Financial Technology Market to Reflect Impressive Growth Rate During 2025
Financial Technology Market: Introduction
Financial Technology is a term used to assist those companies operating in the financial technology sector. The Financial Technology is the integration of financial services with information technology. This integration assists in reshaping finance services by facilitating easy and smart management of financial activities. Another advantage associated with this technology is it improves the quality of financial services and reduce overall operational cost, and thus contributing to creating a more diverse and stable financial landscape.
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Financial Technology Market: Drivers and Restraints
Increase in inclination towards new technology solution such as online, mobile payments, big data, alternative finance and financial management, surges the need for simple technology that assists in efficient financial management, which is positively influencing the demand for Financial Technology market. Also, growing dependence of technology in every sector to facilitate ease and flexibility in maintaining records act as major parameters backing the adoption of financial technology, which is the other driver for the growth Financial Technology solution during the forecast period.
The legacy financial system is projected to witness serious threat from developing technologies such as BlockChain technology, therefore to exclude the demand for an intermediary trust agent for payments settlements is another factor contributing to the growth of the market during the forthcoming years.
Also, increase in digitization in the financial sector is the important parameter due to which the demand for Financial Technology solution is likely to surge.
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Global Financial Technology Market: Market Segmentation
Global Financial Technology Market can be divided into five segments, on the basis of services, component, deployment, end-user, and Region.
Segmentation on the basis of the Services for Financial Technology Market as:-
The major segments of Financial Technology market on the basis of the Services include:-
Peer-To-Peer Money Transfers
Segmentation on the basis of the by component System for Financial Technology Market as:-
The major segments of Financial Technology market on the basis of the component include:-
Segmentation on the basis of the deployment industry for Financial Technology Market as:-
The major segments of Financial Technology market on the basis of the deployment industry include:-
Segmentation on the basis of the by end-user System for Financial Technology Market as:-
The major segments of Financial Technology market on the basis of the by end-user include:-
Global Financial Technology Market: Competitive Landscape
The major player operating in Financial Technology market includes Social Finance, Inc. (SoFi), Stripe, YapStone, Inc., Braintree (PayPal), Adyen, Lending Club, Addepar, Commonbond, Inc., Robinhood, and Wealthfront, Inc.
In 2015 BillGuard; a financial technology services provider was acquired by a California-based company in the peer-to-peer lending industry; Prosper Marketplace. The acquisition cost approximately US$30 million. The objective of the acquisition is to scale business operation and to extract new business opportunities.
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Global Financial Technology Market: Regional Trend
North America market is expected to be largest markets with respect to the financial technology market, due to which, the market is expected to exhibit the significant growth rate with respect to the respective region during the forecast period.
Owing to the escalating in penetration of technology-driven workflow at the organizations in emerging economies such as China and India is the major reason, positively impacting the growth of the financial technology market. Also raising awareness about the financial software advantages such as accuracy and efficiency is another reason for the growth of the market in forthcoming years in Asia Pacific region.