India FinTech Transactions Market to Grow at a CAGR of 49.13% until FY2027 – TechSci Research

Government’s push towards the adoption of digital payments and introduction of innovative and simple online platforms to move money has led to the growth of the India FinTech Transactions Market through FY2027.

According to TechSci Research report, “India FinTech Transactions Market By Payment Modes (Payment Interfaces, Payment Gateways, PoS Terminals, Prepaid Payment Instruments, Remittance & Others), By Services (Payments, Fund transfer, Personal Finance, Loans, Insurance & Others), By Application (Banking, Insurance, Securities & Others), By Region, By Top 10 States, Competition, Forecast & Opportunities, FY2017-FY2027”, the India FinTech Transactions Market is projected to cross USD8384.48 billion by FY2027 at a CAGR of 49.13%, on account of strong support by the government for a cashless economy. The government’s vision of ‘Cashless Bharat’ has led to the launch of various initiatives for the inclusion of technology-enabled digital payment services. The adoption of FinTech products in India among customers has increased significantly due to personalized services and superior customer experience via digital channels. Services like BBPS (Bharat Bill Payment System), which is an integrated bill payment system that offering interoperable bill payment service to customers online, has increased the adoption rate. Moreover, the increasing adoption of smartphones, the launch of 5G, etc, is expected to act as a catalyst for the growth of India FinTech Transactions Market.

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India FinTech Transactions Market is segmented based on payment modes, services, application, and region. On the basis of payment modes, the India FinTech Transactions Market can be divided into Payment Interfaces, Payment Gateways, PoS Terminals, Prepaid Payment Instruments, Remittance & Others. The Payment Interfaces segment held the largest market share in FY2021 as the launch of Unified Payments Interface (UPI) has made digital payments extremely convenient and hassle-free for consumers. The UPI interface powers multiple bank accounts into a single mobile application that merges several banking features, enables seamless fund routing and merchant payments into one hat. The UPI interface is developed by the National Payments Corporation of India and is regulated by the Reserve Bank of India.

In terms of Services, the India FinTech Transactions Market is categorized into Payments, Fund Transfer, Personal Finance, Loans, Insurance & Others. The Payments service dominated the market in FY2021 owing to the growth of smartphones, e-commerce, and connected devices. The government’s push along with the ease of payments from digital channels has led to the growth of payment services in the India FinTech Transactions Market. Moreover, with the development of innovative mobile applications such as Coin, Groww, etc. and with advanced technologies such as Artificial Intelligence and Data Analytics will lead to the growth of other sectors such as insurance, personal finance, etc. in the forecast period.

In terms of Application, the India FinTech Transactions Market can be segmented into Banking, Insurance, Securities & others. Banking applications segment is leading the India FinTech Transaction Market in FY2021. Due to the rising internet penetration, smartphone usage, a crowd of payment apps and booming e-commerce have made direct fund transfer from bank accounts hassle-free, increasing the use of FinTech technologies in banking applications. Further, the Insurance segment is the fastest-growing segment and is forecast to grow at the swiftest pace until FY2027. The growth of the insurance segment can be attributed to the launch of on-demand digital insurances from banks and other financial institutions.

According to TechSci Research The India FinTech Transactions Market by Region is segmented into South, North, West, and East. In this segment, south region dominated the market in FY2021 with a share of 37.39%. This is because the majority of the start-up companies are based in the southern region which leads to the growth of FinTech Transaction Market dominantly in this specific region, making customers fully satisfied with the services. North region has been forecast to grow at a high pace until FY2027 as the region has emerging start-ups as well as there is an increase in the customer's adoption of these technologies.

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PhonePe Private Limited, Google India Digital Services Private Limited (GooglePay), One97 Communications Limited(Paytm), National Payments Corporation of India (NPIC)(BHIM App), Amazon Pay (India) Private Limited, ONE MOBIKWIK SYSTEMS LIMITED, Pine Labs Pvt. Ltd., Mswipe Technologies Private Limited, Razorpay Software Private Limited, IndiaIdeas.com Limited (Billdesk), Lendingkart Finance Limited, Policybazaar Insurance Brokers Private Limited, Zerodha Broking Ltd., State Bank of India (YONO), and Dhani Services Limited, etc. are among the leading players operating in the India FinTech Transactions Market. The companies operating in the market are focusing on adapting to changing technology, bringing innovative solutions for the customers, data security, and expansion of sources to increase their shares in the market. Companies operating in the market are using strategies such as product advancements through the addition of new features, mergers, and collaborations to boost their share.

“The shift in the customer preferences from traditional banking to online banking over the past few years has risen owing to the rapid increase in the availability of supporting platforms, digitization, and services provided at no cost. Moreover, there is a rapid advancement and adaptation of new technologies by the FinTech players, and all these are highly supported by government initiatives towards digitization, and cashless economy, etc. The shift of customer base from traditional banking methods to digital platforms is expected to drive the India FinTech Transactions Market through FY2027.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

"India FinTech Transactions Market By Payment Modes (Payment Interfaces, Payment Gateways, PoS Terminals, Prepaid Payment Instruments, Remittance & Others), By Services (Payments, Fund transfer, Personal Finance, Loans, Insurance & Others), By Application (Banking, Insurance, Securities & Others), By Region, By Top 10 States, Competition, Forecast & Opportunities, FY2017-FY2027” has evaluated the future growth potential of India FinTech Transactions Market by providing the statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the India FinTech Transactions Market.

