CHICAGO, Aug. 1, 2024 /PRNewswire/ -- The Fintech
as a Service Market size is estimated to grow from USD 358.8 billion in 2024 to USD 806.9 billion by 2029 at a Compound Annual
Growth Rate (CAGR) of 17.6% during the forecast period, according
to a new report by MarketsandMarkets™. The key driver of FaaS is
the growing demand for rising digital financial services, open
banking operational initiatives, growing demand for streamlined
compliances and regulatory solutions, scalability of cloud
computing technologies in operations, and driving innovation of AI
and blockchain.
Browse in-depth TOC on "Fintech as a Service (FaaS)
Market"
375 - Tables
51 - Figures
331 - Pages
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Scope of the Report
Report
Metrics
|
Details
|
Market size available
for years
|
2018-2029
|
Base year
considered
|
2023
|
Forecast
period
|
2024–2029
|
Forecast
units
|
Value (USD
Billion)
|
Segments
Covered
|
By Type, Technology,
Application, End User, Region.
|
Geographies
covered
|
North America, Europe,
Asia Pacific, Middle East & Africa and Latin America
|
Companies
covered
|
Major vendors in the
FaaS market include PayPal (US), Mastercard (US), Fiserv (US),
Block (US), Rapyd (UK), Envestnet (US), Upstart (US), Solid
Financial (US), FIS (US), Synctera (US), Stripe (US), Adyen
(Netherlands), Dwolla (US), Finastra (UK), Revolut (UK), Fispan
(Canada), Nium (Singapore), Airwallex (Australia), Sofi
Technologies Inc. (US), Marqeta (US), Finx (US), Synapse
(US).
|
FaaS solutions enable organizations to access pre-built
financial technology solutions that can be integrated into existing
systems, enabling businesses to provide innovative financial
services, reducing the cost of new in-house development technology
and the investment needed for resources, which makes it
cost-efficient financial services, making high-tech tools available
without a high upfront cost. With FaaS, companies can focus on
competition and innovation with their core operations, delivering
cutting-edge financial services to their customers.
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Based on the type, Payments in the FaaS market accounts for
the highest market size during the forecast period.
Payments are expected to maintain the highest market share in
the FaaS market for various reasons. Their ubiquitous nature, being
important to daily transactions and serving a vast customer base
involving individuals, businesses, and governments, and rapid
technological advancements like digital wallets, biometric
authentication, upgraded security on real-time payments,
convenience, and efficiency play a crucial role in financial
inclusion by providing services through mobile payments in the
emerging market. It acts as a boon by providing solutions and
services to a major segment of the population through digital
platforms. It is enhancing the customer experience by integrating
payment methods to various platforms such as e-commerce,
ride-sharing, and digital commerce, driving the popularity of
subscription-based models, and its regulatory evolution, such as
open banking payments and Payment Services Directive 2 (PSD2),
creating strong authentication and open API's.
By application, KYC Verification segment will grow at
the highest CAGR during the forecasted period.
The Know Your Customer (KYC) verification segment is growing
faster than any other part of the fintech-as-a-service market. This
growth comes from a few key factors. Companies need to follow
stricter rules, like those against money laundering and funding
terrorism, as well as laws about data privacy, such as GDPR and
CCPA. More cases of identity theft and financial scams make it
crucial to have accurate and reliable KYC to keep customers
safe.
KYC also helps make signing up new customers online smoother and
quicker, improving their first experience and letting companies
assess risk better. As the fintech world grows and technology
improves, like fingerprint scans and smart computer analysis, the
need for solid KYC checks increases. This builds customer trust and
protects the good name of financial companies.
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By region, Asia Pacific will
grow at the highest CAGR during the forecast period.
Asia Pacific is forecasted to
grow at the highest CAGR due to the rapid adoption of digitization,
rising internet penetration, and widespread use of smartphones in
countries like India, China, and Indonesia, which have a large customer base.
These regions are one of the largest populations, which provides an
opportunity for fintech companies for financial inclusion. The
government's support and praise for fintech solutions is being
heavily backed up, showing a positive future aspect of growth in
the FaaS market. The region also attracts a large number of
investment interests from various sources due to its population and
growing demand for digital financial services, mostly among
middle-class earning entities. The market is also a rising hub of
digital platforms, which further enhances the strong
entrepreneurial ecosystem and the fintech landscape.
Top Companies in Fintech as a Service Market:
PayPal (US), Mastercard (US), Fiserv (US), Block (US), Rapyd
(UK), Envestnet (US), Upstart (US), Solid Financial (US),
FIS (US), Synctera (US), Stripe (US)
, Adyen (Netherlands), Dwolla
(US), Finastra (UK), Revolut (UK), Fispan (Canada), Nium (Singapore), Airwallex (Australia), Sofi Technologies Inc. (US),
Margeta (US), Finx (US), Synapse (US).
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