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Fintech Evolution: Unleashing a $1.4 Trillion Fintech as a Service Market by 2032 with 18.5% CAGR

Fintech Evolution: Unleashing a $1.4 Trillion Fintech as a Service Market by 2032 with 18.5% CAGR

There is an increase in demand for safe and effective payment solutions due to the growth of e-commerce, digital payments, and mobile banking.”
— Allied Market Research

NEW CASTLE, WILMINGTON, UNITED STATES, April 24, 2024 /EINPresswire.com/ -- Allied Market Research published a report, titled, “Fintech as a Service Market by Type (Banking, Payment, Insurance, and Others), Technology (Artificial Intelligence (AI), Blockchain, Robotic Process Automation (RPA), Application Programming Interface (API), and Others), Application (Fraud Monitoring, KYC Verification, Compliance & Regulatory Support, and Others) and End User (Banks, Financial Institutions, Insurance Companies, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032.” According to the report, the global fintech as a service industry generated $268.4 billion in 2022 and is anticipated to generate $1.4 trillion by 2032, witnessing a CAGR of 18.5% from 2023 to 2032.

➡️𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 & 𝐓𝐎𝐂 : https://www.alliedmarketresearch.com/request-sample/A132423

FaaS (Financial Technology as a Service) is the delivery of financial technology solutions and services via an API (application programming interface) or platform that enables third-party firms to integrate and provide financial services to their clients. Fintech providers' services can be utilized by financial institutions, non-financial institutions, and other organizations without the need to develop their own technology infrastructure.

Prime Determinants of Growth:

The continuous digitalization of financial services has increased the demand for innovative and flexible financial solutions. Furthermore, emerging digital technologies such as 5G, the Internet of Things, blockchain, artificial intelligence, big data, and substantial developments in data storage and management, are opening new possibilities to alter how the financial sector operates. Thus, these factors drive the growth of fintech as a service market. On the other hand, regulating challenges and security and data privacy concerns are expected to restrain market growth. Moreover, arises from digital transformation in financial services and a shift towards open banking to bring lucrative opportunities for market growth.

COVID-19 Scenario:

The COVID-19 pandemic had a significant impact on the growth of fintech as a service market. The adoption of contactless payment methods and digitized financial services increased as people were forced to stay at their homes. Consumers across the globe were adopting contactless payment methods as a safe mode of transaction.
Furthermore, the pandemic forced various business entities to move online when their operations locked down. As a result, customers turned to digital channels to execute their daily transactions, and e-commerce has become more widely accepted by consumers. This factor resulted in the adoption of digital wallets, mobile banking, and other financial applications being accelerated.

➡️𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐚𝐭𝐢𝐨𝐧 𝐖𝐞 𝐨𝐟𝐟𝐞𝐫 𝐜𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐞𝐝 𝐫𝐞𝐩𝐨𝐫𝐭 𝐚𝐬 𝐩𝐞𝐫 𝐲𝐨𝐮𝐫 𝐫𝐞𝐪𝐮𝐢𝐫𝐞𝐦𝐞𝐧𝐭 : https://www.alliedmarketresearch.com/request-for-customization/A132423

The payment segment to maintain its leadership status throughout the forecast period-
Based on type, the payment segment held the highest market share in 2022, accounting for nearly two-fifths of the global fintech as a service market revenue, and is estimated to maintain its leadership status throughout the forecast period, owing to the increasing integration of API and artificial intelligence into mobile-based payment services for traditional banking. However, the lending segment is projected to manifest the highest CAGR of 21.1% from 2023 to 2032. This is attributed to the fact that fintech firms provide easier ways for customers to borrow money online rather than visiting a traditional bank.

The artificial intelligence (AI) segment to maintain its lead position throughout the forecast period-
Based on technology, the artificial intelligence (AI) segment held the highest market share in 2022, accounting for more than one-third of the global fintech as a service market revenue, and is projected to maintain its lead position throughout the forecast period. The growth is attributed to the rise in the adoption of artificial intelligence among various companies due to improved decision-making, query resolution, less processing time, and better efficiency. However, the application programming interface (API) segment is projected to manifest the highest CAGR of 22.4% from 2023 to 2032. The growth is attributed to the fact that API enables automatic data exchange and transaction processing, lowering the need for human intervention and streamlining operations.

The insurance companies segment to rule the roost by 2032-
Based on end user, insurance companies segment held the highest market share in 2022, contributing to nearly two-fifths of the global fintech as a service market revenue, and is projected to rule the roost by 2032. This is due to the fact that the use of fintech-as-a-service platforms helps insurance companies to get accurate risk calculation and claim processing. However, the financial institutions segment is projected to manifest the highest CAGR of 20.7% from 2023 to 2032. This is due to the rising consumer preference for using financial instruments at convenience from their home.

North America to maintain its dominance by 2032-
Based on region, North America held the highest market share in 2022, accounting for nearly two-fifths of the global fintech as a service market revenue, and is estimated to maintain its dominance during the forecast period. This is due to the growing adoption of digital financial services across North America. However, Asia-Pacific is expected to witness the fastest CAGR of 21.7% from 2023 to 2032. This is attributed to the rising awareness about the benefits of FaaS platforms in countries such as China, India, and Japan.

➡️𝐁𝐮𝐲 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 𝐚𝐭 𝐃𝐢𝐬𝐜𝐨𝐮𝐧𝐭𝐞𝐝 𝐏𝐫𝐢𝐜𝐞 @ https://www.alliedmarketresearch.com/checkout-final/04d726e3f8c2d99fb6b56ef07352e34e?utm_source=AMR&utm_medium=research&utm_campaign=P19623

Leading Market Players: -
Adyen N.V.
Finastra
FIS
Fiserv, Inc.
Mastercard
OpenPayd
PayPal, Inc.
Rapyd Financial Network Ltd.
Revolut Ltd
Stripe, Inc.

➡️𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠: https://www.alliedmarketresearch.com/purchase-enquiry/A132423

The report provides a detailed analysis of these key players in the global fintech as a service market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

➡️𝐋𝐞𝐚𝐝𝐢𝐧𝐠 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 :
Portfolio Management Software Market
https://www.alliedmarketresearch.com/portfolio-management-software-market-A10393

Money Transfer Agencies Market
https://www.alliedmarketresearch.com/money-transfer-agencies-market-A06935

Merchant Banking Services Market
https://www.alliedmarketresearch.com/merchant-banking-services-market-A06931

Financial Wellness Benefits Market
https://www.alliedmarketresearch.com/financial-wellness-benefits-market-A230607

Investment Banking & Trading Services Market
https://www.alliedmarketresearch.com/investment-banking-and-trading-services-market-A10291

About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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