Global Fintech as a Service (FaaS) Market Competitive Landscape, Top Market Segments, And Fastest Growing Regions
28 Nov, 2023
The global fintech as a service market is expected to grow from $277.36 billion in 2022 to $327.51 billion in 2023 at a compound annual growth rate (CAGR) of 18.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and resulted in increased interest rates affecting many markets across the globe. The fintech as a service market is expected to reach $625.78 billion in 2027 at a CAGR of 17.6%.
Global Fintech as a Service (FaaS) Market Key Driver
The increase in the shift towards digital banking and payments is expected to fuel the growth of the fintech as a service market in the future. Digital banking involves banking activities conducted through digital platforms, eliminating paper-based transactions like demand drafts, pay-in slips, and checks. Fintech as a Service (FaaS) plays a significant role in digital banking, providing mobile applications, web-based platforms, APIs, and sophisticated applications that utilize artificial intelligence and machine learning to offer financial advice. FaaS also facilitates digital banking solutions, enabling companies to provide online banking services to their customers.
Get a sample of the global fintech as a service (FaaS) market reportGlobal Fintech as a Service (FaaS) Market Segments
The global fintech as a service (FaaS) market is segmented:
1) By Type: Banking; Payment; Insurance; Investment; Lending; Other Types
2) By Technology: Artificial Intelligence (AI); Blockchain; Robotic Process Automation (RPA); Application Programming Interfaces (API); Other Technologies
3) By Application: Fraud Monitoring; KYC Verification; Compliance And Regulatory Support; Other Applications
4) By End-User: Banks; Financial Institutions; Insurance Companies; Other End-Users
5) By Geography: The regions covered in the fintech as a service (FaaS) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. Among these regions, North America accounts for the largest share in the global fintech as a service (FaaS) market.
Major Fintech as a Service (FaaS) Industry Players
Fintech as a Service (FaaS) Market Overview
Fintech as a Service (FaaS) refers to a business model that allows organizations to outsource financial technology (fintech) services to a third party. This strategy enables businesses to use fintech services flexibly and cost-effectively, improving their financial operations.
Fintech as a Service (FaaS) Global Market Report 2023 provides data on the global fintech as a service (FaaS) market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The fintech as a service (FaaS) market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.