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The Indian fintech industry is experiencing a significant boom, with investments worth over USD 8 billion made in 2021. This has led to a growth of nearly 3.6 times in the market size, reaching USD 111.14 billion in 2024. The sector has also attracted a significant amount of funding, with USD 778 million invested in Q3 2024 alone.
The growth of the fintech industry is largely driven by the integration of emerging technologies such as AI, blockchain, and data analytics. This has led to widespread adoption of fintech applications by businesses of all sizes, contributing to the sector’s expansion.
The growth of the fintech industry has also led to a surge in job opportunities, with employment projected to grow by 7.5 per cent in 2024. This is driven by a 7.3 per cent net rise in employment within the banking industry, as well as growth in non-banking financial companies (NBFCs) and insurance firms.
Industry leaders are prioritizing workforce skills to align with evolving business models, with a focus on areas such as blockchain development, digital product management, AI-enhanced fraud detection, and cyber risk analysis. This reflects a cautious yet technology-driven hiring approach.
The surge in cloud adoption, AI, and IoT integration is not just reshaping how businesses operate but also redefining the job landscape. This is leading to a shift in the skills required for various roles, with a focus on technology and data-driven capabilities.
Overall, the growth of the fintech industry in India is expected to have a significant impact on the economy, driving job creation and technological advancements. This presents a promising opportunity for both businesses and job seekers in the coming years.