Our Outlook on the Fintech Industry
The fintech industry is one of the most significant sectors of technology. No matter who a person is or what socioeconomic demographic they fall into, at some point in their life they have or will use some tool or service related to fintech. The fintech category includes a plethora of areas such as banking, lending, insurance, credit, investing, payments, currency, and now digital assets.
The introduction of technology has transformed these sectors and sparked incredible growth. According to Adroit Market Research, global fintech market revenue is expected to grow at a rate of 20.3% per year from $160B in 2022 to $698 billion in 2030 (1). North America currently accounts for the largest share of the revenue in Adroit’s report, but other reports suggest that China is currently the biggest fintech market in the world. This is largely due to the widespread use of digital payments, with transaction values reaching $2,496 billion in 2020 (2). The fintech industry is expected to experience significant growth in the coming years, led by the world’s two largest economies. However, the adoption of fintech in other markets presents an even greater potential for growth.
The rampant adoption of the smartphone has been a huge proponent of growth for the fintech industry. When the smartphone was introduced in 2007, which was just at the start of the Global Financial…
