Global fintech is exploding and will likely continue to expand its market size by a compound annual growth rate (CAGR) of more than 80% over the next five years. It is projected, by multiple services and RAM Research, the global fintech market will rake in more than US$8 billion annually by 2024.
The demand for the distributed ledger technology, reduced total cost of ownership, the rising cryptocurrencies market cap and initial coin offerings, transparency and immutability, and faster transactions are considered to be the fuel for the growth growth.
The blockchain technology can set rules for transactions and enables smart contracts; real-time settlements; triple-entry accounting; and consensus to create ownership of virtual currencies and securities, leading to higher compatibility with the financial services industry ecosystem. However, uncertain regulatory standards and frameworks, and lack of blockchain applications and use cases would restrain the market growth during the forecast period.
Some of the areas within fintech witnessing significant growth include Banking-as-a-Service (BaaS), PayTech, InsurTech, RegTech, and Biometrics. The technology trends that have also significantly impacted the industry include cloud, Internet of Things (IoT), and machine learning.
The combination of fintech and blockchain is red hot in Asia-Pacfic region, as well as in Australia, China, and India, with the explosion in the Europe and U.S. likely to hit full force in 2022, notes Robert McKinley, Senior Analyst for CardFlash, CardData and CardTrak.
Upcoming Fintech Payment Events
PYVNTS lists the following payments events, conferences, forums slated over next six months:
Fresh Fintech Payment Reports
Among the current “movers and shakers” in the Fintech Market, besides IBM, Microsoft, and Oracle, from RAM Research: