Fintech-as-a-Service Platform Market Size is Set to Hit Nearly US$ 1 Trillion by 2028 | Global Technology, Revolutionizing Financial Services

Washington, DC, June 13, 2023 (GLOBE NEWSWIRE) -- Zion Market Research has published a new research report titled “Global Fintech-As-A-Service Platform Market Segmentation By Technology (Artificial Intelligence, And Blockchain), By End-Use (Investment Banking, Retail Banking, Insurance, Stock Trading Firms, Hedge Funds, And Others), By Type (Fund Transfer, Payments, Personal Loans, Personal Finance, And Others), By Application (Compliance And Regulatory Support, KYC Verification, And Fraud Monitoring) And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2022 – 2028” in its research database.

Key Insights from Primary Research:

• According to the analysis shared by our research forecaster, the Fintech-as-a-Service Platform market is likely to expand at a CAGR of around 17% during the forecast period (2022-2028).                  
• In terms of revenue, the Fintech-as-a-Service Platform market size was valued at around US$ 232.17 billion in 2021 and is projected to reach US$ 949 billion by 2028.
• Banking and finance sector investments to improve customer experience are predicted to drive the global fintech-as-a-service platform market.
• Based on end-use segmentation, insurance was predicted to show maximum market share in the year 2021
• Based on application segmentation, compliance and regulatory support were the leading revenue-generating segment in 2021.
• On the basis of region, North America was the leading revenue generator in 2021.

“According to the latest research study, the demand of global Fintech-as-a-Service Platform Market size & share in terms of revenue was valued at USD 232.17 billion in 2021 and it is expected to surpass around USD 949 billion mark by 2028, growing at a compound annual growth rate (CAGR) of approximately 17% during the forecast period 2022 to 2028.”

What is Fintech-as-a-Service Platform? How big is the Fintech-as-a-Service Platform Industry?

Report Overview:

The global fintech-as-a-service platform market size was worth around USD 232.17 billion in 2021 and is predicted to grow to around USD 949 billion by 2028 with a compound annual growth rate (CAGR) of roughly 17% between 2022 and 2028.

The fintech-as-a-service platform allows a company to utilize a fintech application programming interface (APIs) to embed various financial capabilities into the company’s already existing products, applications, and other services. FaaS platforms enable white-labeled payment acceptance, card issuing, e-wallet platforms, identity verification, payouts & remittances, merchant services, virtual accounts, fraud detection, and other customer-oriented services. With the aid of a fintech-as-a-service platform, organizations load to develop infrastructure, licensing & compliance, integration of disparate financial systems, and other related activities are undertaken by a third party thus improving the company’s operational efficiency. FaaS platforms have managed to change the traditional banking methods and have propelled them towards a more future-oriented approach.

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Global Fintech-as-a-Service Platform Market: Growth Dynamics

A lot of fintech players are now offering their APIs to other key players in the global market which has resulted in higher growth in the field of fintech-as-a-service platforms. Leveraging from the benefits offered by these systems has proven to aid companies to enhance their end-to-end processes and systems. Since FaaS platforms allow complete management and delivery of final results, the global market has managed to leave a long-lasting impact on the international finance industry. Many leading research papers have emphasized the importance of adopting FaaS platforms, especially for financial institutions. The advanced technology is capable of automating the entire lending process where minimum human intervention is needed to complete the protocol. The systems also allow streamlining of the documentation process which is an integral part of safe financial transitions. These are processes that take a long time but are important at the same time. By making use of technology to automate these processes, leaving no room for error, organizations will be capable of reducing the turnaround time for the entire procedure and staying in the competition.

Covid-19 left a positive impact on the global market cap. This was propelled by the regulations laid down by governments to maintain social distancing. Since the majority of the banks or financial institutions were physically closed for operations, there was a rise in demand for digitizing almost all segments of the banking and financial institutions. The higher FaaS adoption rate was witnessed in 2020 and 2021 because of stringent regulations restricting the transportation and movement of people.

