Banking as a Service Market Outlook:
Banking as a service (BaaS) is a model where third-party providers offer banking and financial services through APIs, allowing other companies to access these services and build their own financial products and services. BaaS can be used to build a variety of financial products, including payment processing, lending, and wealth management.
The Banking as a service market is growing rapidly, due to a number of factors, including:
- The increasing demand for digital banking services
- The rise of fintech companies
- The need for banks to reduce costs and improve efficiency
- The regulatory changes that are making it easier for third-party providers to offer banking services
The global Banking as a service market is projected to reach USD 65.95 billion by 2030, growing at a CAGR of 15.1% from 2022 to 2030.
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Key Companies in the Banking as a Service Market
Some of the key companies in the Banking as a service industry include:
- AWS
- FIS
- Fiserv
- Mastercard
- Microsoft
- Oracle
- PayPal
- Salesforce
- SAP
- Temenos
- Thought Machine
These companies offer a variety of Banking as a service solutions, including payment processing, lending, and wealth management. They also offer a variety of APIs that allow other companies to integrate their products and services with the banking system.
Market Segmentation
The Banking as a service market can be segmented by component, type, enterprise size, end user, and region.
By component, the market can be segmented into:
- Software
- Hardware
- Services
By type, the market can be segmented into:
- Payment processing
- Lending
- Wealth management
- Other
By enterprise size, the market can be segmented into:
- Small and medium-sized enterprises (SMEs)
- Large enterprises
By end user, the market can be segmented into:
- Financial institutions
- Fintech companies
- Other
By region, the market can be segmented into:
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
Regional Insights
The North American market is the largest BaaS market, followed by Europe and Asia Pacific. The growth of the North American market is being driven by the increasing adoption of digital banking services and the presence of a large number of fintech companies. The growth of the European market is being driven by the regulatory changes that are making it easier for third-party providers to offer banking services. The growth of the Asia Pacific market is being driven by the growing demand for financial services in emerging economies.
Industry Latest News
- In January 2023, AWS announced the launch of its new BaaS offering, AWS Financial Services. AWS Financial Services provides a set of APIs that allow businesses to build and deploy financial applications quickly and easily.
- In February 2023, FIS acquired Finastra, a leading provider of BaaS solutions. The acquisition will allow FIS to offer a wider range of BaaS solutions to its customers.
- In March 2023, Fiserv announced the launch of its new BaaS offering, Fiserv Marketplace. Fiserv Marketplace provides a one-stop shop for businesses to find and purchase BaaS solutions.
