Banking-as-a-service Market to Reach $22.6 billion, Globally, by 2032 at 19.3% CAGR: Allied Market Research

The banking-as-a-service market is quickly expanding as a result of increasing global wealth, growing retirement savings, a shift toward professional management, and the need for investment diversification in a complex financial landscape.

PORTLAND, Ore., Dec. 7, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Banking-as-a-service Market by Component (Platform and Service), Type (API-based Bank-as-a-service and Cloud-based Bank-as-a-service), and End User (Banks, Fintech, and Others): Global Opportunity Analysis and Industry Forecast, 2023–2032. According to the report, the global banking-as-a-service industry generated $4 billion in 2022, and is anticipated to generate $22.6 billion by 2032, witnessing a CAGR of 19.3 % from 2023 to 2032. 

Request Research Report Sample & TOC: https://www.alliedmarketresearch.com/request-sample/14627

(We are providing report as per your research requirement, including the Latest Industry Insight's Evolution, Potential and COVID-19 Impact Analysis)

• 124 - Tables
• 47 - Charts
• 357 – Pages

Prime Determinants of Growth

Banking-as-a-service makes it possible for financial services to be unbundled, which permits the development and provision of specialized services. This encourages innovation and competition in the financial sector by meeting the needs of specialized markets and customers. Furthermore, banks expand their offers internationally without having to have a physical presence due to banking-as-a-service, which helps to facilitate the globalization of financial services. Customers who need foreign financial services would especially benefit from this. Moreover, the creation of customer-centric solutions is made possible by banking-as-a-service. Banks can improve the overall client experience by providing individualized and customized financial goods and services through the use of APIs and open banking platforms. In addition, one important factor is the cooperation between fintech businesses and traditional banks. Banking-as-a-service makes it easier for fintech companies to collaborate with banks so they can offer cutting-edge financial services and solutions by using their infrastructure and regulatory compliance.

Report Coverage & Details:

Procure Complete Report (357 Pages PDF with Insights, Charts, Tables, and Figures) @  https://bit.ly/3OC0Hhq

COVID-19 Scenario

• The pandemic highlighted the financial services industry's need for flexibility and creativity. In order to quickly integrate digital solutions and improve their service offerings, several traditional banks resorted to BaaS providers and fintech partners.

• In addition, the move to remote work brought cloud-based and API-driven solutions to the forefront of prominence. With their flexible and API-focused platforms, banking-as-a-service providers were in a good position to help banks adjust to the demands of remote work.

The platform segment to maintain its leadership status throughout the forecast period

By component, the platform segment held the highest market share in 2022, accounting for more than two-thirds of the global banking-as-a-service market revenue. This is attributed to the fact that a variety of banking services are provided by banking-as-a-service (BaaS) service providers, enabling enterprises and financial institutions to contract out non-core banking tasks. Services including account administration, payments, compliance, and risk management are included in this. Businesses are able to concentrate on their core capabilities by outsourcing such functions. driving their high share in the banking-as-a-service market. However, the service segment is projected to manifest the fastest CAGR of 21.4% from 2023 to 2032, This is attributed to the fact that the scalability of BaaS platforms, enterprises, and financial institutions modify their banking offerings in response to changing market demands. BaaS solutions are appealing to a variety of companies due to their scalability and flexibility, particularly those that are growing or have fluctuating transaction volumes.

The API-based bank-as-a-service segment to maintain its leadership status throughout the forecast period 

By type, API-based bank-as-a-service segment held the highest market share in 2022, accounting for more than three-fourths of the global banking-as-a-service market revenue, and is estimated to maintain its leadership status throughout the forecast period. This is attribute to fact that its ability to facilitate seamless integration, foster innovation, and enable efficient collaboration between financial institutions and third-party developers, leading to enhanced customer experiences and a broader range of financial services. However, the Cloud-based Bank-as-a-service segment is projected to manifest the fastest CAGR of 22.0% from 2023 to 2032, this is attribute to its scalability, cost efficiency, and ability to provide agile and customizable banking solutions, allowing financial institutions to quickly adapt to changing market demands and deliver innovative services.