The global fintech-as-a-service platform market is expected to grow owing to the rising number of users utilizing mobile applications for financial transactions. The increase is aided by the rise in the number of smartphone manufacturers offering intelligent phones at reasonable prices which in turn has aided the global market penetration by increasing customer reach even at remotest locations. According to Emizentech statistics, more than 44% of the global transactions were carried out through mobile applications. Tipalti Inc. stated that more than 64.2% of the consumers in the finance sector use some form of fintech-as-a-service platform. Looking at the high potential of the global market, more FaaS platform providers can be witnessed entering the market. As of 2022, India has more than 6,600 FaaS-related startups and the number is predicted to grow further in the coming years. In November 2021, the USA had over 10,755 fintech unicorns as per reports published by Statista.

The credibility issues along with regulation compliance may restrict global market expansion. The FaaS providers creating customized services are expected to provide global market growth opportunities during the forecast period. The data privacy and security issues are anticipated to challenge global market cap growth.

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Fintech-as-a-Service Platform Market: Restraints

End users typically have a predisposition towards a general lack of faith towards the entire adoption of fintech-as-a-service (FaaS) systems. This is due to the fact that fintech-as-a-service platforms deal with extremely large sums of money. It is anticipated that the widespread pessimism would slow the expansion of the worldwide market.

FaaS solutions are designed to meet the needs of financial institutions and handle monetary transactions. They are required to properly adhere to the many different laws that have been put in place for financial or other related institutes in order to achieve higher levels of trust. The government of each country has its own set of compliance regulations, which might be very different from one another. When corporations from the United States strive to expand their operations into other nations or when international transactions are involved, the difficulty arises. It is anticipated that the global market will be prevented from reaching its full potential as a result of such limited growth.

Fintech-as-a-Service Platform Market: Opportunities

The rise of digitalisation has resulted in a change in consumer demands away from traditional necessities and towards more contemporary ones. Because of the dramatic shift in requirements placed on consumers, fintech-as-a-service platform providers have been urged to develop individualised solutions for their customers. As a result of the ever-evolving nature of customer demands, which are in turn spurred by the continuous innovations that financial institutions undertake to keep one step ahead of the competition, it is anticipated that this trend will present a large number of adequate and lucrative growth opportunities in the global market.

It's possible that an increase in international payments may also spur more use of platforms that provide services as a subscription. A higher acceptance of these services is indicated by the fact that more than forty percent of large businesses use platforms that provide fintech as a service for real-time payments.

Fintech-as-a-Service Platform Market: Challenges

Due to the fact that both fintech efforts and FaaS platforms deal with sensitive data relating to money and user information, they are very susceptible to many types of security assaults. The privacy of customers' financial information was not much of a concern when traditional banks were more physically present. However, now that all kinds of data are being transmitted to online platforms, the security risk is increased. In order to keep its customers' personal information safe, the platform that provides fintech as a service must guarantee that its security measures are of the highest possible standard. In the event that platforms are unable to do so, a data breach may have enormously detrimental effects, which may result in significant clients abandoning their trust in these services.

Report Scope

Fintech-as-a-Service Platform Market: Segmentation Analysis

The global fintech-as-a-service platform market is segmented based on end-use, technology, application, type, and region.

Based on end-use, the global market segments are investment banking, retail banking, insurance, stock trading firms, hedge funds, and others. Insurance generated over 30% of the global market revenue in 2021 because of high applications for insurance companies to handle claim processing and risk assessment.

Based on technology, artificial intelligence and blockchain are the two main global market segments. Blockchain is more widely used by maximum players. Over 28% of the global market was dominated by blockchain technology in 2021 owing to its higher use by large-scale enterprises. Benefits associated with blockchain are expected to drive segmental growth during the forecast period.

Based on application, the global market segments are compliance & regulatory, KYC verification, and fraud monitoring. In 2021, compliance and regulatory support generated 31.9% of global market revenue which was propelled by the rise in online customer support provided by financial institutions to upgrade customer service and streamline their operations.

Based on type, the global market is divided into funds transfer, payments, personal loans, personal finance, and others. Payments held around 40.20 % of the global market revenue in 202 aided by the integration of AI technology and mobile-based payment methods instead of traditional banking.

