Market Research Report
US FINTECH MARKET - GROWTH, TRENDS, AND FORECAST (2019 - 2024)
|Published by||Mordor Intelligence LLP||Product code||808297|
|Published||Content info||136 Pages
Delivery time: 2-3 business days
|US FINTECH MARKET - GROWTH, TRENDS, AND FORECAST (2019 - 2024)|
|Published: February 1, 2019||Content info: 136 Pages||
The US fintech market's transactional value's CAGR is 8.6% over the forecast period of 2019-2024.
FinTech is transforming the US financial sector, including the way people lend, invest, opt for loans, fund start-ups, and even buy insurance. On average, one out of three digitally active consumers uses two or more financial technology services.
As of 2018, the United States accounts for 57% of the fintech market. Consumers in the country have identified the key benefits that they can avail with fintech innovation, such as convenience, security, simplicity, transparency, and personalization.
The large increase in online digital-only banks and mobile phone payments has led to increased adoption of fintech money transfers and payment services. Digital payment is the leading market segment, with a total transaction value of USD 880 billion as per 2018.
A complete background analysis of the US fintech industry, which includes an assessment of emerging trends by segments, significant changes in market dynamics, and market overview.
Booming Digital Payments sector
Total transaction value in the digital payment segment amounted to USD 884,506 million in 2018.
Total transaction value is expected to show an annual growth rate (CAGR 2019-2024) of 8.6% by 2024.
The market's largest segment is digital commerce with a total transaction value of USD 820,360 million in 2018.
Growing Personal Finance sector
Total transaction value in the personal finance segment amounted to USD 440,934 million in 2018.
Total transaction value is expected to show an annual growth rate (CAGR 2019-2024) of 23.1% by 2024.
The market's largest segment is Robo-Advisors with a total transaction value of USD 425,795 million in 2018.
The report covers major international players operating in the US fintech market. In terms of market share, the following are few of the major players currently dominating the market.