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North America Fintech Market Research Report - Segmented on the basis of Digital Payments, Personal Finance, Alternative Lending, and Alternative Financing - Growth, Trends, and Forecast (2022 to 2027)

Published: January, 2022
ID: 9116
Pages: 98

North American Fintech Market Size & Growth (2021 – 2026)

The North American fintech market is expected to cross USD 110 billion by 2026. Banks and companies are investing heavily in technology solutions to increase security for financial transactions.

What is Fintech?

FinTech, a combination of the word "finance" and "technology," is a relatively new term that applies to the emerging technologies that help consumers or financial institutions provide services in new and faster ways than traditional methods. If you think about the difference between entering a bank and requesting a balance and the ability to obtain that information in real-time from your phone, you are probably familiar with the impact of FinTech.

Recent Developments and Trends

In 2017, hackers violated the software platform of Equifax Inc., one of the leading financial technology companies, and gained access to confidential personal information from 145 million Equifax customers in the United States and Canada.

Cognizant announced in March 2019 that it will acquire the Dublin-based Meritsoft financial software company.

In March 2019, WorldFirst acquired the Australian company CurrencyVue to build a global trading platform. As demand for fintech increases, the market is ready to see more acquisitions and acquisitions in 2019.

Artificial intelligence has entered the pin technology market, and in 2019 we will see more digital and voice support for banking.

Market Growth

As the use of mobile devices and technology-based solutions grows, the demand for financial and banking solutions that can be accessed through personal devices increases.

Drivers

The new innovations in banking are expected to radically change the way consumers buy, pay, deposit and buy insurance. A new wave of Fintech technology is changing customer behavior and interactions today. Each modern bank has a unique mobile application that allows its customers to trade online and transfer money to other users around the world. This is creating an essential financial technology market where suppliers can take advantage of the demands of multiple banks. Cybersecurity is experiencing significant challenges in information technology. Organizations vulnerable to financial losses due to cyber-attacks are investing heavily in FinTech, which provides not only financial data security, but also offers convenient transactions, ensuring smooth operation of the financial system and perfect cash flow.

Restraints

Concerns about consumer data security are limiting the growth of the financial technology market (FinTech). Fintech companies collect a large amount of data about their customers, including personal information and other financial records. Many Fintech companies track their users by collecting data on their customers' online spending behaviors and social media patterns. Some of the primary security problems for companies operating in the Fintech market include data loss, data leakage, malware injection, account hacking and cloud service abuse. In these cases, distrust of the client arises in the safe handling of personal information, which limits the growth of the North American Fintech market.

Market Segmentation

By Service

Based on the service, the North American Fintech market is divided into payments, personal finance, loans, fund transfer, insurance, wealth management and others. The digital payments segment in the regional market is multiplying with the increasing consumer transactions and payments for products and services over the Internet, as well as mobile payments from the point of sale terminals through smartphone applications. The division is predicted to experience a record growth rate over the forecast period.

By Application:

Based on the application, the North American Fintech market is segmented as Banking, Insurance, Trading, Taxation and Others. Among these, the banking segment holds a prominent share in the regional market and is likely to continue its dominion in the coming years. The increasing need for secured digital transactions and the advent of several Fintech start-up companies have boosted the adoption of these services in the banking industry.

Regional Analysis

North America is considered the most competitive and rapidly developing technology market in the financial industry, attributing to the contribution from the nations like the United States of America and Canada. The USA Fintech market has registered the maximum adoption of solutions due to its initial implementation in most applications and the presence of leading players in the area.

Company Scenario

The leader in the financial technology market was Ant Financial of the Alibaba Group, which observed 10 times more Wallet subscriptions and 13 times more average (daily) transactions in 2017 than in 2015.

Key Players

Market participants in the FinTech market include Oscar, Square, ZhongAn, Qufeng, Lufax, Avant, Atom Bank, Kabbage, Kreditech, JD Finance, Nubank, SoFi, Klarna and Funding Circle.

