DUBLIN, Ireland—The global fintech market size reached $131.14 billion in 2021, according to a new report.
Looking forward, the authors of the report by from Research and Markets said they expect this market to reach $385.93 billion by 2027, exhibiting a compound annual growth rate of 19.71% during 2021-2027.
“Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sectors,” the authors stated.
Rapid digitization of the banking, financial services, and insurance (BFSI) industry across the globe is creating a positive outlook for the fintech market, Research and Markets said.
“Fintech is transforming the banking system by increasing productivity and customer retention through speed and convenience. In line with this, the widespread technology adoption to process large volumes of data in a short period, enhance efficiency, and minimize the chances of human error is favoring the market growth,” the report states.
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