Wilmington, Delaware, Nov. 13, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Fintech as a Service Market by Technology (Application Programming Interface (API), Robotic Process Automation (RPA), Artificial Intelligence (AI), Blockchain, and Others), by Type (Insurance, Banking, Payment, and Others), by Application (KYC Verification, Compliance & Regulatory Support, Fraud Monitoring, and Others) and by End User (Financial Institutions, Banks, Insurance Companies, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032.” According to the report, the global fintech as a service industry is expected to grow $1.4 trillion by 2032, having endorsed a value of $268.4 billion in 2022, witnessing a notable CAGR of 18.5% from 2023 to 2032.
Financial technology as a service (FaaS) is the provision of financial technology products and services through an application programming interface (API) or platform that allows third-party firms (FaaS providers) to integrate and offer financial services to their customers. FaaS providers’ services can be used by financial institutions, other non-financial corporations, and other organizations, without the need to build their own technology infrastructure.
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156 – Tables
66 – Charts
257 – Pages
Prime Factors Influencing Market Growth:
The global fintech as a service market is experiencing rapid growth due to several factors, including the increase in the utilization of digital financial services, the API economy & open banking initiatives, and efforts towards financial inclusion, regulatory compliance, and security. However, regulating challenges, security, and data privacy concerns limit the market growth to some extent. In addition, the digital transformation of financial services and the transition to open banking provide lucrative opportunities for market growth.
Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $268.4 Billion |
| Market Size in 2032 | $1.4 Trillion |
| CAGR | 18.5% |
| No. of Pages in Report | 257 |
| Segments Covered | Type, Technology, Application, End User, and Region |
| Drivers | The increase in the utilization of digital financial services |
| API economy & open banking initiatives | |
| Efforts towards financial inclusion, regulatory compliance, and security | |
| Opportunities | Digital transformation of financial services |
| Shift toward open banking | |
| Restraints | Regulatory challenges |
| Security and data privacy concerns |
The payment segment to maintain a prominent revenue growth in 2032-
By type, the payment segment accounted for the largest market share in 2022, acquiring nearly two-fifths of the global fintech as a service market revenue, and is estimated to maintain a prominent revenue growth in 2032. Due to the growing use of APIs and AI in mobile-based payment solutions for traditional banking. The lending segment, however, is expected to witness the fastest CAGR of 21.1% from 2023 to 2032. This is because financial technology companies offer customers more convenient methods of borrowing money online, as opposed to having to visit a bank branch.
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The artificial intelligence (AI) segment to maintain its superiority throughout the forecast period-
By technology, the artificial intelligence (AI) segment held the major market share in 2022, contributing to more than one-third of the global fintech as a service market revenue, and is anticipated to maintain its superiority throughout the forecast period. The growth is attributed to an increase in the usage of Artificial Intelligence (AI) by various organizations due to enhanced decision-making, more efficient query resolution, reduced processing time, and improved productivity. On the other hand, the application programming interface (API) segment would cite the fastest CAGR of 22.4% from 2023 to 2032. The growth is attributed to the API, which enables automated data sharing and transaction handling, reducing the need for manual intervention and making operations more efficient.
The insurance companies segment to rule the roost by 2032-
By end user, the insurance companies segment held the major market share in 2022, garnering 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 utilization of financial technology platforms as a service that provides insurance companies with the ability to accurately calculate risk and manage claims. The financial institutions segment, however, would showcase the fastest CAGR of 20.7% from 2023 to 2032. The demand for financial instruments is increasing due to the convenience of accessing them from the comfort of one's own home.
North America to maintain its dominance by 2032-
By region, North America garnered the major market share in 2022, holding nearly two-fifths of the global fintech as a service market revenue, and is expected to maintain its dominance throughout the forecast period. This is due to digital financial services becoming increasingly popular in North America. Simultaneously, the Asia-Pacific region would exhibit the fastest CAGR of 21.7% from 2023 to 2032. This is due to the increasing recognition of the benefits of FaaS platforms in countries like China, India, and Japan.
Industry-Leading Players: -
- OpenPayd
- Stripe, Inc.
- Rapyd Financial Network Ltd.
- Mastercard
- Revolut Ltd
- Adyen N.V.
- Fiserv, Inc.
- FIS
- Finastra
- PayPal, Inc.
The report provides a detailed examination of the top players in the global fintech as a service market. These players have initiated various strategies such as the launch of new products, collaborations, geographical expansion, agreements, and others to boost their market share and maintain their leading position in different regions. The report is valuable in highlighting top winning segments, product portfolios, business performance, and strategic moves of leading players to showcase the competitive edge.
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Key Benefits for Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the fintech as a service market analysis from 2022 to 2032 to identify the prevailing market opportunity.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- The Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the fintech as a service market segmentation assists to determine the prevailing fintech as a service market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as fintech as a service market trends, key players, market segments, application areas, and market growth strategies.
Fintech as a Service Market Report Highlights
Aspects Details
By Type
- Banking
- Payment
- Lending
- Others
By Technology
- Artificial Intelligence (AI)
- Blockchain
- Robotic Process Automation (RPA)
- Application Programming Interface (API)
- Others
By Application
- Others
- Fraud Monitoring
- KYC Verification
- Compliance and Regulatory Support
By End User
- Banks
- Financial Institutions
- Insurance Companies
- Others
By Region
- North America (U.S., Canada)
- Europe (UK, Germany, France, Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)
- LAMEA (Latin America, Middle East, Africa)
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Regional Reports:
LAMEA Fintech as a Service Market: https://www.alliedmarketresearch.com/lamea-fintech-as-a-service-market-A220860
Asia-Pacific Fintech as a Service Market: https://www.alliedmarketresearch.com/asia-pacific-fintech-as-a-service-market-A220854
North America Fintech as a Service Market: https://www.alliedmarketresearch.com/north-america-fintech-as-a-service-market-A220845
U.S. Fintech as a Service Market : https://www.alliedmarketresearch.com/u-s-fintech-as-a-service-market-A220847
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