The fintech industry has been growing at an unprecedented rate in recent years, and it shows no signs of slowing down anytime soon. With the advent of new technologies and the increasing demand for digital financial services, the fintech landscape is constantly evolving. As we look towards the future, there are several key fintech statistics to watch out for between 2023 and 2025.
1. Global Fintech Market Size
According to a report by ResearchAndMarkets, the global fintech market size is expected to reach $305 billion by 2025, growing at a CAGR of 22.7% from 2020 to 2025. This growth is driven by factors such as the increasing adoption of digital payments, the rise of mobile banking, and the growing demand for financial inclusion.
2. Digital Payments
Digital payments have become increasingly popular in recent years, and this trend is expected to continue over the next few years. According to a report by Statista, the global digital payments market is expected to reach $6.7 trillion by 2023, growing at a CAGR of 13.5% from 2019 to 2023. This growth is driven by factors such as the increasing adoption of e-commerce, the rise of mobile payments, and the growing demand for contactless payments.
3. Blockchain Technology
Blockchain technology has been gaining traction in the financial industry due to its potential to improve security, transparency, and efficiency. According to a report by MarketsandMarkets, the global blockchain market size is expected to reach $39.7 billion by 2025, growing at a CAGR of 67.3% from 2020 to 2025. This growth is driven by factors such as the increasing adoption of blockchain in financial services, the rise of digital identity management, and the growing demand for smart contracts.
4. Artificial Intelligence
Artificial intelligence (AI) has been transforming the financial industry by enabling more personalized and efficient services. According to a report by Tractica, the global AI market in financial services is expected to reach $11.1 billion by 2024, growing at a CAGR of 34.8% from 2019 to 2024. This growth is driven by factors such as the increasing adoption of AI in fraud detection, customer service, and risk management.
5. Robo-Advisory
Robo-advisory has been gaining popularity in recent years as a way to provide automated investment advice and portfolio management. According to a report by Grand View Research, the global robo-advisory market size is expected to reach $1.4 trillion by 2025, growing at a CAGR of 30.8% from 2019 to 2025. This growth is driven by factors such as the increasing adoption of robo-advisory by millennials and the growing demand for low-cost investment solutions.
In conclusion, the fintech industry is poised for significant growth over the next few years, driven by factors such as digital payments, blockchain technology, artificial intelligence, and robo-advisory. Keeping an eye on these key fintech statistics can help businesses and investors stay ahead of the curve and capitalize on emerging opportunities in this dynamic industry.
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