FinTech market is estimated to reach $679.9 Bn by 2023 with CAGR of 27.5%

According to the new market research report by IndustryARC titled "FinTech Market: By Technology (Application Program Interface, Artificial intelligence and Block chain); By Type of transaction (Digital transaction, business finance and personal finance); By Sector (Lenders, payments, wealth management, financial institutions, insurance and others) & By Geography - Forecast(2018 - 2023)," the market will be driven by opportunity to expand products and services in financial institutions with strong focus on data analytics and mobile technology.

Fintech is a software utilized by the big, medium and small financial companies for payments in bank, retail and institutions, insurance providers, and others. The non-banking corporation’s usage is to maintain account processing, customer profiles, account information, eligibility evaluation, and other financial activities associated with marketing, branding, and promotions.

North America Dominates Major Share in FinTech Market

North America is the leading holder of shares in FinTech market. Among all the regions, US is the region behind the major adoption of technology in the growth of the market. Silicon Valley in New York and London are the leading world in FinTech Locations for the year of 2017. An overview states that having clear idea and knowledge on the technology is the reason behind the adoption of the Fintech in the companies of North America. Further, Asia-Pacific is expected to show rapid growth in Fintech blockchain market during the forecast period. The growing technological advancement in blockchain solutions has increased the adoption across banking, and in-banking financial services across APAC.

Selected Solution Analysis Done in the Full Report:

The market is segmented into technology, transaction type and sector. The report analysis on sector segment states that, utilization of technology in business processes is helping to enhance its performance. In FinTech sector transaction type segment discuss about the payments, financial institution and insurance. Insurance occupied the largest market share in 2017. The use of FinTech technology across the financial services industry is growing. Emergence of services such as PayTech, RegTech, InsurTech, and digital banking highlight the ways in which digitalization has impacted the FinTech industry. These consumer demand in improved access and anytime anywhere services is achieving greater transparency and will lead the market in the period of 2018-2023.

Selected Driving Factors Mentioned in the Full Report

• High compatibility with financial services ecosystems and rising crypto currencies market will cap faster transactions and expected to boost the growth in FinTech market.
• Demand in distributed ledger technology, has reduced the total cost of ownership, transparency and immutability, and faster transactions would fuel the market growth.
• Increase experience of data models and analytics to better identity and quality risk is seen as the most important trend in the financial industry and one of which the market is expected more likely to respond in the few years. For this reason the insurers are embracing innovation with a focus on data analytics and 84% are planning to invest in the forecast of 2018-2023.

To access the full report @ https://industryarc.com/Report/18381/fintech-market.html

Key Players of the FinTech MarketAccenture, IBM, Microsoft, Oracle, Red Hat and SAP are the major players in the FinTech Market. Accenture is known for its platform likes Blocko, CoverGo, FutureFlow, Sherlock Garden and others are utilised under blockchain infrastructure, insurance, and financial crimes.

IBM has done changes and continuing its changes in the business of finance security industry. It’s technologies like artificial and machine learning is used to give security firms new insights from risk management to compliance. Another technology in discussion is blockchain projects moving at a rapid pace and expected to impact on the industry. Oracle also serves in the banking, wealth and asset management firms are in revolution as emerging technologies. Application programming interface, Blockchain, artificial intelligence in FinTech has opened new platform for in digital transformation. Going forward many innovative solutions can be expected as different stakeholders in the industry collaborate to enhance industry performance. Hence, the fintech innovation on digital platform for open banking will help Fintech to accelerate innovation and minimize time to monetization.

The FinTech Market is Segmented as Indicated Below:

The growing scale of development in financial and insurance industry will drive the demand for FinTech Market.

• Fintech Market – By Technology
  • Application programming interface (API)
  • Artificial intelligence (AI)
  • Block chain
• Fintech Market – By Type Of Transaction
  • Digital Transaction
  • Business Finance
  • Personal Finance
• Fintech Market – By Sector
  • Lenders
  • Payments
  • Wealth Management
  • Financial Institutions
  • Insurance
  • Others (Security, Research & Data, Smart Contracts)
• FinTech Market By Geography (16+ countries)
• FinTech Market Entropy
• Company Profiles
  • Earthport
  • Bitfury
  • BTL Group
  • AlphaPoint
  • BitPay
  • Cambridge Blockchain
  • Company 7
  • Company 8
  • Company 9
  • Company 10

More than 10 companies are profiled in this report

Appendix: Abbreviations, Sources, Research Methodology, Bibliography, Compilation of Experts, Disclaimer.

What can you expect from the report?

The FinTech Market Report is prepared with the main agenda to cover the following 20 points:

1. Market Size by Product Category2. Market Trends3. Manufacturer Landscape4. Distributor Landscape5. Pricing Analysis6. Top 10 End User Analysis7. Product Benchmarking8. Product Developments9. Mergers & Acquisition Analysis10. Patent Analysis11. Demand Analysis (By Revenue & Volume)12. Country level Analysis (15+)13. Competitor Analysis14. Market Shares Analysis15. Value Chain Analysis16. Supply Chain Analysis17. Strategic Analysis18. Current & Future Market Landscape Analysis19. Opportunity Analysis20. Revenue and Volume Analysis

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About IndustryARC

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About IndustryArc: IndustryArc is a Research and Consulting Firm that publishes more than 500 reports annually, in various industries such as Agriculture, Automotive, Automation & Instrumentation, Chemicals and Materials,