Fintech- Accounting and Finance Business Plan

III. Industry Analysis

3.1 Market Size

The global financial technology market is anticipated to grow gradually and reach approximately £237.87 billion by 2026, growing at a CAGR of 23.41% during 2020-2026.1 The high usage of mobile devices and technology-based solutions is pushing the demand for financial and banking solutions, which can be accessed through personal devices.2 Banks and firms are investing heavily in technology-based solutions, competing with contemporary fintech companies.3 Convenience services & maintenance of transparency in terms of financial inclusions and integration of advanced technologies drive the growth of the Global FinTech Technologies market.4  

3.2 Industry Profile

The pandemic had a high impact on the way people perceive financial services. Today, every aspect of financial services, whether payments services, financial instruments-based services, or lending solutions, are being offered through digital delivery channels. This demands the availability of a high-end banking IT infrastructure, which can ensure the smooth functioning of all these services.
Rising demand among FinTech customers for instant and personalized services is also pushing the open banking API and FinTech technology industry. Providing real-time digital financial services at a personalized level may not be feasible for conventional banks alone, due to which they usually have to reside on the API solution providers 

1.https://www.marketdataforecast.com/market-reports/fintech-market
2.https://markets.businessinsider.com/news/stocks/global-fintech-market-set-to-reach-usd-305-7-billion-by-2023-at-a-cagr-of-22-17-during-2018-2023-1028101215
3.https://www.taiwannews.com.tw/en/news/4579065
4.https://www.globenewswire.com/news-release/2021/10/13/2313112/0/en/Fintech-Technologies-Market-Expected-to-Reach-698-48-Billion-By-2030-Allied-Market-Research.html
Strategic Business Plans