The global Fintech-as-a-Service Platform market is segmented as follows:

By Technology

•  Artificial Intelligence
• Blockchain

By End-Use

• Investment Banking
• Retail Banking
• Insurance
• Stock Trading Firms
• Hedge Funds
• Others

By Type

• Fund Transfer
• Payments
• Personal Loans
• Personal Finance
• Others

By Application

• Compliance and Regulatory Support
• KYC Verification
• Fraud Monitoring

Browse the full “Global Fintech-as-a-Service Platform Market Segmentation By Technology (Artificial Intelligence, and Blockchain), By End-Use (Investment Banking, Retail Banking, Insurance, Stock Trading Firms, Hedge Funds, and Others), By Type (Fund Transfer, Payments, Personal Loans, Personal Finance, and Others), By Application (Compliance and Regulatory Support, KYC Verification, and Fraud Monitoring) and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2028.” Report at https://www.zionmarketresearch.com/report/global-fintech-as-a-service-platform-market

Competitive Landscape

Some of the main competitors dominating the global Fintech-as-a-Service Platform market include - 

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

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Key questions answered in this report:

• What is the market size and growth rate forecast for Fintech-as-a-Service Platform industry?
• What are the main driving factors propelling the Fintech-as-a-Service Platform Market forward?
• What are the leading companies in the Fintech-as-a-Service Platform Industry?
• What segments does the Fintech-as-a-Service Platform Market cover?
• How can I receive a free copy of the Fintech-as-a-Service Platform Market sample report and company profiles?

Key Offerings:

• Market Size & Forecast by Revenue | 2022−2028
• Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
• Market Segmentation – A detailed analysis By Technology, By End-Use, By Product Type, By Application, And By Region
• Competitive Landscape – Top Key Vendors and Other Prominent Vendors

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Regional Analysis:

North America is projected to dominate the global fintech-as-a-service platform market owing to the presence of multiple players in this region. In the USA, 9 out of every 10 citizens use FaaS platforms for their financial transactions. The percentage of consumers in the USA grew by 88% in 2021 as compared to 58% in 2020, as per Plaid’s survey published in Fortune. The 105 fintech unicorns in this region comprise more than 45% of the global fintech unicorns. Such numbers are indicative of the potential this region holds for global market growth.

Asia-Pacific may also register high revenue majorly driven by India being claimed as the region with the highest adoption rate as of 2021. This is propelled by excellent government initiatives to drive the fintech market in the Indian territory while also assisting them to improve the global hold which is expected to drive regional growth in the coming years.

By Region

• North America
  • U.S.
  • Canada
  • Rest of North America
• Europe
  • France
  • UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America

Recent Developments

• In July 2021, Railsbank technology, an API developer, raised around USD 70 million during a fundraising event held by Anthos Capital, a leading US-based investment firm. With the raised funds, the company aims to dive into the fintech-as-a-service sector and improve customer experience with excellent solutions.
• In July 2022, Finalis, a USA-based investment banking platform enabling private market participants in executing deals with complete compliance, managed to raise USD 10.7 million through seed funding with the help of various venture capital firms namely The Fund, Chaac Ventures, ANIMO Ventures, Ulu Ventures, and Tribe Capital. The raised capital is projected to propel the expansion of Finalis while also helping the development of a deal-making technologically advanced platform.

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FREQUENTLY ASKED QUESTIONS

• What is Fintech-as-a-Service Platform?
• Which key factors will influence global Fintech-as-a-Service Platform market growth over 2023-2030?
• What will be the value of the global Fintech-as-a-Service Platform market during 2023-2030?
• What will be the CAGR value of the global Fintech-as-a-Service Platform market during 2023-2030?
• Which region will record the fastest growth in the Fintech-as-a-Service Platform industry globally?
• Which are the major players leveraging the global Fintech-as-a-Service Platform market growth?

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Global Fintech-As-A-Service Platform Market Segmentation By Technology (Artificial Intelligence, And Blockchain), By End-Use (Investment Banking, Retail Banking, Insurance, Stock Trading Firms, Hedge Funds, And Others), By Type (Fund Transfer, Payments, Personal Loans, Personal Finance, And Others), By Application (Compliance And Regulatory Support, KYC Verification, And Fraud Monitoring) And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2022 – 2028: https://www.zionmarketresearch.com/report/global-fintech-as-a-service-platform-market

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