Fintech Market 2022: Value Soars to $698.48B at 20.3% CAGR

The global fintech technologies market is projected to value at $698.48 billion by 2030, growing at a compound annual growth rate (CAGR) of 20.3% from 2021 to 2030, according to a report by Allied Market Research. The market is driven by increased use of smartphones for mobile banking, investing, borrowing services, and cryptocurrency. Fintech technology companies, both startups and established financial institutions, aim to replace and enhance the usage of financial services provided by existing companies using advanced technologies such as artificial intelligence (AI), blockchain, and data analytics. Convenience services and the maintenance of transparency are also contributing to the growth of the market. However, privacy and security concerns and conflicting regulations across jurisdictions present challenges to market growth. The report also highlights that the banking sector accounted for the highest market share in 2020, while North America held the largest share regionally. The Asia-Pacific region is projected to have the highest CAGR during the forecast period.