PUBLISHER: Allied Market Research | PRODUCT CODE: 1365815
PUBLISHER: Allied Market Research | PRODUCT CODE: 1365815
According to a new report published by Allied Market Research, titled, "Fintech as a Service Market," The fintech as a service market was valued at $268.41 billion in 2022, and is estimated to reach $1,432 billion by 2032, growing at a CAGR of 18.5% from 2023 to 2032.
The growing need for digital financial services is propelling the expansion of fintech as a service industry. Furthermore, several countries have adopted open banking regulations that require financial institutions to securely exchange consumer data with authorized third-party providers. This encourages collaboration between traditional banks and fintech companies, resulting in a wider selection of services for consumers and boosting market growth. In addition, the rise of the API economy and the implementation of open banking regulations in many countries have accelerated the adoption of fintech as a service (FaaS). However, regulatory challenges and security & data privacy concerns are some of the factors that hamper fintech as a service market growth. On the contrary, digital transformation in financial services, and a shift toward open banking are expected to provide lucrative growth opportunities to fintech as a service market in the upcoming years.
The fintech as a service market is segmented into type, technology, application, end user, and region. By type, the market is classified into banking, payment, insurance, and others. Depending on technology, it is fragmented into AI, blockchain, robotic process automation (RPA), application programming interface (API), and others. By application, the market is categorized into fraud monitoring, KYC verification, compliance & regulatory support, and others. By end user, the market is divided into banks, financial institutions, insurance companies, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players operating in the Fintech as a service market include Adyen, Finastra, FIS, Fiserv, Inc., Mastercard, OpenPayd, PayPal, Inc., Rapyd Financial Network Ltd., Revolut Ltd, and Stripe, Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the fintech as a service industry.
Key Benefits for Stakeholders
Additional benefits you will get with this purchase are:
Possible Customization with this report (with additional cost and timeline talk to the sales executive to know more)