Market Size of United States Fintech Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 11.00 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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US Fintech Market Analysis
The United States Fintech market reached a size of USD 4 trillion in the current year and registered a CAGR of 11% over the period of the forecast.
Financial technology, also known as "fintech," is a type of technology and innovation that aims to compete with traditional financial methods in the provision of financial services. AI, blockchain, cloud computing, and big data are considered the ABCs of fintech. The fintech industry is an evolving industry that uses technology to improve activities in finance.
According to research conducted in the US fintech market, venture capital investment is increasing year after year, but investors are becoming more cautious as the industry matures. In the previous year, there were 8775 fintech start-ups in America. Digital payments are the leading fintech segment in the United States, with a market value of more than $1.2 trillion. 60% of credit unions and 49% of banks in the U.S. believe that fintech partnerships are crucial. By the forecasted period, 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 the United States six years ago, and it was likely to more than double to 126 million in the current year.
