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United States Fintech Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023-2028)

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    Report

  • 120 Pages
  • March 2023
  • Region: United States
  • Mordor Intelligence
  • ID: 4758283
UP TO OFF until Mar 31st 2024
The United States Fintech Market has achieved a USD 4 trillion market size in 2022 and registered a CAGR of 11% over the forecast period.

Financial technology abbreviated as fintech is the technology and innovation that intends to compete with conventional financial methods in the supply of financial services. AI, Blockchain, Cloud Computing, and Big Data are considered the “ABCD” of Fintech. The Fintech Industry is an evolving industry that uses technology to improve activities in finance.

The US Fintech market research shows that venture capital investment is growing year after year, but investors are becoming more careful as the industry matures. In 2021 there were 8775 fintech start-ups in America. In the United States, the leading fintech segment is digital Payment, valued at over $ 1.2 trillion in 2021. 60% of the credit Unions and 49% of banks in the U.S. believe that fintech partnership is crucial. By 2025, the U.S. will account for more than 62% of the global fintech transaction value.

The United States customer fintech implementation is at 46%. The customer fintech implementation rate for global money transfers and payments is 75%.75% of global consumers have used at least one fintech service to pay online or using a mobile application. 70% of U.S. customers say that mobile banking will represent the future. There were 54 million P2P (peer-to-peer) lending users in 2014 in the United States and it was likely to more than double in 2022 to 126 million.

US Fintech Market Trends

Growth of the E- Commerce Industry is Propelling the Fintech Market

In addition to the development of the e-commerce industry, the fintech market in the United States also advantages from significant growth prospects. Financial technology constantly supports and enhances online payment systems that ensure higher levels of security. Consumers who are more digitally aware and active are becoming more willing to embrace fintech in their everyday lives.

The number of people using online mobile phone payments & digital-only banks has grown dramatically, as per analysis, the overall transaction value in the digital payment market was US$ 940 billion in 2021. Many fintech companies, such as PayPal, Stripe, TransferWise, Venmo, etc., approach digital payment services both to businesses and customers. As more and more Americans depend on e-commerce platforms to acquire daily-use products, especially after the COVID-19 pandemic, the digitization of their daily lives contributes to the growth of the fintech market.



Digital Payments Segment Boosting Growth of the Market Studied

In 2022, the market's leading segment was digital payments, with a total transaction value of USD 1,801,103 million. The standard transaction value per user in the digital investment segment was projected to amount to USD 48,915 in 2022. The NEO banking segment is likely to show a revenue growth of 36% in 2023. In the digital payments segment, the number of users is estimated to amount to 307 million users by 2026.



US Fintech Market Competitor Analysis

The US fintech market is consolidated and is led by various strong players employing innovations and partnership strategies. The report also includes major international players operating in the US fintech market.

While the US fintech landscape and regulations are emerging, the increase in new fintech start-ups and investments in the sector shows no immediate signs of slowing. Many players, including Chime, Stripe, iTrustCapital, and Check, are leading the US fintech market to new heights. The market will likely expand at a high rate throughout the forecast period.

Additional Benefits:

  • The market estimate (ME) sheet in Excel format
  • 3 months of analyst support

Table of Contents

1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS AND INSIGHTS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Insights on Various Regulatory Trends Shaping Fintech Market
4.5 Insights on impact of technology and innovation in Operation in Fintech Market
4.6 Insights on Performance of Asset Managers
4.7 Industry Attractiveness - Porters' Five Forces Analysis
4.7.1 Threat of New Entrants
4.7.2 Bargaining Power of Buyers
4.7.3 Bargaining Power of Suppliers
4.7.4 Threat of Substitutes
4.7.5 Intensity of Competitive Rivalry
4.8 Impact of COVID-19 on the Market
5 MARKET SEGMENTATION
5.1 By Service Proposition
5.1.1 Digital Payments
5.1.1.1 Mobile POS Payments
5.1.1.2 Digital Remittance
5.1.1.3 Digital Commerce
5.1.2 Digital Investments
5.1.2.1 Neo-brokers
5.1.2.2 Robo-Advisors
5.1.3 Alternative Lending
5.1.4 Alternative Financing
5.1.4.1 Crowd Investing
5.1.4.2 Crowd Funding
5.1.5 Neo-banking
5.1.6 Online Insurance and insurance Marketplaces
6 COMPETITIVE LANDSCAPE
6.1 Market Concentration & Overview
6.2 Company Profiles
6.2.1 Stripe
6.2.2 Klarna
6.2.3 Kraken
6.2.4 Plaid
6.2.5 Robinhood
6.2.6 Brex
6.2.7 Chime
6.2.8 NYDIG
6.2.9 VISA
6.2.10 iTrustCapital*
7 MARKET OPPORTUNITIES AND FUTURE TRENDS8 DISCLAIMER AND ABOUT THE PUBLISHER

Companies Mentioned

A selection of companies mentioned in this report includes:

  • Stripe
  • Klarna
  • Kraken
  • Plaid
  • Robinhood
  • Brex
  • Chime
  • NYDIG
  • VISA
  • iTrustCapital

Methodology

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