analysis is segmented into SMEs, and large enterprises. On the basis of industry, the global fintech industry analysis is segmented into BFSI, retail & e-commerce, healthcare & life science, IT & telecom, and others. On the basis of region, global fintech industry analysis is segmented into North America, Latin America, Europe, Asia pacific, Middle East and Africa.

Key features of the study:

  • This report provides an in-depth analysis of the global fintech industry analysis and provides market size (US$ Million) and compound annual growth rate (CAGR %) for the forecast period (2020-2027), considering 2019 as the base year
  • It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrix for this market
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, regional outlook, and competitive strategy adopted by leading players
  • It profiles leading players in the global fintech industry analysis based on the following parameters – regulatory landscape, company overview, financial performance, product portfolio, geographical presence, distribution strategies, key developments and strategies, and future plans
  • Major companies operating in the global fintech industry are: Corporate Card for Spend Management Platform: Air Canada, AirPlus International Ltd, American Express Company, Bank of America Corporation, Citigroup Inc, Diners Club International Ltd, East West Bank (East West Bancorp, Inc.), JP Morgan Chase & Co. Inc, Mastercard Incorporated, NIUM Pte. Ltd, The UPS Store, Inc, Tradeshift.
  • Spend Management/Spend Analytics Solutions Providers: Advanced, Airbase Inc, Ariba, Inc. (SAP SE), Brex Inc, Coupa Software Inc, GEP, Open Financial Technologies Pvt Ltd, Procurify, Ramp Business Corporation, Sage Intacct, Inc. (The Sage Group PLC), Sievo, SutiSoft, Inc, TOUCHSTONE GROUP PLC, VA Tech Ventures Pvt Limited (Happay).
  • These key market players are focusing on collaboration strategy with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers
  • Insights from this report would allow marketers and management authorities of companies to make informed decision regarding future product launches, technology up gradation, market expansion, and marketing tactics
  • The global fintech industry analysis report caters to various stakeholders in this industry including investors, suppliers, distributors, new entrants, and financial analysts
  • Stakeholders would have ease in decision-making through the various strategy matrices used in analyzing the global fintech industry analysis

Detailed Segmentation:

  • Global Fintech industry analysis, By Offering:
    • Buy Now Pay Later Platform
    • Supply Chain & Invoice Financing
    • Neo & Challenger Banking Services
    • Spend  & Expense Management
    • Corporate Cards
  • Global Fintech industry analysis, By Enterprise Size:
    • SMEs (Small and Medium Enterprises)
    • Large Enterprises
  • Global Fintech industry analysis, By Industry:
    • BFSI (Banking, Financial Services and Insurance)
    • Retail & e-commerce
    • Healthcare  & Life Science
    • IT & Telecom
    • Others
  • Global Fintech industry analysis, By Region:
    • North America
    • Latin America
    • Europe
    • Asia Pacific
    • Middle East and Africa
  • Company Profiles
    • Corporate Card for Spend Management Platform Providers:
      • Air Canada**
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Key highlights
      • AirPlus International Ltd
      • American Express Company
      • Bank of America Corporation
      • Citigroup Inc
      • Diners Club International Ltd,
      • East West Bank (East West Bancorp, Inc.)
      • JP Morgan Chase & Co. Inc
      • Mastercard Incorporated
      • NIUM Pte. Ltd
      • The UPS Store, Inc
      • Tradeshift.
  • Spend Management/Spend Analytics Solutions Providers
    • Advanced**
      • Company Overview
      • Product Portfolio
      • Financial Performance
      • Key Strategies
      • Key highlights
    • Airbase Inc
    • Ariba, Inc. (SAP SE)
    • Brex Inc
    • Coupa Software Inc
    • GEP
    • Open Financial Technologies Pvt Ltd
    • Procurify
    • Ramp Business Corporation
    • Sage Intacct, Inc. (The Sage Group PLC)
    • Sievo, SutiSoft, Inc
    • TOUCHSTONE GROUP PLC
    • VA Tech Ventures Pvt Limited (Happay).