The banks segment to maintain its leadership status throughout the forecast period 

By end user, the banks segment held the highest market share in 2022, accounting for around half of the global banking-as-a-service market revenue, and is estimated to maintain its leadership status throughout the forecast period. This is attributed to the fact that in the financial sector, traditional banks enjoy a long history of trust and credibility. Owing to the trust created during years of operation, customers, particularly businesses, frequently choose to do business with established banks. Banks looking to enter the BaaS area take advantage of this confidence to get a sizeable portion of the market. However, the fintech corporation/NBFC segment is projected to manifest the fastest CAGR of 21.5% from 2023 to 2032, this is attribute to their agile, technology-driven approaches, offering innovative and user-friendly financial solutions that cater to evolving consumer needs more quickly than traditional financial institutions.

Get Customized Reports with your Requirements: https://www.alliedmarketresearch.com/request-for-customization/14627

Europe to maintain its dominance by 2032

By region, Europe held the highest market share in terms of revenue in 2022, accounting for more than one-third of the global banking-as-a-service market revenue. This attributed to the fact that the consumers in Europe have typically been among the first to use financial innovations such as digital banking. BaaS providers who serve both new, digitally native businesses and established financial institutions have grown as a result of this need. However, the Asia-Pacific region is expected to witness the fastest CAGR of 22.6% from 2023 to 2032, and is likely to dominate the market during the forecast period, owing to the a considerable proportion of people in Asia-Pacific primarily use smartphones to access financial services, making them a mobile-first society. Consumer tastes in this region are well aligned with BaaS, which places a strong premium on digital and mobile capabilities.

Leading Market Players: -

• Banco Bilbao Vizcaya Argentaria
• Block, Inc.
• Bnkbl Ltd
• ClearBank Ltd
• Green Dot
• MatchMove Pay Pte Ltd
• Solaris SE
• Starling Bank
• Stripe, Inc.
• Treasury Prime

The report provides a detailed analysis of these key players of the global corss-border payments market. These players have adopted different strategies such as expansion and product launch to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

Inquiry before Buying: https://www.alliedmarketresearch.com/purchase-enquiry/14627

Trending Reports in BFSI Industry (Book Now with 10% Discount + COVID-19 Scenario):

Banking Wearable Market by Type (Fitness Tracker, Payment Wristbands, Smart Watches, Others), by Technology (Near Field Communication (NFC), Quick Response (QR) Codes, Radio Frequency Identification (RFID), Others), by Application (Retail, Entertainment Centers, Restaurants and Bars, Healthcare, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032.

Banking BYOD Security Market by Component (Solution, Service), by Device Type (Laptop, Smartphone and Tablet), by Security Type (Device Security, Email Security, Application Security, Mobile Content Security, Network Security, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032.

Retail Banking Market by Type (Commercial Banks, Rural Banks, Others), by Function (Bank Account Opening, Deposits and Withdrawals, Debit and Credit Card Issuance, Investment and Insurance, Others), by End User (Individuals, Businesses): Global Opportunity Analysis and Industry Forecast, 2023-2032.

Cloud Computing Banking Market by Service Model (Infrastructure as a service (IaaS), Platform as a service (PaaS), Software as a service (SaaS)), by Deployment Mode (Public Cloud, Private Cloud, Hybrid Cloud), by Application (Fraud Detection and Prevention, Customer Relationship Management (CRM), Human Resource Management, Core Banking, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032.

AI in Banking Market by Component (Solution and Service), Enterprise Size (Large Enterprise and SMEs), Applications (Risk Management Compliance & Security, Customer Service, Back Office/Operations, Financial Advisory and Others) and Technology (Machine Learning & Deep Learning, Natural Language Processing (NLP), Computer Vision and Others): Global Opportunity Analysis and Industry Forecast, 2021-2030.

Southeast Asia Commercial Banking Market by Products (Commercial Lending, Treasury Management, Project Finance, Syndicated Loans, Capital Market and Others), Application (Healthcare, Construction, Transportation and Logistics, Media and Entertainment, and Others): Opportunity Analysis and Industry Forecast, 2022-2031.

About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Contact:

David Correa

1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.

Int'l: +1-503-894-6022
Toll Free: +1-800-792-5285

UK: +44-845-528-1300

India (Pune): +91-20-66346060
Fax: +1-800-792-5285
help@alliedmarketresearch.com 

Allied Market Research Blog: https://blog.alliedmarketresearch.com
BFSI Blog

Logo - https://mma.prnewswire.com/media/636519/Allied_Market_Research_Logo.jpg