The fintech industry has been rapidly growing in recent years, and it shows no signs of slowing down. As we approach the year 2023, there are several upcoming fintech statistics that are worth keeping an eye on. These statistics will provide valuable insights into the future of the industry and help businesses and investors make informed decisions.
1. Mobile Payments Will Continue to Rise
Mobile payments have been on the rise for several years, and this trend is expected to continue between 2023 and 2025. According to a report by Statista, the global mobile payment market is projected to reach $4.5 trillion by 2023. This growth is driven by the increasing adoption of smartphones and the convenience of mobile payments.
2. Blockchain Technology Will Gain Traction
Blockchain technology has been gaining traction in the fintech industry, and this trend is expected to continue between 2023 and 2025. According to a report by MarketsandMarkets, the global blockchain market size is expected to grow from $3 billion in 2020 to $39.7 billion by 2025, at a compound annual growth rate (CAGR) of 67.3%. This growth is driven by the increasing adoption of blockchain technology in various industries, including finance.
3. Artificial Intelligence Will Revolutionize Financial Services
Artificial intelligence (AI) has already started revolutionizing financial services, and this trend is expected to continue between 2023 and 2025. According to a report by ResearchAndMarkets, the global AI in fintech market size is expected to grow from $1.5 billion in 2019 to $22.6 billion by 2025, at a CAGR of 40.4%. This growth is driven by the increasing demand for AI-powered solutions in financial services, including fraud detection, risk management, and customer service.
4. Digital Banking Will Become the Norm
Digital banking has been on the rise for several years, and this trend is expected to continue between 2023 and 2025. According to a report by Accenture, digital banking is expected to become the norm by 2025, with more than 75% of banking customers using digital channels for their banking needs. This growth is driven by the increasing adoption of smartphones and the convenience of digital banking.
5. Cybersecurity Will Remain a Top Priority
Cybersecurity has always been a top priority in the fintech industry, and this trend is expected to continue between 2023 and 2025. According to a report by Cybersecurity Ventures, global cybersecurity spending is expected to exceed $1 trillion between 2017 and 2021. This growth is driven by the increasing number of cyber threats and the need for robust cybersecurity measures in financial services.
In conclusion, the fintech industry is poised for significant growth between 2023 and 2025, driven by mobile payments, blockchain technology, artificial intelligence, digital banking, and cybersecurity. Businesses and investors who keep an eye on these upcoming fintech statistics will be better equipped to navigate the rapidly evolving landscape of the industry.
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