Fintech has turned into one of the hottest new sectors on the market because of the fact that this is the sort of thing that could potentially end up allowing people to make better financial decisions and invest their idle funds into something that would generate some revenue. Crypto apps are a big part of this new industry, and the ongoing pandemic had a significant role to play in their increased adoption rates along with other financial apps.
2021 turned out to be a really good year for fintech apps with downloads exceeding 6 billion during that year. With all of that having been said and now out of the way, it is important to note that 2022 is shaping up to be an even better year, with around 1.74 billion downloads being noted in the first quarter of 2022 alone, as reported by ST. This suggests that total downloads for apps related to fintech and crypto investing might touch 7 billion this year which would represent a growth rate of about 17%.
The predicted rate of growth for 2022 falls short of the 25.2% growth rate that the industry saw in 2021, but in spite of the fact that this is the case it confirms that demand for these products are not drastically declining with the receding of the pandemic.
Much of this growth is being driven by Asian markets, with Southeast Asia and the Indian subcontinent in particular representing rapidly growing market sectors with all things having been considered and taken into account. The growth rate for crypto and fintech apps in this market was around 44% from prior to the pandemic, bringing the total downloads for this region to 880 million in the first quarter of 2022.
That is in line with wider market trends, since Asia has long been turning into the hottest tech market in the world since so many other markets in the West have reached saturation points or are refusing to try out new products. We might see a paradigm shift due to the reliance on innovative finance apps in Asian countries.
Read next: Fraudulent Ads See 20% Increase in Financial Impact, Reaches $120 Billion Losses in 2022
2021 turned out to be a really good year for fintech apps with downloads exceeding 6 billion during that year. With all of that having been said and now out of the way, it is important to note that 2022 is shaping up to be an even better year, with around 1.74 billion downloads being noted in the first quarter of 2022 alone, as reported by ST. This suggests that total downloads for apps related to fintech and crypto investing might touch 7 billion this year which would represent a growth rate of about 17%.
The predicted rate of growth for 2022 falls short of the 25.2% growth rate that the industry saw in 2021, but in spite of the fact that this is the case it confirms that demand for these products are not drastically declining with the receding of the pandemic.
Much of this growth is being driven by Asian markets, with Southeast Asia and the Indian subcontinent in particular representing rapidly growing market sectors with all things having been considered and taken into account. The growth rate for crypto and fintech apps in this market was around 44% from prior to the pandemic, bringing the total downloads for this region to 880 million in the first quarter of 2022.
That is in line with wider market trends, since Asia has long been turning into the hottest tech market in the world since so many other markets in the West have reached saturation points or are refusing to try out new products. We might see a paradigm shift due to the reliance on innovative finance apps in Asian countries.
Read next: Fraudulent Ads See 20% Increase in Financial Impact, Reaches $120 Billion Losses in 2022
