September 22nd, 2022
Banking As a Service Market
The Banking as a Service Market was valued around USD 7,869 million in 2020 and is projected to expand at a CAGR of 16.7% over the forecast period (2021-2028).
The factors driving the growth of Banking as a Service Market includes rise in the number of fintech startups around the world, growing awareness about digital services, emerging demand for contactless payment services and rapid growth of neobanks. According to the report published by Statista, the number of Fintech Startups in the Asia-Pacific region has increased from 2,864 in 2018 to reach around 6,268 in 2021, which is expected to boost the Banking as a Service Market size in the approaching years. Moreover, the rising emphasis on improving the cash transfer and online transaction services, Government initiatives to promote digitalization and growing adoption of advanced technologies such as Blockchain, Internet of things (IoT) and Artificial Intelligence (AI), by major corporations, are some of the additional factors supplementing the market growth. In addition, rise in internet penetration rates, growing popularity of mobile banking, increasing investments by leading players on research and development, rapid urbanization, and improvements in the living standards, are further contributing to the market growth.
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However, the growth of Banking as a Service Market is hindered due to rise in the number of cybercrimes around the world.
The major players operating in the market are Currencycloud, MatchMove Pay Pte Ltd, Bnkbl Ltd, Solarisbank AG, PayPal, Fidor Bank, Treezor, Boku Inc, Moven Enterprise and Green Dot Bank among others.
Organization Size – Segment Analysis
Based on Organization Size, the Large Enterprise segment is estimated to grow at remarkable CAGR during the forecast period. The large organizations are adopting Banking as Service to offer improved financial services to customers along with rise in the number of IoT enabled devices, are some of the factors responsible for the growth of the segment.
End-User – Segment Analysis
Based on End-User, the Fintech Corporation segment is projected to expand at a significant CAGR over the forecast period because it banking as a service helps the fintech companies to improves the scalability and provides greater financial transparency.
Regional – Segment Analysis
Based on Region, the European region is anticipated to capture a sizeable market share during the forecast period. Rise in the number of digital transactions, growing adoption of innovative digital banking solutions, increasing smartphone penetration rates, incorporation of advanced technologies such as AI and blockchain within banking and high per capita incomes, are some of the important factors augmenting the market growth in European region.
Global Banking as a Service Market by Organization Size
Small & Medium Enterprise
Global Banking as a Service Market by End User
Global Banking as a Service Market by Region
Rest of APAC
North AmericaUnited States of America
Rest of Europe
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