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India Fintech Market Growth Analysis

A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the India fintech market was worth USD 53.5 billion in 2020. According to the study, the market is estimated to grow at a CAGR of 15.5%, earning revenue of around USD 147.6 billion by the end of 2027. India fintech market is proliferating at a high rate because of the rapid digitization and various government initiatives to boost the fintech sector by offering incentives and financial support to startups.

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India Fintech Market Growth Analysis

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  1. India Fintech Market, By Service Propositions Trend Analysis, Competitive Market Share & Forecast, 2021-2027

  2. India Fintech Market- Industry Trends & Forecast Report 2027 A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the India fintech market was worth USD 53.5 billion in 2020. According to the study, the market is estimated to grow at a CAGR of 15.5%, earning revenue of around USD 147.6 billion by the end of 2027. India fintech market is proliferating at a high rate because of the rapid digitization and various government initiatives to boost the fintech sector by offering incentives and financial support to startups. Moreover, the increasing adoption of fintech across various sectors, such as investment management, retail banking, education, and nonprofit fundraising, is providing growth opportunities to the India fintech market.

  3. Growth Drivers  Flourishing Startup and SMEs Culture India is emerging as a major startup hub around the globe and is attracting foreign direct investment, which is boosting the growth of the India fintech market. There are currently over 3000 startups in India. A major reason for the explosive growth achieved by these players stems from government initiatives, such as GST, demonetization, and the payment stack. By creating these initiatives, the government created a promising market for fintech startups and, most importantly, transformed financial services for consumers. As Financial Express reported, the fintech sector of India emerged as the global leader in investment by signing up 33 deals valued at USD 647.5 million in 2020. Such investments are providing lucrative growth opportunities to the market.

  4. Restraints  Poor Internet Connectivity and Unbanked Indian Population India ranked 131 out of 138 countries in the global mobile internet speed rankings. The poor infrastructure in internet connectivity in India is one of the major restraining factors for the market’s growth.  According to some estimates, India has a low spectrum per subscriber compared to other countries. Additionally, unbanked Indians are another factor hindering the growth of the fintech market in India. According to estimates, approximately 48% of the Indian population does not have a bank account for conducting online transactions, which limits the market's growth.

  5. Impact of COVID-19 on India FintechMarket The unprecedented outbreak of the COVID-19 pandemic provided enormous growth opportunities to the India fintech market. In the midst of the sensitive times, businesses started adopting financial services to stay afloat. Moreover, rapid digitalization in the country after the lockdown period has led to a boom in digital financial services, especially with the growth of e-commerce. In the post-COVID-19 era, the India fintech market is predicted to flourish due to the growth in online transactions and the emergence of countless mobile apps and e-commerce stores.

  6. India Fintech Market - Regional Insights Geographically, the India fintech market is segmented into North India, South India, East India, and West India. The fintech market in South India is dominated by a cluster of leading fintech companies and a large number of fintech startups. Bengaluru has around 432 fintech startups while Hyderabad has around 125 startups that are flourishing at a high rate. Furthermore, the Government of Andhra Pradesh has also established Fintech Valley Vizag, which is a self-sustainable global Fintech Ecosystem to promote businesses and attract investors. Such initiatives provide immense growth opportunities to the emerging fintech companies as well as the overall fintech market of the country.

  7. India Fintech Market - Competitive Landscape The leading players in the India fintech market are Lendingkart Technologies Private Limited, MoneyTap, Instamojo, Razorpay, Paytm, PolicyBazaar, Shiksha Finance, PineLabs, ZestMoney, ePayLater, and other prominent players. Sample Copy of the Report: https://www.blueweaveconsulting.com/report/india-fintech-market/report-sample

  8. Key Players Lendingkart Technologies Private Limited, MoneyTap, Instamojo, Razorpay, Paytm, PolicyBazaar, Shiksha Finance, PineLabs, ZestMoney, ePayLater, and other prominent players.

  9. About Us: Blueweave Consulting offers a one-stop solution for your market intelligence needs for any service or product. You get well-researched comprehensive reports based on qualitative and quantitative data to put your business plan into action. Your well-informed and timely decisions using our reports avert situations of excessive risks and help you grow your business with optimum risk-return trade-off. Delivering quality insights into several product or service markets within the timeline as per the needs of the clients has earned BWC an excellent reputation among clients. BWC strives to provide timely and accurate digital market intelligence services for making your business endeavors successful.

  10. Contact Us:  +1 866 658 6826 +1 425 320 4776 +44 1865 60 0662  info(@)blueweaveconsulting.com  www.blueweaveconsulting.com

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