The Business Research Company’s report on the Banking-As-A-Service (BaaS) Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
What are the key drivers behind the banking-as-a-service (baas) market’s growth in recent years?
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 November 2023, according to the European Central Bank, a Germany-based Central bank, in the second half of 2022, the total number of non-cash payments in the european area increased by 8.8% to 65.9 billion compared to the previous six months. The total value of these payments increased by 2.8%, reaching €118.8 ($128.55) trillion. Therefore, the rising adoption of digital banking is driving the banking-as-a-service (BaaS) market.
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How does the future projection of the banking-as-a-service (baas) market size compare to its historical growth?
The banking-as-a-service (BaaS) market size has grown rapidly in recent years. It will grow from $716 billion in 2024 to $842.44 billion in 2025 at a compound annual growth rate (CAGR) of 17.7%. 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 exponential growth in the next few years. It will grow to $1829.95 billion in 2029 at a compound annual growth rate (CAGR) of 21.4%. 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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Which key players are shaping the future of the banking-as-a-service (baas) market?
Major companies operating in the banking-as-a-service (BaaS) market include 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.
What trends will propel the growth and evolution of the banking-as-a-service (baas) market?
Cloud-native architecture is a key trend gaining popularity in the banking-as-a-service market. Cloud-native architecture refers to an approach in software development and deployment specifically designed to leverage the capabilities and benefits of cloud computing environments. Companies operating in the banking-as-a-service (BaaS) market are increasingly adopting cloud-native architecture to build and deliver their services and sustain their position in the market. For instance, in February 2023, Oracle, a US-based cloud technology company, launched Oracle Banking Cloud Services, a new set of componentized, composable cloud-native services such as banking accounts cloud service, banking payments cloud service, banking enterprise limits and collateral management cloud service, banking origination cloud service, banking digital experience cloud service, and banking APIs cloud service. Banks can access six new services that enable scalable corporate demand deposit processing, enterprise-wide limit and collateral management, real-time worldwide payments, API management, retail customer onboarding, and self-service digital experiences. These services facilitate the rapid and secure modernization of bank business capabilities through a microservices architecture.
Which regions are expected to become dominant players in the banking-as-a-service (baas) market?
North America was the largest region in the banking-as-a-service (BaaS) market in 2024. 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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What are the emerging key segments in the banking-as-a-service (baas) market, and how are they evolving?
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
Subsegments:
1) By API-Based Bank-As-A-Service: Payment Processing APIs, Account Management APIs, Compliance And Identity Verification APIs
2) By Cloud-Based Bank-As-A-Service: Core Banking Solutions, Digital Banking Platforms, Customer Relationship Management (CRM) Systems
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What defines the structure and scope of the banking-as-a-service (baas) market?
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.
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