Fintech-as-a-Service Market to rise 5x by 2032, Stimulated by Rising Cashless Transactions and Enhanced Security Features: Fact.MR Study

Fintech Sector Is Likely To Flourish At an Exponential Rate Owing To the Increasing Adoption of State-Of-The-Art Technologies like AI, API & Blockchain By Several Technological Corporations To Provide Enhanced Protection And Smooth Funds Transfer


United States, Rockville MD, Aug. 05, 2022 (GLOBE NEWSWIRE) -- A recently published study by Fact.MR expects the global Fintech-as-a-Service market to augment at a 17% CAGR from 2022 to 2032. By the end of the said assessment period, a valuation of US$ 1,300 Billion is expected for the market. With the incidence emphasis on cashless transactions rising exponentially, the market for Fintech-as-a-Service platforms is expected to rise impressively.

From 2017 to 2021, the industry experienced noteworthy growth, registering a value CAGR of 17% and closing at US$ 269.2 Billion. Demand for AI-based technology for the development of FaaS platforms has especially spiked in the past few years, given the increasing adoption of innovative technologies by tech giants. This transition was further expedited when the COVID-19 pandemic struck since people were looking out for a no-contact transaction.

For Critical Insights on Fintech-as-a-Service Market, Request a Sample Report
https://www.factmr.com/connectus/sample?flag=S&rep_id=7594

The notion of a digital economy is prospective to prevail in the coming years. Besides, financial institutions are focusing on developing a secured FaaS platform to offer enhanced protection and value-added functions to their, products. Prominent players are making hefty investments that are prospective to establish an advanced fintech infrastructure.

Which Drivers underpin Fintech-as-a-Service Industry Expansion?

Burgeoning Online Transaction Volumes to Promote FaaS Deployment across Key Industries

The global adoption of advanced technologies such as blockchain technology, open banking, cloud & big data analytics, voice bot, and digital payments is anticipated to drive the growth of the market. Banks and financial institutions are looking for ways to implement technological advancements in their offerings.

These technological advancements have made it possible to invest, borrow, transfer, and save funds virtually. Thus, technological advancements in the fintech sector are expected to drive the growth of the fintech-as-a-service platform market.

Fintech companies are continuously working on advancing traditional methods due to which they are increasingly receiving funding from venture capitalists. These investments are made to foster multiple benefits offered by the companies such as lowering service costs, increasing processing time, swift blockchain penetration, and automated banking systems. These benefits are often implemented by the fintech platform as a service is driving their demand.

To learn more about Fintech-as-a-Service Market, you can get in touch with our Analyst at https://www.factmr.com/connectus/sample?flag=AE&rep_id=7594

Key Segments Covered in the Fintech-as-a-Service Industry Survey

  • By Type :

    • Fintech-as-a-Service for Payment
    • Fintech-as-a-Service for Funds Transfer
    • Fintech-as-a-Service for Loans
    • Fintech-as-a-Service for Other Types
  • By Technology :

    • API-based Fintech-as-a-Service
    • Artificial Intelligence-based Fintech-as-a-Service
    • RPA-based Fintech-as-a-Service
    • Blockchain-based Fintech-as-a-Service
    • Other Technology based Fintech-as-a-Service

  • By Application :

    • KYC Verification
    • Fraud Monitoring
    • Compliance & Regulatory Support
    • Other Applications
  • By End Use :

    • Banks
    • Financial Lending Companies
    • Insurance
    • Other End Uses
  • By Region :

    • North America
    • Latin America
    • Europe
    • Asia Pacific
    • Middle East & Africa

Competitive Landscape

Penetrating new geographies, collaborating with government agencies or service providers and rebranding initiatives comprise some major strategies adopted by prominent Fintech-as-a-Service providers. Some prominent market developments are as follows:

  • In September 2021, PayPal Holdings, Inc. signed an agreement to acquire Paidy, a leading two-sided payments platform and provider of buy now, pay later solutions in Japan, for ¥300 billion or approximately US$2.7 billion, principally in cash. The acquisition will expand PayPal's capabilities, distribution, and relevance in the domestic payments market in Japan.
  • In October 2021, MasterCard Incorporated agreed to acquire Aiia, a leading European open banking technology provider offering a direct connection to develop and launch new digital solutions that meet the needs of everyday life, work, and play.
  • In August 2021, Square, Inc. and Afterpay Limited entered into a scheme Implementing Deed under which Square agreed to acquire all of the issued shares in Afterpay by way of a recommended court-approved Scheme of Arrangement.

