Banking-As-A-Service (BaaS) Market Growth Outlook Through 2024-2033

Overview and Scope
Banking-as-a-service (BaaS) refers to an end-to-end strategy that enables fintech companies and other third-party organizations to connect with a bank’s system utilizing APIs (application programming interfaces). Along with providing open banking services, BaaS assists businesses in developing cutting-edge financial services on top of the provider bank’s regulated infrastructure.

Sizing and Forecast
The banking-as-a-service (baas) market size has grown rapidly in recent years. It will grow from $614.62 billion in 2023 to $731.13 billion in 2024 at a compound annual growth rate (CAGR) of 19.0%. The growth in the historic period can be attributed to rise in demand for digital banking services, rise in demand for personalized financial services, rise in demand for embedded finance solutions, increase in globalization and international trade, increase in regulatory requirements.

The banking-as-a-service (baas) market size is expected to see rapid growth in the next few years. It will grow to $1486.18 billion in 2028 at a compound annual growth rate (CAGR) of 19.4%. The growth in the forecast period can be attributed to rising demand for embedded finance solutions, market expansion and global diversity, increasing focus on risk management, rising demand for digital banking services, impact of geopolitical events and regulatory changes. Major trends in the forecast period include rising adoption of strategies by key players, technological advancements in baas solutions, incorporating safety and quality control features in baas products, development of standardized apis (application programming interfaces), increased collaboration between traditional banks, fintech firms, and non-financial entities.

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Segmentation & Regional Insights
The banking-as-a-service (baas) market covered in this report is segmented –

1) By Type: API-Based Bank-As-A-service, Cloud-Based Bank-As-A-Service
2) By Component: Platform, Services
3) By Enterprise: Large Enterprise, Small And Medium Enterprise
4) By End User: Banks, Non-Bank Financial Company (NBFC), Government, Other End-Users

North America was the largest region in the banking-as-a-service (BaaS) market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the banking-as-a-service (baas) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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Major Driver Impacting Market Growth
The rising adoption of digital banking is expected to propel the growth of the banking-as-a-service (BaaS) market going forward. Digital banking refers to the use of computers to access banking features and services via the bank’s website. The emergence of digital banking has fueled the expansion of the banking-as-a-service (BaaS) industry by growing client demand for accessible and personalized financial services while providing seamless integrations, expedited time-to-market, and cost-effective scalability for banking service providers. For instance, in September 2021, according to a survey by MagiClick UK Ltd., a UK-based digital technology company, that involved 2,087 UK adults, the use of online web banking services witnessed a notable surge, with around 50% of users reporting usage. Among various age groups, 18-24-year-olds showed a 35% increase, 25-34-year-olds reported a 32% increase, and 35-44-year-olds noted a 31% increase in their usage of online web banking. Therefore, the rising adoption of digital banking is driving the banking-as-a-service (BaaS) market.

Key Industry Players

Major companies operating in the banking-as-a-service (baas) market report are Banco Bilbao Vizcaya Argentaria S.A., PayPal Holdings Inc., Square Inc., Green Dot Corporation, Paytm Payments Bank, Marqeta Inc., Starling Bank Ltd., Cross River Bank, Mambu GmbH, 10x Future Technologies, ClearBank Ltd., Currency Cloud, Thought Machine, Railsbank Technology Ltd., FinXact, MatchMove Pay Pte. Ltd., Fidor Bank AG, Bnkbl Ltd., Treezor SAS, Bankable, Treasury Prime, Movencorp Inc., Bankifi, Solaris Bank LLC, Project Imagine Ltd.

The banking-as-a-service (baas) market report table of contents includes:

1. Executive Summary
2. Banking-As-A-Service (BaaS) Market Characteristics
3. Banking-As-A-Service (BaaS) Market Trends And Strategies
4. Banking-As-A-Service (BaaS) Market – Macro Economic Scenario
5. Global Banking-As-A-Service (BaaS) Market Size and Growth
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31. Banking-As-A-Service (BaaS) Market Other Major And Innovative Companies
32. Global Banking-As-A-Service (BaaS) Market Competitive Benchmarking
33. Global Banking-As-A-Service (BaaS) Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Banking-As-A-Service (BaaS) Market
35. Banking-As-A-Service (BaaS) Market Future Outlook and Potential Analysis
36.Appendix

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