Fintech Projected to Become a $1.5 Trillion Industry by 2030
NEW YORK, May 3, 2023 /PRNewswire/ -- Financial technology revenues are projected to grow sixfold from $245 billion to $1.5 trillion by 2030, according to a new report released today by Boston Consulting Group (BCG) and QED Investors. The fintech sector, which currently holds a 2% share of the $12.5 trillion in global financial services revenue, is estimated to grow up to 7%, of which banking fintechs are expected to constitute almost 25% of all banking valuations worldwide by 2030.
- The report, Global Fintech 2023: Reimagining the Future of Finance , provides a comprehensive overview of fintech's future landscape globally and explores the latest trends and opportunities in the global fintech market.
- It also examines the regulatory environment for fintech companies and the impact of emerging technologies.
- North America, which currently has the world's largest financial-services industry, will remain a critical fintech market and innovation hub, projected to grow fourfold to $520 billion in 2030, with the US accounting for a projected 32% of global fintech revenue growth (a CAGR of 17%).
- The report projects a fintech revenue CAGR of 32% until 2030 in Africa, with South Africa, Nigeria, Egypt, and Kenya being the key markets.