With the biggest growth coming from Europe, the Middle East, and Africa, the total transaction value in the fintech market will hit almost $16 trillion in 2023.
The fintech landscape, driven by technological advancements and surging consumer demands, has constantly grown and this is expected to jump by 12.5 percent to a whopping $18 trillion value this year.
Data by Stocklytics.com shows that besides a massive increase in the amount of money flowing through the market, the fintech market has also seen a surge in the number of operators, doubling in the past five years to hit almost 30,000 in 2024.
Over the past five years, the financial services industry has drawn tens of thousands of tech companies whose services and products have transformed how people and businesses spend, invest, save, and borrow money. From cryptocurrencies and blockchain, mobile POS, and real-time payments, to crowdfunding, crowdlending, robo advisors, and neobrokers, the fintech landscape has seen users and transaction values skyrocket. As AI-driven solutions continue to push the sector forward, the fintech landscape counts more companies than ever.
In 2019, there were 12,211 fintech companies in the world and the figure jumped by 71 percent to 20,925 in 2020 after the pandemic according to Statista, BCG, and Crunchbase data. New companies in the market surged to 26,346 in 2021. The number slowed in 2022 but again pushed up to 29,995 in the first month of 2024.
Statistics show North American companies control 43 percent of that number, with 13,100 operating in the market as of last month. The EMEA region follows with 10,969 fintech companies and a 36 percent market share, while another 5886 fintechs, or 20 percent of the total, come from Asia and the Pacific.
While North America is the world`s largest fintech market, Europe, the Middle East, and Africa have seen much bigger growth in the number of fintech companies in the past five years. Since 2019, the number of fintechs in this region has swelled by 206 percent, rising from 3,583 to 10,969. In comparison, the number of companies in North America, Asia and the Pacific increased by 126 percent and 106 percent in this period, respectively.
The surge in the number of fintech companies has helped the technology reach businesses and customers across the world. According to a Statista survey, almost 5.3 billion people, or 65 percent of the world`s population, will use fintech products and services this year, nearly 600 million more than in 2023.
Statista expects digital payments, the market`s largest segment, to hit 3.56 billion users in 2024. Digital assets, including cryptocurrencies, blockchain, and NFT, will count roughly 830 million users this year, and digital investments and neobanking will follow with 591 million and 301 million users, respectively.
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