The financial technology industry is firmly established, resilient, and poised for fast growth in the coming years. In a June 2024 report, Boston Consulting Group (BCG) described the industry as a "hotbed of innovation and growth, despite a sobering few years in funding and valuation terms." The consultancy revealed that the market's valuation would quintuple in size by 2030, totaling $1.5 trillion. Based on interviews with more than 60 CEOs and investors around the world, and its own experience, BCG identified several trends that were propelling a more focused fintech ecosystem during the mid-to-late 2020s. These included connected commerce, open banking, embedded finance, and generative artificial intelligence (GenAI).
In line with a positive outlook for the industry itself, related professions are expected to experience growth as well. In general, the Bureau of Labor Statistics (BLS) forecasts much faster than average growth for all computer and information technology occupations between 2023 and 2033. This will result in the creation of an additional 356,700 new jobs during that time frame.
Artificial intelligence specialists, which the BLS classifies as computer and information research scientists, will experience a 26 percent increase in employment through 2032 as computer scientists capable of writing algorithms are needed. During the mid-2020s, AI-related careers were a focus of top consulting firms and thought leaders. One example was the Deloitte Artificial Intelligence Institute for Government (DAIIG), established by Deloitte in 2021. One of the institute's objectives was mentoring future AI talent. Another example is Perficient's Artificial Intelligence (AI) Bootcamp for high school students in Dallas, Texas. Launched in conjunction with the Mark Cuban Foundation, the free program provided AI-related interactive lessons, educational seminars, and lab exercises to students from under-served communities, especially girls and students of color. In 2024, the program was recognized with an Innovation in Philanthropy Award from the St. Louis Business Journal.
Excellent career opportunities also will exist for software developers. The BLS forecasts employment growth of 17 percent for software developers through 2032, thanks to skyrocketing demand for AI software, as well as smartphone and tablet apps. As cybersecurity threats intensify, information security analysts will experience explosive growth of 33 percent. Finally, the growth of big data will create new opportunities for data scientists, which will see employment rise 9 percent.
Beyond technology-related jobs, the financial technology industry will have many opportunities for business, financial, and management professionals through the end of the decade. According to the BLS, overall employment in the business and financial operations sector will achieve faster than average growth through 2032. Employment will rise 5 percent, creating 476,200 new jobs. Management occupations will experience the same level of growth, with 1.2 million new jobs coming online through 2032.
The industry's complex regulatory landscape will support average growth for compliance officers through 2032. Advertising, promotions, and marketing managers and market research analysts will both see above average growth during the same timeframe, while jobs opportunities for financial analysts will expand much faster than the average, growing 9 percent and resulting in 37,900 new jobs.
During the 2020s, financial technology companies were having a major influence on the cryptocurrency market, and potentially being shaped by it as well. After plummeting in 2022, Bitcoin's price skyrocketed to record heights in March 2024, exceeding the $69,000 mark. “Bitcoin's recent surge has been driven by investor enthusiasm for a new financial product tied to the digital coin,” wrote David Yaffe-Bellany in the March 6, 2024, New York Times. “In January, U.S. regulators authorized a group of crypto companies and traditional finance firms to offer exchange-traded funds, or E.T.F.s, which track Bitcoin's price. The funds provide a simple way for people to invest in the crypto markets without directly owning the virtual currency.” Citing Bloomberg Intelligence data, the article noted that more than $7 billion had been funneled into these investment products.
The financial technology industry also is taking deliberate steps to develop a more inclusive workforce. One example is NYC FinTech Women. In 2024, its approximately 10,000 members came from traditional finance companies, as well as venture capital firms and startups. The organization accomplishes its mission to "connect, empower and promote women in FinTech" through events like FinTech Female Fridays, a job board, and the Inspiring FinTech Females award.