**All the pointers will also be provided for the rest of the companies.

Browse all the market data tables and figures on ‘Global Fintech
Industry analysis - Forecast to 2027’

Table of Contents

  1. Research Objectives and Assumptions
    • Research Objectives
    • Assumptions
    • Abbreviations
  2. Market Purview
    • Report Description
      • Market Definition and Scope
    • Executive Summary
      • Market Snippet, By Offering
      • Market Snippet, By Enterprise Size
      • Market Snippet, By Industry
      • Market Snippet, By Region
    • Coherent Opportunity Map (COM)
  3. Market Dynamics, Regulations, and Trends Analysis
    • Market Dynamics
      • Drivers
      • Restraints
      • Market Opportunities
    • Regulatory Scenario
    • Solutions Trend
    • Merger and Acquisitions
    • New system Launch/Approvals
  4. Global FinTech Industry Market - Impact of Coronavirus (Covid-19) Pandemic
    • Short Term
    • Long term
  5. Global FinTech Industry Market, By Offering, 2017-2027 (US$ Million)
    • Introduction
      • Market Share Analysis, Y-o-Y Growth Analysis, 2017 and 2027 (%)
      • Segment trends
    • Buy Now Pay Later Platform
      • Introduction
      • Market Size and Forecast, Y-o-Y Growth Analysis, 2020–2027, (US$ Million)
    • Supply Chain & Invoice Financing
      • Introduction
      • Market Size and Forecast, Y-o-Y Growth Analysis (US$ Million)
    • Neo & Challenger Banking Services
      • Introduction
      • Market Size and Forecast, Y-o-Y Growth Analysis (US$ Million)
    • Spend & Expense Management
      • Introduction
      • Market Size and Forecast, Y-o-Y Growth Analysis (US$ Million)
    • Corporate Cards
      • Introduction
      • Market Size and Forecast, Y-o-Y Growth Analysis (US$ Million)
  6. Global FinTech Industry Market, By Enterprise Size, 2017-2027 (US$ Million)
    • Introduction
      • Market Share Analysis, Y-o-Y Growth Analysis, 2017 and 2027 (%)
      • Segment trends
    • SMEs
      • Introduction
      • Market Size and Forecast, Y-o-Y Growth Analysis (US$ Million)
    • Large Enterprises
      • Introduction
      • Market Size and Forecast, Y-o-Y Growth Analysis (US$ Million)
  7. Global FinTech Industry Market, By Industry, 2017-2027 (US$ Million)
    • Introduction
      • Market Share Analysis, Y-o-Y Growth Analysis, 2017 and 2027 (%)
      • Segment trends
    • BFSI
      • Introduction
      • Market Size and Forecast, Y-o-Y Growth Analysis (US$ Million)
    • Retail & e-commerce
      • Introduction
      • Market Size and Forecast, Y-o-Y Growth Analysis (US$ Million)
    • Healthcare & Life Science
      • Introduction
      • Market Size and Forecast, Y-o-Y Growth Analysis (US$ Million)
    • IT & Telecom
      • Introduction
      • Market Size and Forecast, Y-o-Y Growth Analysis (US$ Million)
    • Others
      • Introduction
      • Market Size and Forecast, Y-o-Y Growth Analysis (US$ Million)
  8. Global FinTech Industry Market, By Region, 2017-2027  (US$ Million)
    • Introduction
      • Market Share Analysis, Y-o-Y Growth Analysis, 2017 and 2027 (%)
    • North America
      • Regional Trends
      • Market Size and Forecast, By Offering, 2020–2027(US$ Million)
      • Market Size and Forecast, By Enterprise Size, 2020–2027 (US$ Million)
      • Market Size and Forecast, By Industry, 2020–2027(US$ Million)
      • Market Share Analysis, By Country, 2019 and 2027 (%)
        • U.S.
        • Canada
    • Europe
      • Regional Trends
      • Market Size and Forecast, By Offering, 2020–2027(US$ Million)
      • Market Size and Forecast, By Enterprise Size, 2020–2027 (US$ Million)
      • Market Size and Forecast, By Industry, 2020–2027(US$ Million)
      • Market Share Analysis, By Country, 2019 and 2027 (%)
        • U.K.
        • Germany
        • Italy
        • France
        • Russia
        • Rest of Europe
    • Asia Pacific
      • Regional Trends
      • Market Size and Forecast, By Offering, 2020–2027(US$ Million)
      • Market Size and Forecast, By Enterprise Size, 2020–2027 (US$ Million)
      • Market Size and Forecast, By Industry, 2020–2027(US$ Million)
      • Market Share Analysis, By Country, 2019 and 2027 (%)
        • China
        • India
        • Japan
        • ASEAN
        • Australia
        • South Korea
        • Rest of Asia Pacific
    • Latin America
      • Regional Trends
      • Market Size and Forecast, By Offering, 2020–2027(US$ Million)
      • Market Size and Forecast, By Enterprise Size, 2020–2027 (US$ Million)
      • Market Size and Forecast, By Industry, 2020–2027(US$ Million)
      • Market Share Analysis, By Country, 2019 and 2027 (%)
        • Brazil
        • Argentina
        • Mexico
        • Rest of Latin America
    • Middle East and Africa
      • Regional Trends
      • Market Size and Forecast, By Offering, 2020–2027(US$ Million)
      • Market Size and Forecast, By Enterprise Size, 2020–2027 (US$ Million)
      • Market Size and Forecast, By Industry, 2020–2027(US$ Million)
      • Market Share Analysis, By Country, 2019 and 2027 (%)
        • GCC Countries
        • South Africa
        • Rest of the Middle East and Africa
  9. Competitive Landscape
    • Company Profiles
      • Corporate Card for Spend Management Platform
        • Air Canada
          • Company Overview
          • Product Portfolio
          • Financial Performance
          • Key Strategies
          • Recent Developments/Updates
        • AirPlus International Ltd.
          • Company Overview
          • Product Portfolio
          • Financial Performance
          • Key Strategies
          • Recent Developments/Updates
        • American Express Company
          • Company Overview
          • Product Portfolio
          • Financial Performance
          • Key Strategies
          • Recent Developments/Updates
        • Bank of America Corporation
          • Company Overview
          • Product Portfolio
          • Financial Performance
          • Key Strategies
          • Recent Developments/Updates
        • Citigroup Inc.
          • Company Overview
          • Product Portfolio
          • Financial Performance
          • Key Strategies
          • Recent Developments/Updates
        • Diners Club International Ltd
          • Company Overview
          • Product Portfolio
          • Financial Performance
          • Key Strategies
          • Recent Developments/Updates
        • East West Bank (East West Bancorp, Inc.)
          • Company Overview
          • Product Portfolio
          • Financial Performance
          • Key Strategies
          • Recent Developments/Updates
        • JP Morgan Chase & Co. Inc.
          • Company Overview
          • Product Portfolio
          • Financial Performance
          • Key Strategies
          • Recent Developments/Updates
        • Mastercard Incorporated
          • Company Overview
          • Product Portfolio
          • Financial Performance
          • Key Strategies
          • Recent Developments/Updates
        • NIUM Pte. Ltd.
          • Company Overview
          • Product Portfolio
          • Financial Performance
          • Key Strategies
          • Recent Developments/Updates
        • The UPS Store, Inc.
          • Company Overview
          • Product Portfolio
          • Financial Performance
          • Key Strategies
          • Recent Developments/Updates
        • Tradeshift
          • Company Overview
          • Product Portfolio
          • Financial Performance
          • Key Strategies
          • Recent Developments/Updates
    • Spend Management/Spend Analytics Solutions Providers
      • Advanced
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Airbase Inc.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Ariba, Inc. (SAP SE)
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Brex Inc
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Coupa Software Inc
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • GEP
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Open Financial Technologies Pvt Ltd
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Procurify
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Ramp Business Corporation
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Sage Intacct, Inc. (The Sage Group PLC)
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Sievo
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • SutiSoft, Inc.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • TOUCHSTONE GROUP PLC
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • VA Tech Ventures Pvt Limited (Happay)
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
  10. Section
    • References
    • Research Methodology
    • About us and Sales Contact

