III. Industry Analysis
3.1 Industry Profile
Several factors, including technological advances, changes in consumer behavior, and the need for increased efficiency and cost savings, have driven the growth of financial services and automation. The rise of fintech has been a significant driver of growth in recent years, as startups and established financial institutions have developed new technologies and platforms to improve the delivery of financial services.
The financial services and automation industry is projected to grow in the coming years. Artificial intelligence, blockchain, and other advanced technologies are expected to drive further innovation and disruption, creating new opportunities and challenges for companies in the sector. Additionally, the increasing use of mobile devices and the internet is making financial services more accessible and convenient are driving growth and adoption of new financial products and services.
3.2 Market Size
The global financial services market is expected to grow from $25.84 trillion in 2022 to $28.11 trillion in 2023 at a compound annual growth rate (CAGR) of 8.8%.1
The global FinTech technologies market size was valued at $110.31 billion in 2020 and is projected to reach $696.80 billion by 2030, growing at a CAGR of 20.3% from 2021 to 2030.2
The Global FinTech market's largest segment will be digital payments with a total transaction value of $9.47 trillion in 2023.3
In the US, digital banking has grown steadily in adoption year-over-year from 61.3% in 2018 to 65.3% in 2022.4
In US, the total transaction value in the digital payments segment is projected to $2.04 trillion in 2023.5
2.https://www.alliedmarketresearch.com/fintech-technologies-market
3.https://www.statista.com/outlook/dmo/fintech/worldwide
4.https://explodingtopics.com/blog/fintech-market
5.https://www.statista.com/outlook/dmo/fintech/united-states
