New York, USA, Nov. 14, 2024 (GLOBE NEWSWIRE) -- Market Overview:
The global fintech as a service (FaaS) market size is projected to grow from USD 312.77 billion in 2023 to USD 1,329.12 billion by 2032, at a CAGR of 17.4%, according to a new report by Polaris Market Research.
The world is progressing towards contactless payments and e-commerce. This has contributed to the extensive acquisition of fintech apps. They are digital results that modify how one handles money, makes remissions, and acquires financial services. Together with this conversion, fintech-as-a-Service (FaaS) has surfaced gratifying the requirements of the fiscal technology sector and free-spirited software vendors. Similar to the digital Swiss army knife, FaaS solutions provide a thorough toolbox of fiscal solutions at the fingertips. Adaptable framework sanctions businesses to harbor development and alterations in tandem with the least additional funding. With the assistance of FaaS associates, businesses can approach contemporary markets and propel revenue growth with supplementary value-added services.
Key Insights from Report:
- The market for fintech as a service (FaaS) is shaped by businesses seeking consolidated fiscal services such as remissions, loans, and digital wallets to improve consumer acquaintance.
- The fintech as a service (FaaS) market segmentation is mainly based on type, technology, application, end-use, and region.
- Based on type, the payment segment is expected to experience the highest CAGR during the forecast period.
- By region, the report provides market insights into Asia Pacific, Europe, North America, Latin America, and the Middle East & Africa.
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Fintech as a Service (FaaS) Market Scope:
| Report Attributes | Details |
| Market size value in 2023 | USD 312.77 billion |
| Market size value in 2024 | USD 367.06 billion |
| Revenue forecast in 2032 | USD 1,329.12 billion |
| CAGR | 17.4% from 2024 to 2032 |
| Base year | 2023 |
| Historical data | 2019-2022 |
| Forecast Period | 2024-2032 |
Market’s Growth Drivers:
Alliances between Fintech and Conventional Establishments: Alliances between fintech firms and conventional fiscal establishments are prompting market growth. Growingly, conventional banks and fiscal establishments are partnering with FaaS donors to smoothly merge fiscal services into their offerings. This permits for hastened market approach and the addition of technological potential contributing to fintech as a service (FaaS) market growth.
Rise in E-Commerce: The e-commerce sector is observing speedy augmentation globally due to an increase in the usage of smartphones and the growing acquisition of 5G technology, among others. For instance, as per IBEF, the Indian e-commerce market is expected to reach an estimated USD 350 billion by 2030. It exhibited a strong growth route in 2022, obtaining a significant 21.5% growth to reach USD 74.8 billion. Because of the growing supremacy of online shopping, businesses encounter provocations in smoothly combining productive and reliable payment solutions into their platforms.
Technological Progressions: The development of fintech technology, especially blockchain and artificial intelligence, is playing an important part in pushing the growth and intricacy of fintech as a service offering. Blockchain technology is improving the safety, transparency, and productivity of fiscal undertakings through elements such as safe remission processing, intelligent agreement, and sealed records. These progressions are influential in diminishing cheating, guaranteeing regulatory conformity, and maximizing operations, thus generating the wider approval and augmentation of FaaS solutions.
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List of Fintech as a Service (FaaS) Market Key Players:
- Block, Inc.
- Braintree.
- Envestnet, Inc.
- Mastercard Incorporated
- PayPal Holdings, Inc.
- Railsbank Technology Ltd.
- Rapid Financial Network Ltd.
- Solid Financial Technologies, Inc.
Geographical Analysis:
North America accounted for the largest fintech as a service (FaaS) market share. This is possible due to the region's progressive technological framework and extensive acquisition of digital fiscal solutions that push the strong demand for FaaS offerings.
Asia Pacific is also expected to grow at the highest CAGR during the forecast period. This is due to speedy digitalization covering the region, especially in surfacing markets such as India, China, and Southeast Asia. The extensive acquisition of smartphones and the internet approach, together with the growing inclination for digital remission and financial services, is fuelling the market growth.
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Market Segmentation:
By Type Outlook:
- Payment
- Fund Transfer
- Loan
- Others
By Technology Outlook:
- API
- Artificial Intelligence
- RPA
- Blockchain
- Others
By Application Outlook:
- KYC Verification
- Fraud Monitoring
- Compliance & Regulatory Support
- Others
By End Use Outlook:
- Banks
- Financial Lending Companies
- Insurance
- Others
By Region Outlook:
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Netherlands
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Malaysia
- South Korea
- Indonesia
- Australia
- Vietnam
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- UAE
- Israel
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Mexico
- Brazil
- Argentina
- Rest of Latin America
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