*Browse market data tables and figures on ‘Global FinTech Industry’s Market -forecast to 2027’

FAQgrowicon

Frequently Asked Questions

The global fintech industry market is expected to reach US$ 252.50 million by 2022.
The market is expected to witness a CAGR of 7.05% during the forecast period (2020-2027).
Increasing use of mobile wallet apps is expected to drive growth of the market during the forecast period.
The Neo & Challenger Banking Services segment held the largest market share among offering segment, contributing 30.9% in terms of value in 2019.
b<>North America held the largest share in the global fintech industry market in 2019, accounting for 32.92% share in terms of value.
Major companies operating in the global Fintech industry are: Corporate Card for Spend Management Platform: Air Canada, AirPlus International Ltd, American Express Company, Bank of America Corporation, Citigroup Inc, Diners Club International Ltd, East West Bank (East West Bancorp, Inc.), JP Morgan Chase & Co. Inc, Mastercard Incorporated, NIUM Pte. Ltd, The UPS Store, Inc, Tradeshift. Spend Management/Spend Analytics Solutions Providers: Advanced, Airbase Inc, Ariba, Inc. (SAP SE), Brex Inc, Coupa Software Inc, GEP, Open Financial Technologies Pvt Ltd, Procurify, Ramp Business Corporation, Sage Intacct, Inc. (The Sage Group PLC), Sievo, SutiSoft, Inc, TOUCHSTONE GROUP PLC, VA Tech Ventures Pvt Limited (Happay).
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