Future Fintech - No Borders, Just Horizons: 2021 Fintech Report
Ten Trillion by Twenty-Seven
Edgar, Dunn & Company (EDC) – a global consulting company focusing on Fintech and payments launched its report: Future Fintech – No Borders, Just Horizons – How digital is shaking up international trade, markets, and finance.
The report forecasts the global ecommerce market size will increase from 6.2T in 2022 to $10 T in 2027 - 10% CAGR; Cross-border ecommerce will grow from $1.4T in 2022 to $2.7T in 2027 - 14% CAGR (data sourced from EDC Global Advanced Payments Model). Asia-Pacific is expected to represent 51% of global ecommerce in 2027 followed by North America at 26% and Europe at 18%.
Among other things, the report reviews three key areas of growth. Digital marketplaces have grown significantly generating loyal communities of buyers and sellers worldwide. The report also discusses the opportunity for Fintechs to serve the payment and cash-flow needs of small and medium sized enterprises (SME). The opportunity is sizeable and more and more companies are vying to enter this space taking market share away from traditional financial institutions. Finally, it covers digital banking players and how they are simplifying financial services and differentiating themselves in an intensely competitive landscape. “Payments – both international and domestic - are becoming faster and cheaper thanks to the infrastructure investments in payment systems and the relentless focus of enterprising Fintechs on solving customer problems,” said Samee Zafar, London based director of EDC who leads the firm’s Advanced Payments & Fintech consulting practice.
The content of this article does not reflect the official opinion of Edgar, Dunn & Company. The information and views expressed in this publication belong solely to the author(s).
Edgar, Dunn & Company’s 2023 Fintech and Advanced Payments Report