Software

Fintech software market to grow by more than 8%

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July 12, 2023

The fintech software market will grow at a compound annual growth rate of 8.82% from 2023 to 2027, according to research from Technavio. The primary market driver is the integration of big data and AI, according to a press release.

With big data analytics, fintech software can identify abnormal transactions that could point to fraud or cybersecurity issues. In addition, the growth of cloud-based services, banks can more easily integrate fintech software.

However, the market still has challenges. For one, hackers can access cloud-based data storage systems. There is also concern about data privacy, since data from connected services can be tracked and analyzed.