US AI in Fintech Market: Industry Analysis and Forecast (2024-2030)

  • The US AI in Fintech Market size was valued at USD 8.3 Billion in 2023 and the total US AI in Fintech revenue is expected to grow at a CAGR of 32.16% from 2024 to 2030, reaching nearly USD 58.44 Billion.

  • Format : PDF | Report ID : SMR_1565

US AI in Fintech Market Ovwerview:

The US AI in Fintech market metrics cover transaction values, revenues, assets under management (AUM), users, average revenue per user, average transaction value per user, average AUM per user, and user penetration rates. Digital payment transaction values pertain to online or mobile wallet consumer transactions. Revenues include income from cryptocurrency exchanges, online trading platforms, and neobanks, focusing on B2C revenues and users. B2B and B2G revenues are excluded, with additional definitions provided on specific pages. The US AI in Fintech market employs advanced technologies like AI, blockchain, and big data to create efficient, accessible, and user-friendly financial products, disrupting and innovating the financial services industry with contributions from startups, established financial firms, and tech-driven companies.

 

The comprehensive report serves as a detailed analysis of the US AI in Fintech Market. MMR has precisely examined the industry's evolution, spotlighting significant trends, groundbreaking innovations, and the driving forces that mold its trajectory. Delving deep into the present landscape, the report dissects the US AI in Fintech Market. It accurately outlines the market's current dimensions, growth patterns, size, and the nuanced trends that use significant influence. Additionally, it keenly identifies the pivotal factors driving market growth and sheds light on growing opportunities.

 

US AI in Fintech Market

 

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Hyper-personalization and AI-powered Financial Advisors Trend to Impact the US AI in Fintech Market

 

AI advisors improve financial access by offering personalized guidance to underserved populations, improving financial decision-making and inclusion. They optimize financial planning, recommending tailored strategies for investment, budgeting, and debt management, resulting in improved financial outcomes. For financial institutions, AI automates tasks, increasing operational efficiency and reducing costs. The democratization of financial expertise ensures accessibility to expert guidance, leveling the playing field. Additionally, The US AI in Fintech Market driven support provides a more responsive and personalized customer experience with 24/7 assistance and proactive suggestions.

 

The US AI in Fintech market-driven automation in financial services results in job displacement for traditional advisors, raising concerns about unemployment and the need for reskilling. AI algorithms, if trained on biased data, perpetuate discrimination, impacting access to financial opportunities. While AI handles routine tasks, concerns arise about its ability to address complex situations or emotional needs, reducing human interaction and personalized care. The use of personal financial data by AI raises data privacy and security concerns, necessitating robust measures for consumer trust. The US AI in Fintech Market recommendations without critical thinking led to poor financial decisions, especially for those with limited financial knowledge.

 

Ensuring fair and unbiased AI, implementing strong data security, promoting transparency, offering human support, and providing education help address concerns in AI adoption.

 

US AI in Fintech Market Segment Analysis

Based on Deployment Mode, the Cloud segment held the largest market share of about 65% in the US AI in Fintech Market in 2023. According to the MMR analysis, the segment is expected to grow at a CAGR of 22.20% during the forecast period. It stands out as the dominant segment within the US AI in Fintech Market thanks to its rapid technological advancement and growing adoption of smart devices with data connectivity and integration.

 

US AI in Fintech Market

 

The democratization of The US AI in Fintech Market through cloud technology improves competition and innovation in Fintech. Startups and smaller entities now access powerful AI tools without hefty upfront investments, leveling the playing field. Cloud platforms enable faster innovation, scalability, and flexibility, reducing costs. Collaboration and knowledge sharing boom, fostering quicker problem-solving. Access to cutting-edge AI technologies, coupled with improved security and compliance, encourages wider adoption in the financial sector.

 

Additionally, Vendor lock-in poses a risk, as relying on one cloud provider hinders flexibility and strengthens the provider's bargaining power. Data privacy concerns persist, impacting financial institutions. Also, Cloud solutions limit control and customization, challenging compliance-heavy sectors. Technical dependencies risk disruptions and financial losses during outages. Compliance complexities add burdens for Fintech companies utilizing cloud-based solutions.

