Dublin, Jan. 18, 2024 (GLOBE NEWSWIRE) -- The "Global Banking-as-a-Service (BaaS) Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The latest industry report detailing the significant upswing in the global Banking-as-a-Service (BaaS) market is now available, providing valuable insights into the rapidly evolving financial sector.
Projected to expand from its previous valuation of $516.17 billion in 2022, the market is poised for a robust compound annual growth rate (CAGR) of 19.1%, reaching $614.62 billion in 2023. Despite global economic challenges posed by the ongoing Russia-Ukraine conflict, such as rising commodity prices and disrupted supply chains, the BaaS sector maintains a positive growth trajectory, estimated to soar to $1,231.49 billion by 2027, progressing at a consistent CAGR of 19.0%.
Digital banking adoption has been identified as a critical driver fueling this market growth. Financial institutions are rapidly embracing digital platforms, with customers increasingly seeking flexible, personalized banking services. A survey conducted by MagiClick UK Ltd. in September 2021 verified this trend, noting significant hikes in online banking use since March 2020 across various demographics.
Another trend spotlighted within the report is the prevalent use of cloud-native architecture amongst leading BaaS providers. This focuses on end-to-end software infrastructure employing state-of-the-art cloud technology to deliver superior banking services. Companies like Oracle are at the forefront, having recently introduced an extensive suite of cloud-native banking services designed to facilitate a microservices architecture and promote agility within the sector.
Key Features of the Global BaaS Market Report:
- In-depth analysis of market size and segmentation
- Forecasted growth trends and emerging opportunities
- Insight into cloud-native architectures and digital banking adoption
- Comprehensive regional and global market insights
- Profiles and strategic developments of key market players
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2023 - 2027 |
| Estimated Market Value (USD) in 2023 | $614.62 billion |
| Forecasted Market Value (USD) by 2027 | $1231.49 billion |
| Compound Annual Growth Rate | 19.0% |
| Regions Covered | Global |
A selection of companies mentioned in this report includes
- Banco Bilbao Vizcaya Argentaria S.A.
- PayPal Holdings Inc.
- Square Inc.
- Green Dot Corporation
- Paytm Payments Bank
- Marqeta Inc.
- Starling Bank Ltd.
- Cross River Bank
- Mambu GmbH
- 10x Future Technologies
- ClearBank Ltd.
- Currency Cloud
- Thought Machine
- Railsbank Technology Ltd.
- FinXact
- MatchMove Pay Pte. Ltd.
- Fidor Bank AG
- Bnkbl Ltd.
- Treezor SAS
- Bankable
- Treasury Prime
- Movencorp Inc.
- Bankifi
- Solaris Bank LLC
- Project Imagine Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/axzgcq
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