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Cryogenic Fuels Market to Be Dominated by Manufacturing Segment Through 2026 – TechSci Research

Increasing demand for surface chilling process of food industry and growing aerospace industry is expected to drive the demand for global cryogenic fuels market in forecast period.

According to TechSci Research report, “Cryogenic Fuels Market - Global Industry Size, Share, Trends, Opportunity and Forecast, 2016-2026 Segmented By Type (Liquid Nitrogen, Liquid Air, Liquid Helium, Liquid Neon, Liquid Hydrogen, and Liquefied Natural Gas), By End Use Industry (Energy, Manufacturing, Aerospace, Healthcare, Chemical, and Others) and By Region”, the global cryogenic fuels market is expected to grow at a steady CAGR for the forecast period, 2022-2026. Cryogenic fuel majorly constitutes liquefied gases such as liquid hydrogen, liquid nitrogen, liquid helium, liquid air, and liquefied natural gas. 

The word cryogenic means relating to low temperature or producing which means the cryogenic liquid is kept at a very low temperature. The cryogenic liquid is divided into three main groups namely inert gas, flammable gas, and oxygen. These are stored and shipped in thermally insulated containers such as liquid dewar flasks, laboratory liquid dewar flasks, liquid cylinders. These cryogenic liquid containers are specifically designed to withstand extreme differences in temperature and changes in temperature. 

The high demand for cryogenic fuels from various end-user industries including chemical industries, healthcare, manufacturing, aerospace, and the power industry is expected to contribute to the surge in the global cryogenic fuels market growth in the next five years. The growing demand for industrial gases such as specialty gases, liquid oxygen, liquid nitrogen, compressed air & helium in the healthcare sector is influencing the demand of cryogenic fuels market. Liquid nitrogen is used for the cryogenic storage of body organs and blood bank storage units. High-end investments for the development of advanced technologies to reach outer space and to promote space exploration activities are accelerating the growth of the global cryogenic fuels market.

However, initial high-end investment for setting-up of cryogenic plants for bulk production may restrain the global cryogenic fuels market growth in the forecast period.

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According to TechSci Research Global cryogenic fuels market is segmented into type, end use industry, regional distribution, and company. Based on type, the market can be divided into liquid nitrogen, liquid air, liquid helium, liquid neon, liquid hydrogen, and liquefied natural gas. The liquid air segment is expected to witness significant growth for the forecast period, 2022-2026. The technological advancements to use liquid air in different ways are fueling market growth. The use of liquid air in propellants to launch rockets that carry the broadcast, communication, and other satellites into space. Based on the end use industry, the market can be divided into energy, manufacturing, aerospace, healthcare, chemical, and others. 

The manufacturing segment is expected to account for major global cryogenic fuels market growth for the next five years. The rapid industrialization across the developing economies such as India, China, and Brazil have contributed to a surge in the set-up of manufacturing or production units of various prominent industry verticals including automotive, steel, consumer electronics, and others. Availability of raw material and low-cost labor is attracting foreign investments in developing economies.

Air Liquide S.A., Air Products and Chemicals, Inc., Air Water Inc., Messer Group Gmbh, Praxair Technology Inc., Advanced Gas Technologies Inc., Matheson Tri-Gas, Inc., Gulf Curyo, SOL Group, Norco, Inc. are the leading players operating in global cryogenic fuels market. Market players are increasingly focusing on research and development process to fuel higher growth in the market. To meet evolving customer demand with respect to better efficiency and durability, several cryogenic fuels manufacturers are coming up with their technologically advanced offerings.

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“Several economies are making high-end investments to promote research and development activities by establishing new research and testing facilities to advance in the field of biotechnology and pharmaceuticals to invent ways to use cryogenic fuels for different applications. The development of carbon capture technology to capture the greenhouse gases such as carbon dioxide, nitrogen oxides, sulfur dioxides released from the power plants and other industries to lower the adverse impact on the environment is expected to boost the demand for cryogenic fuels across the globe. The presence of innovative ways to use cryogenic fuels and the huge availability of cryogenic fuel over fossil fuel is expected to propel the demand for global cryogenic fuels market growth till 2026” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

According to TechSci Research “Cryogenic Fuels Market - Global Industry Size, Share, Trends, Opportunity and Forecast, 2016-2026 Segmented By Type (Liquid Nitrogen, Liquid Air, Liquid Helium, Liquid Neon, Liquid Hydrogen, and Liquefied Natural Gas), By End Use Industry (Energy, Manufacturing, Aerospace, Healthcare, Chemical, and Others) and By Region” has evaluated the future growth potential of global cryogenic fuels market and provided statistics & information on market size, shares, structure and future market growth. 

The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the of global cryogenic fuels market.