1. Introduction                                 

                1.1 Market Definition                    

                1.2 Scope of the report                

                1.3 Study Assumptions                 

                1.4 Base Currency, Base Year and Forecast Periods                          

2. Research Methodology                                           

                2.1 Analysis Design                         

                2.2 Research Phases                      

                                2.2.1 Secondary Research           

                                2.2.2 Primary Research 

                                2.2.3 Data Modelling      

                                2.2.4 Expert Validation  

                2.3 Study Timeline                          

3. Report Overview                                        

                3.1 Executive Summary                

                3.2 Key Inferencees                       

4. Market Dynamics                                       

                4.1 Impact Analysis                         

                                4.1.1 Drivers      

                                4.1.2 Restaints  

                                4.1.3 Opportunities        

                4.2 Regulatory Environment                       

                4.3 Technology Timeline & Recent Trends                            

5. Competitor Benchmarking Analysis                                    

                5.1 Key Player Benchmarking                     

                                5.1.1 Market share analysis        

                                5.1.2 Products/Service  

                                5.1.3 Regional Presence               

                5.2 Mergers & Acquistion Landscape                      

                5.3 Joint Ventures & Collaborations                        

6. Market Segmentation                                              

                6.1 Fintech Market, By Service                  

                                6.1.1 Payments

                                6.1.2 Personal Finance  

                                6.1.3 Loans         

                                6.1.4 Insurance

                                6.1.5 Fund Transfer        

                                6.1.6 Wealth Management         

                                6.1.7 Market Size Estimations & Forecasts (2022 - 2027)   

                                6.1.8 Y-o-Y Growth Rate Analysis             

                                6.1.9 Market Attractiveness Index          

                6.2 Fintech Market, By Application                          

                                6.2.1 Banking    

                                6.2.2 Insurance

                                6.2.3 Trading     

                                6.2.4 Taxation   

                                6.2.5 Market Size Estimations & Forecasts (2022 - 2027)   

                                6.2.6 Y-o-Y Growth Rate Analysis             

                                6.2.7 Market Attractiveness Index          

7. Geographical Landscape                                         

                7.1 Identity Governance and Administration Market, by Country                              

                7.2 North America - Market Analysis (2021 - 2027)                            

                                7.2.1 By Country              

                                                7.2.1.1 USA

                                                7.2.1.2 Canada

                                7.2.2 By Service

                                7.2.3 By Application        

8. Key Player Analysis                                    

                8.1 Oscar                             

                                8.1.1 Business Description           

                                8.1.2 Products/Service  

                                8.1.3 Financials 

                                8.1.4 SWOT Analysis       

                                8.1.5 Recent Developments       

                                8.1.6 Analyst Overview 

                8.2 ZhongAn                      

                8.3 Oufeng                         

                8.4 Lufax                             

                8.5 Avant                            

                8.6 Atom Bank                  

                8.7 Kreditech                    

                8.8 JD Finance                   

                8.9 Nubank                        

                8.10 SoFi                             

9. Market Outlook & Investment Opportunities                                

Appendix                                           

                List of Tables                     

                List of Figures                   

  1. North America Fintech Market By By Service, From 2022 - 2027 ( USD Billion )
  2. North America Payments Market By Region, From 2022 - 2027 ( USD Billion )
  3. North America Personal Finance Market By Region, From 2022 - 2027 ( USD Billion )
  4. North America Loans Market By Region, From 2022 - 2027 ( USD Billion )
  5. North America Insurance Market By Region, From 2022 - 2027 ( USD Billion )
  6. North America Fund Transfer Market By Region, From 2022 - 2027 ( USD Billion )
  7. North America Wealth Management Market By Region, From 2022 - 2027 ( USD Billion )
  8. North America Fintech Market By Application, From 2022 - 2027 ( USD Billion )
  9. North America Banking Market By Region, From 2022 - 2027 ( USD Billion )
  10. North America Insurance Market By Region, From 2022 - 2027 ( USD Billion )
  11. North America Trading Market By Region, From 2022 - 2027 ( USD Billion )
  12. North America Taxation Market By Region, From 2022 - 2027 ( USD Billion )
  13. United States Fintech Market By By Service, From 2022 - 2027 ( USD Billion )
  14. United States Fintech Market By Application, From 2022 - 2027 ( USD Billion )
  15. Canada Fintech Market By By Service, From 2022 - 2027 ( USD Billion )
  16. Canada Fintech Market By Application, From 2022 - 2027 ( USD Billion )

 

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