Global demand forecast Banking as a Service (BaaS) Marketplace
Still impressive as Future Market Insights (FMI) expects to outpace sales 12.2 billion US dollars
by the end of 2031.
The market is expected to register impressive growth with increasing adoption of the BaaS platform within FinTech companies. According to the study, the global BaaS platform market is poised to expand at a compound annual growth rate of 15.7% between 2021 and 2031.
With the increasing adoption of digital banking across many areas, the demand for the BaaS platform has increased in medium and small-sized enterprises. The integration of artificial intelligence, blockchain technology, and API services into online banking will also boost demand.
Many banks and financial institutions are investing in digital transformation to provide smart banking operations. Large organizations are increasing adoption of the BaaS platform to strengthen their customer base.
Driven by the COVID-19 outbreak, many organizations are revamping their businesses by implementing digital banking. Hence, the adoption of BaaS platforms has seen a sudden rise as organizations race to deliver a premium digital experience to their customers.
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BaaS adoption within fintech companies is growing at a remarkable pace. The increasing reliance on mobile banking, digital payments and net banking among consumers has also helped the market grow.
“The rapid spread of work from home and the increasing reliance on digital payments and online banking encourage major players to implement blockchain technology and artificial intelligence to provide secure services to customers. This is amplifying sales in the market,” FMI analyst says.
The main takeaway from FMI’s Banking as a Service platform market study
- In terms of solution, the BaaS APIs segment will grow at a robust CAGR of 17% during the forecast period.
- Banking as a service platform will represent the leading market share and will continue to maintain its dominance until 2031
- Large institutions will account for half of the global market for banking as a service
- In terms of company size, the SME segment will register a remarkable growth of 16.6% as a compound annual growth rate (CAGR).
- Fintech companies are expected to be the leading end users of BaaS platforms, with a share of nearly 26%.
- The UK market will record the highest sales through Europe, accounting for nearly 29% of the market share
- Demand for the Banking as a Service platform is set to rise across the US at a compound annual growth rate of 15%
- India The Banking-as-a-Service market will register an astonishing growth of 26% CAGR due to the boom of FinTech companies in the country
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- BaaS platform adoption will increase among diverse end users like apparel industry, online retailers and others as they aim to expand their customer base
- Increased collaboration between established companies and FinTech innovators to distribute financial products and gain rewarding opportunities will boost the market
- As the BaaS platform reduces digitization costs for incumbent companies, more fintech companies are embracing these services to gain an advantage in the industry.
- Lack of secure data protection and flexibility will be a challenge for Banking as a Service providers
- Unavailability of secure platforms to deploy targeted solutions may hinder market growth
The leading market players are focusing on acquiring fintech startups to develop their own net banking and digital banking products to reduce their conversion rates. Also, players come up with innovative solutions to serve their customers.
The rapidly changing demand from various institutions for advanced banking products and digitalization is encouraging major players to rely on third parties and develop new API services.
- in a September 2021Monese, the leading European fintech company, has announced the launch of its Banking-as-a-Service platform and a new partnership with Investec Bank Plc.
- Temenos, a banking software company, with a date September 26, 2021, announced its strategic collaboration with Vodeno, a fully native BaaS provider in the cloud and Aion Bank, a European licensed digital bank to accelerate banking as a service deployment in Europe.
- in a July 2021, Cermati Fintech Group launched BaaS technology platform product in Indonesia Through a strategic partnership with BCA Digital, one of the leading banks in Indonesia and Blibli.
Some of the key players working in Banking Platforms as a Service Industry Market profile by FMI are:
- top banking software
- Solarisbank AG
- 11: FS Foundry
- Clearbank Ltd.
- Q2 Software, Inc.
- Green Dot Company
- sterling national bank
- Banco Bilbao Vizcaya Argentaria (BBVA), SA
- unit financial company
- Starling Bank
- treasury chief
- ADVAPAY OÜ
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More valuable insights about Banking as a Service platform market
Future Market Insights, in its new offering, provides an unbiased analysis of the banking as a service market. The study provides key insights about the banking services market on the basis of:
According to the solution:
- Banking as a service platform
- Banking as a Service APIs
- Payment processing services
- digital banking
- Know Your Customer Services
- Customer Support Services
By company size:
- Small and medium-sized organizations
- large organizations
By the end user:
- Fintech companies
- investment companies
- North America
- Latin america
- East Asia
- South Asia & Pacific
- Middle east And Africa
Key questions addressed in the report
- The report provides an insight into the demand outlook for the Banking as a Service Platform market for the forecast period 2021-2031
- The market study also highlights the expected sales growth of the Banking as a Service Platforms market between 2021 and 2031
- The Banking as a Service Platform Market survey identifies the key growth drivers, restraints and other forces influencing the prevailing trends and evaluates the current market size, forecast, and technological advancement within the industry
- Banking as a Service market share analysis, covering key industry players and covering strategies such as mergers and acquisitions, joint ventures, collaborations or partnerships, and others