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The finance industry generates around 20 to 25% of the worldwide GDP. With the market growth achieving 7.4 trillion euros in the first half of 2021 from 5.6 trillion in 2016. The finance industry is a rapidly growing sector. It plays a critical role in the global economy by providing the financial products and services that individuals and businesses need to manage their finances.
With economic growth, technological innovation, government regulations, and increasing investment opportunities, the industry is expected to grow steadily in the coming years. The finance industry encompasses various segments like banking, insurance, wealth management, investment management, fintech, and more.
Statistics show that the global financial services market is predicted to achieve USD 28,529.29 billion by 2025 at a Compound Annual Growth Rate (CAGR) of 6% from USD 22,515.17 billion in 2021. Further, it is predicted that Western Europe has the most significant domain worldwide with a 40% contribution globally; on the other hand, the US ranks number two with a 27% share.
According to the Boston Consulting Group, global payments revenue is estimated to achieve 7.3% growth between 2020 and 2025, with revenue predicted to reach $2.9 trillion by 2030.
According to Forbes, the contactless payments market will reach $18 billion by 2025. In addition, according to a recent Mastercard study, Digital gig work is predicted to make $455 billion by 2023.
Amazon and Apple can make up to 40% of the $1.35 trillion in US financial services revenue from their digital products, such as Amazon Pay and Apple Card.
According to a report by the World Bank, global financial assets reached $297 trillion in 2018. The banking sector is also expected to continue to grow. According to a report by PwC, the global banking industry is expected to reach a value of $10.8 trillion by 2022. The insurance industry is also growing rapidly. According to other industry reports, the global financial services market grew from $23,319.52 billion in 2021 to $25,588.3 billion in 2022.
The finance industry is closely tied to overall economic growth, as an expanding economy creates more investment opportunities and drives demand for financial services. As a result, the finance industry is likely to grow as the global economy continues to grow.
The finance industry constantly evolves, with new technologies and innovations always emerging. For example, the growth of fintech has led to increased competition. On the other hand, it has driven growth in the finance industry, as more and more companies are using technology to provide financial services in a more efficient and accessible way.
Digital transformation
The finance industry is undergoing a digital transformation, with more and more financial services being delivered online and through mobile devices. This has led to increased efficiency, reduced costs, and improved customer experience, which has been a key driver of growth in the industry.
I received timely and thoughtful work at all stages - scope, wireframe, build, and post-launch updates. All for the costs scoped. Will be using the NT team again.
CEO of NowArchive, USA
Been almost 8 years since we started using the services of Nichetech computer solutions. They are proactive in their approach to provide new digital solutions and simultaneously help us resolve any issues on priority.
Founder of Gifttouch, Gujarat, India
SIHL is associated with NicheTech from last 5 years... Nichetech Team is very professional in everything they do for our software requirement. They have customized everything which we need in our web application and mobile application. They are always ready to take new challanges & thier response time to any query is very less...:)
CTO of SIHL, Gujarat, India
I am professionally attached with Nichetech in capacity of CA since inception of the company. I work with founders very closely, I can definitely say that you can rely on these founders, they are professionals to the utmost extent đź‘Ť
Chartered Accountant, Gujarat, India
We have been associated with Nichetech from Day 1 of our business and they are the best Digital Strategists one could ask for! The insight and experience of the founders and a very agile and dynamic team make a very good combination for clients! If you are looking for a one-stop solution for Digital marketing-strategy and IT support for your business-This is the place to go!Cheers Team Niche Tech-Keep soaring higher!:)
Chief Pathologist, Gujarat, India
As a Founder I need a tech dev team who can hustle, but not sacrifice the quality of work. Nichetech worked hard on my MVP and if I pointed out issues, were quick to address them.
Founder of Noww Social, USA
We wanted to create POS (Point of Sale) system for Food industry Franchise, who has almost 900 stores through out the world. System was built for web and mobile version. NicheTech have great experience in building consumer product as they have great graphics skills, so it was very easy to use for customer. Combination of web and mobile expertise from NicheTech helped us to build entire solution in very reasonable time.
IT Director at Maple - US
Victoria village childcare System is used for all our center through out Canada. We are very pleased with the system they have created in .Net environment. Though system was created almost 9 years ago, it is working perfectly and we have scaled it well. Support from NicheTech and their staff is excellent and of course it goes without saying that we will continue working with them.
President & CEO of Victoria Village Child Care - Canada
We been very pleased with NicheTech service and support for all our projects. We have started their service with very small project and today they are our preferred vendor and journey has been excellent and we will will continue with NicheTech in times to come.
CEO of Wajabaty, Kuwait
Collebra is Top Notch staffing company having 70+ office across globe and always require information on FingerTip. NicheTech has helped us in making ios and android application which is used by every employee. NicheTech have great process to cater company like Collabera, which is honoured to have earned a spot on Forbes List of America’s Best professional Recruiting Firm. We would continue working with NicheTech.
CTO of collabera - USA
Their technical strengths is admirable. With only one person working from our side, and team working at offshore, we were able to migrate whole system including data migration successfully. Through out USA, our agents are using system successfully and we are very pleased with their proficiency service.
President of Debt Helper - USA
They are with us from concept to reality . At every stage of SDLC, we were quite amazed with their technical capability and product was built on MVC platform at very early stage of MVC launch. NicheTech really believes in.
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