Fintech will be a $1.5 trillion industry by 2030

Fintech revenues are projected to grow sixfold from $245 billion to $1.5 trillion by 2030.

Thats is according to a report from Boston Consulting Group (BCG) and QED Investors.

The fintech sector, which currently holds a two per cent share of the $12.5 trillion in global financial services revenue, is estimated to grow up to seven per cent. Last year, 2022 proved a challenging year for fintech companies, which on average lost more than half of their market value. However, the new research showed this was a short-term correction in an otherwise long-term positive trajectory.

The UK and European Union combined represent the world’s third-largest financial institution market and are expected to see substantial fintech growth through 2030, estimated at more than fivefold over 2021 and led by the payments sector.

The report revealed that Asia-Pacific is set to outpace the US and become the world’s top fintech market by 2030, with a projected compound annual growth rate (CAGR) of 27%. This growth will be driven primarily by emerging economies such as China, India, and Indonesia that have the largest fintechs, voluminous underbanked populations, a high number of small and medium-sized enterprises, and a rising tech-savvy youth and middle class.

North America, which currently has the world’s largest financial-services industry, will remain a critical fintech market and innovation hub, projected to grow fourfold to $520 billion in 2030, with the US accounting for a projected 32% of global fintech revenue growth.

Commenting on the findings, Laimonas Noreika, co-founder and CEO, of fintech companyHeavyFinance said: “The fintech industry is playing a crucial role in driving global economic growth, creating jobs and powering businesses. These projections show exponential growth in the coming years, and yet so many key sectors have yet to fully benefit from the power of fintech.

“As our industry moves forward, we need a much wider conversation about the importance of…

Business Matters

2023-05-03 04:08:14

All news and articles are copyrighted to the respective authors and/or News Broadcasters. VIXC.Com is an independent Online News Aggregator


Read more from original source here…