Market Size of North America Fintech Industry
Study Period | 2020 - 2029 |
Base Year For Estimation | 2023 |
Market Size (2024) | USD 5.62 Trillion |
Market Size (2029) | USD 10.86 Trillion |
CAGR (2024 - 2029) | 14.07 % |
Market Concentration | High |
Major Players*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
North America Fintech Market Analysis
The North America Fintech Market size in terms of transaction value is expected to grow from USD 5.62 trillion in 2024 to USD 10.86 trillion by 2029, at a CAGR of 14.07% during the forecast period (2024-2029).
The COVID-19 pandemic had a big effect on the North American fintech market, both in terms of problems and opportunities. On the one hand, the pandemic caused disruptions in the global economy, leading to a decrease in consumer spending and investment. This hurt the fintech industry because it made it harder for new and small businesses to get funding and investments.
Also, some fintech companies that depended on face-to-face interactions, like those that help people plan their finances, saw a drop in demand because of social distance policies. On the other hand, the pandemic made it easier for people to start using digital payments and financial services. This is because many people switched to online shopping and contactless payments to avoid having to touch other people. This opened up new opportunities for fintech companies that offer digital payment solutions, mobile banking, and online financial services. Because of this, there has been a big increase in the number of people looking for digital financial solutions like e-commerce platforms, digital wallets, and mobile banking apps.
The most money was invested in fintech in North and South America. This was followed by Asia-Pacific and EMEA. Many startups and emerging businesses that provide AI services to the financial services industry dominate the North American fintech market. Virtual assistants, business analytics and reporting, and customer behavior analytics are some of the most important applications.
The United States has dominated the market by changing how people lend, invest, choose loans, help start-ups, and even buy new companies. One of every three digital consumers utilizes two or more financial technology services. The Canadian ecosystem, however, is set for expansion. Although Canadian cities are benefiting from the fundamentals of revolutionizing wide leadership, major hubs may still have room to improve their reputations as world-class fintech ecosystems. Around 700 fintech companies operate in the country, with 18 of them having launched in 2020. The payments, lending, back office, and digital currency verticals are still among the largest in several Canadian fintech companies.
North America Fintech Industry Segmentation
The report on the North American fintech market provides a comprehensive evaluation of the market with market segmentation, product categories, existing market trends, market dynamics shifts, and growth opportunities.
The North American Fintech Market Is Segmented By Service Proposition (Money Transfer And Payments, Savings And Investments, Digital Lending And Lending Marketplaces, Online Insurance And Insurance Marketplaces, And Others) And By Country (The United States, Canada, Mexico, And The Rest Of North America). The Report Offers Market Size And Forecasts For The North American Fintech Market In Terms Of Transaction Volume And/Or Revenue (USD) For All The Above Segments.
By Service Proposition | |
Money Transfer and Payments | |
Savings and Investments | |
Digital Lending & Lending Marketplaces | |
Online Insurance & Insurance Marketplaces | |
Other Service Propositions |
By Country | |
United States | |
Mexico | |
Canada | |
Rest of North America |
North America Fintech Market Size Summary
The North American fintech market is experiencing significant growth, driven by the increasing adoption of digital financial services and technological advancements. The COVID-19 pandemic acted as a catalyst, accelerating the shift towards digital payments and online banking solutions as consumers sought contactless and convenient financial transactions. This shift has opened up new opportunities for fintech companies, particularly those offering digital payment solutions, mobile banking, and e-commerce platforms. The market is characterized by a strong presence of startups and emerging businesses leveraging artificial intelligence to enhance financial services, with the United States leading the charge in transforming lending, investment, and financial advisory services. Canada, while having a robust fintech ecosystem, is poised for further expansion, with numerous companies operating in key sectors such as payments, lending, and digital currency.
The North American fintech landscape is largely consolidated, with a few dominant players like Stripe, Chime, and SoFi leading the market. These companies are expanding their offerings and partnerships to enhance their service capabilities and reach. The market's growth is supported by the increasing trust of younger consumers in fintech brands over traditional financial services. Additionally, the integration of blockchain technology is helping to reduce fraud and enhance security in financial transactions. The collaboration between banks and fintech vendors is also on the rise, as traditional financial institutions seek to offer differentiated and competitive digital services. This trend is expected to continue, with digital customer experience becoming a key competitive advantage in the evolving financial services industry.
North America Fintech Market Size - Table of Contents
-
1. MARKET INSIGHTS AND DYNAMICS
-
1.1 Market Overview
-
1.2 Market Drivers
-
1.3 Market Restraints
-
1.4 Insights on Key Regulations and Industry Policies Impacting Fintech Market in the Region
-
1.5 A Brief on Internet and Smartphone Penetration in the Region
-
1.6 Revenue and Funding Statistics
-
1.7 Porter's Five Forces Analysis
-
1.7.1 Bargaining Power of Buyers/Consumers
-
1.7.2 Bargaining Power of Suppliers
-
1.7.3 Threat of New Entrants
-
1.7.4 Threat of Substitute Products
-
1.7.5 Intensity of Competitive Rivalry
-
-
1.8 Imapct of COVID-19 on the Market
-
-
2. MARKET SEGMENTATION
-
2.1 By Service Proposition
-
2.1.1 Money Transfer and Payments
-
2.1.2 Savings and Investments
-
2.1.3 Digital Lending & Lending Marketplaces
-
2.1.4 Online Insurance & Insurance Marketplaces
-
2.1.5 Other Service Propositions
-
-
2.2 By Country
-
2.2.1 United States
-
2.2.2 Mexico
-
2.2.3 Canada
-
2.2.4 Rest of North America
-
-
North America Fintech Market Size FAQs
How big is the North America Fintech Market?
The North America Fintech Market size is expected to reach USD 5.62 trillion in 2024 and grow at a CAGR of 14.07% to reach USD 10.86 trillion by 2029.
What is the current North America Fintech Market size?
In 2024, the North America Fintech Market size is expected to reach USD 5.62 trillion.