Global financial technology (fintech) revenues will grow from $245 billion in 2022 to $1.5 trillion by 2030 (600 percent), according to a 2023 report by Boston Consulting Group (BCG). In 2022, fintech controlled 2 percent of the $12.5 trillion global financial services market. BCG sees this growing to 7 percent by 2030.
Fintechs have grown rapidly worldwide as digital infrastructure becomes more commonplace. Millions of people now send and receive money, make payments, and bank through their smartphones. Unfortunately, millions of people around the world remain unbanked, especially in developing regions. BCG expects these groups to power the coming wave of fintech adoption.
In Asia Pacific, for example, BCG projects the fintech market will grow at an annual compound rate of 27 percent, driven by adoption in countries such as China, India, and Indonesia. These countries have large, underbanked populations, many small businesses, and a rising tech-savvy middle class.
Growth in Latin America and Africa will also be remarkable. BCG expects fintech to grow at a compound annual rate of 29 percent in Latin America and 32 percent in Africa. Countries leading this growth will include Brazil, Mexico, Nigeria, South Africa, Egypt, and Kenya.
The United States fintech market will grow at a compound annual rate of 17 percent to reach $520 billion by the end of the decade. It will be the second-biggest fintech market globally, behind the Asia Pacific region.
