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IN THE NEWSAugust 2021- Rapyd, a company providing a range of financial services, raised USD 300 million on USD 8.75 billion valuation to improve its portfolio in fintech-as-a-service.
December 2020- Synctera announced that it is bringing fintech-as-a-service to community banks to help them streamline back-end operations and leverage their current capabilities.
Global Fintech-as-a-Service Platform Market Highlights Over 2022 - 2031
The global fintech-as-a-service platform market is estimated to garner a sizeable revenue by growing at a significant CAGR over the forecast period, i.e., 2022 – 2031. The growth of the market can largely be attributed to the growing investments by banks in advanced technologies to improve their offerings and customer experience. Along with this, rising adoption of smartphones for money transactions, and increasing demand for hassle-free and seamless access to loan services and products are also expected to drive market growth in the forthcoming years. As of 2022, the total number of smartphone users in the world was calculated at more than 6 billion. Also, the total number of smart and feature phone users globally are about 7 billion. Furthermore, fintech-as-a-service offers several benefits, such as low maintenance fees, low-cost processing fees, fraud and chargeback prevention, and enhanced customization, which is projected to offer ample growth opportunities to the market in the near future.
The market is segmented by service into payments, fund transfer, wealth management, personal loans and P2P lending, insurance, personal finance, and others, out of which, the service into payments segment is anticipated to hold the largest share in the global fintech-as-a-service platform market. This can be accounted to the increasing number of mobile payments across the globe, which is evaluated to raise the usage of payment apps and gateways. Additionally, on the basis of application, the retail banking segment is predicted to grab the largest share during the forecast period, which can be credited to the rising necessity of digital banking among consumers. Apart from this, rapidly growing e-commerce industry worldwide is also assessed to boost the growth of the market segment in the future. CLICK TO DOWNLOAD SAMPLE REPORT
Major Macro-Economic Indicators Impacting the Market Growth
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
Global Fintech-as-a-Service Platform Market Regional Synopsis
Regionally, the global fintech-as-a-service platform market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in Asia Pacific is estimated to witness noteworthy growth over the forecast period on the back of the generation of large amount of data, and growing technological developments in the finance sector in the region. In 2021, the consumer internet traffic in the Asia Pacific was more than 95 exabytes per month, up from 70 exabytes per month in 2020 and 72 exabytes per month in 2019 respectively. Moreover, the market in North America is expected to acquire the largest share during the forecast period ascribing to the rising adoption of smartphones, and growing adoption of smartphones in the region. In addition, strong footprint of market players is also projected to fuel the market growth in the region in the coming years.
The global fintech-as-a-service platform market is further classified on the basis of region as follows:
Market Segmentation
Our in-depth analysis of the global fintech-as-a-service platform market includes the following segments:
By Service
By Application
Growth Drivers
Challenges
Top Featured Companies Dominating the Market
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are growing investments by banks in advanced technologies, and rising adoption of smartphones for money transactions.
The market is anticipated to attain a significant CAGR over the forecast period, i.e., 2022-2031.
The major players in the market are Synctera Inc., Fafnir LLC, Rapyd Financial Network (2016) Ltd., NEO TECHNOLOGIES, FISPAN, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by service, application, and by region.
The retail banking segment is anticipated to hold largest market size and is estimated grow at a notable CAGR over the forecast period and display significant growth opportunities.
Lack of awareness about the platform in lower economic regions is estimated to hamper the market growth.
Asia Pacific will provide more business opportunities for market growth owing to the generation of large amount of financial data, and growing technological developments in the finance sector in the region.
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