 

In the US AI in Fintech market, the cloud segment plays a highly positive role, fostering accessibility, innovation, and growth. caution is needed. Evaluating factors such as vendor lock-in, data security, and regulatory compliance is crucial before wholeheartedly adopting cloud-based AI solutions to ensure a balanced and informed approach.

 

US AI in Fintech Market Scope

Market Size in 2023

USD 8.3 Bn.

Market Size in 2030

USD 58.44 Bn.

CAGR (2024-2030)

32.16%

Historic Data

2018-2022

Base Year

2023

Forecast Period

2024-2030

Segment Scope

By Component

  • Solutions
    • Software Tools
    • Platforms
  • Services
    • Managed
    • Professionals

By Deployment Mode

  • Cloud
  • On-premises

 

 

Leading Key Players in the US AI in Fintech Market

  • Kensington
  • LendingClub
  • Riskified
  • JPMorgan Chase
  • Bank of America
  • Morgan Stanley
  • Upstart
  • Affirm
  • Plaid
  • Microsoft
  • Google
  • Amazon Web Services
  • Intuit
  • PayPal
  • Upstart
  • Affirm
  • Stripe
  • Plaid
  • LendingClub
  • Numerai


Frequently Asked Questions

Hyper-personalization and AI-powered Financial Advisors are expected to be the major drivers for the US AI in Fintech market.

1.    US AI in Fintech Market Executive Summary
1.1 Study Assumption and Market Definition
1.2 Scope of the Study
1.3 Emerging Technologies
1.4 Market Projections
1.5 Strategic Recommendations

2.    US AI in Fintech Market: Dynamics
2.1.1 Market Drivers
2.1.1.1 Enhanced Efficiency and Cost Optimization
2.1.2 Market Restraints 
2.1.2.1 Data Privacy and Security Concerns
2.1.3 Market Opportunities
2.1.4 Market Challenges

2.2 PORTER’s Five Forces Analysis
2.3 PESTLE Analysis
2.4 Value Chain Analysis
2.5 Regulatory Landscape 
2.6 Analysis of Government Schemes and Initiatives for the US AI in Fintech Industry
2.7 The Pandemic and Redefining of The US AI in Fintech Industry Landscape

3.    US AI in Fintech Market: Market Size and Forecast by Segmentation (Value) (2023-2030)
3.1 US AI in Fintech Market Size and Forecast, by Component (2023-2030)
3.1.1 Solutions
3.1.1.1 Software Tools
3.1.1.2 Platforms
3.1.2 Services
3.1.2.1 Managed
3.1.2.2 Professionals

3.2 US AI in Fintech Market Size and Forecast, Deployment Mode (2023-2030)
3.2.1 Cloud
3.2.2 On-premises

4.    US AI in Fintech Market: Competitive Landscape
4.1 MMR Competition Matrix
4.2 Competitive Landscape
4.3 Key Players Benchmarking
4.3.1 Company Name
4.3.2 Service Segment
4.3.3 End-user Segment 
4.3.4 Revenue (2023)
4.3.5 Company Locations

4.4 Leading US AI in Fintech Companies, by market capitalization
4.5 Market Structure
4.5.1 Market Leaders 
4.5.2 Market Followers
4.5.3 Emerging Players

4.6 Mergers and Acquisitions Details

5.    Company Profile: Key Players
5.1 Kensington
5.1.1 Company Overview
5.1.2 Business Portfolio
5.1.3 Financial Overview
5.1.4 SWOT Analysis
5.1.5 Strategic Analysis
5.1.6 Scale of Operation (small, medium, and large)
5.1.7 Details on Partnership
5.1.8 Regulatory Accreditations and Certifications Received by Them
5.1.9 Awards Received by the Firm
5.1.10  Recent Developments

5.2 LendingClub
5.3 Riskified
5.4 JPMorgan Chase
5.5 Bank of America
5.6 Morgan Stanley
5.7 Upstart
5.8 Affirm
5.9 Plaid
5.10 Microsoft
5.11 Google
5.12 Amazon Web Services
5.13 Intuit
5.14 PayPal
5.15 Upstart
5.16 Affirm
5.17 Stripe
5.18 Plaid
5.19 LendingClub
5.20 Numerai

6.    Key Findings

7.    Industry Recommendations
 

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