Get Customization on Fintech-as-a-Service Market Report for Specific Research Solutions
https://www.factmr.com/connectus/sample?flag=RC&rep_id=7594

Key players in the Fintech-as-a-Service Market

  • PayPal Holdings, Inc.
  • Block, Inc.
  • Mastercard Incorporated
  • Envestnet, Inc.
  • Upstart Holdings, Inc.
  • Rapyd Financial Network Ltd.
  • Solid Financial Technologies, Inc.
  • Railsbank Technology Ltd.
  • Synctera Inc.
  • Braintree

Key Takeaways from Fintech-as-a-Service Market Study

  • Fintech-as-a-Service market growth to rise nearly 5x until 2032.
  • By Application, Compliance & Regulatory Support segment of Fintech-as-a-Service to flourish at a 16.2% CAGR
  • Financial Lending Institutions to be the top end-use area for Fintech-as-a-Service, growing at over 16.6% CAGR
  • North America to emerge as the fastest growing market, expected to flourish at a 16.6% CAGR

Explore Fact.MR's Coverage on the Technology Domain-

Video Streaming Market- The video streaming market is likely to garner a market value of US$ 50 Billion in 2022, expected to register a CAGR of over 17% from 20220-2032, accumulating a market value of US$ 241 Billion.

Unmanned Traffic Management (UTM) Market- The global unmanned traffic management (UTM) market is expected to expand at an impressive CAGR of around 18% over the next ten years, with drone operators being the largest end users across the world.

Digital Therapeutics Market- Digital Therapeutics was valued at US$ 4.25 Bn in 2021, and is expected to increase by 24% Y-o-Y to US$ 5.27 Bn by the end of 2022. The industry is expected to grow at a CAGR of 26.5% from 2022 to 2032, reaching US$ 56.41 Bn.

Personal Assistance Apps Market- Newly-released personal assistance app industry analysis shows that global demand enjoyed year-on-year (YoY) growth of 17.8% in 2021, to reach a value of above US$ 3.1 Bn. Mobile apps displayed negative growth of 4.1% to a reach a value of US$ 1.37 Bn in 2020, while smart device apps were up by 18.3% to record a value of US$ 1 Bn.

5G Services Market- The global 5G services market size is anticipated to procure a market value of US$ 48 Bn in 2022 and is likely to reach US$ 3,827.64 Bn while expanding at a CAGR of 55% from 2022 to 2032.

Blockchain Technology Market- The blockchain technology market has garnered a market value of US$ 7.36 Bn in 2022, anticipated to register a positive CAGR of 84% in the forecast period 2022-2032 and reach a value of US$ 3,273.83 Bn.

Digital Remittance Market- The digital remittance market has garnered a market value of US$ 18.16 Bn in 2022, anticipated to register a positive CAGR of 13.5% in the forecast period 2022-2032 and reach a value of US$ 64.43 Bn.

Neobanking Market- The global sales of neobanking garnered a market value of US$ 45 Bn in 2021, and is expected to reach US$ 67 Bn by 2022. From 2022 to 2032, the market is likely to register a CAGR of 44.15% by accumulating a market value of US$ 2,595 Bn through the assessment period 2022-2032.

Digital Transaction Management Market- The global digital transaction management market revenue was estimated to be US$ 8.01 Bn in 2021 and is expected to increase at a CAGR of 25% from 2022-2032. It is estimated that the market will reach US$ 93.25 Bn by the end of 2032.
Earth Observation Market- The global earth observation system (EOS) market is projected to expand at a CAGR of around 9% over the next ten years, with most demand coming from North America, followed by Europe.

About Us:
Market research and consulting agency with a difference! That’s why 80% of Fortune 1,000 companies trust us for making their most critical decisions. While our experienced consultants employ the latest technologies to extract hard-to-find insights, we believe our USP is the trust clients have on our expertise. Spanning a wide range – from automotive & industry 4.0 to healthcare & retail, our coverage is expansive, but we ensure even the most niche categories are analyzed. Our sales offices in United States and Dublin, Ireland. Headquarter based in Dubai, UAE. Reach out to us with your goals, and we’ll be an able research partner.

Contact:
Mahendra Singh
US Sales Office:
11140 Rockville Pike
Suite 400
Rockville, MD 20852
Email: sales@factmr.com
Tel: +1 (628) 251-1583
Follow Us: LinkedIn | Twitter