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At 17% CAGR, Fintech-as-a-Service Platform Market Size to Hit USD 949 Bn, Globally by 2028 | Industry Trends, Share, Growth Rate, Value, Analysis & Forecast Report By Zion Market ResearchNEW YORK, Aug. 17, 2022 /PRNewswire/ -- As per Zion Market Research study, The global fintech-as-a-service platform market size was worth around USD 232.17 billion in 2021 and is predicted to grow to around USD 949 billion by 2028 with a compound annual growth rate (CAGR) of roughly 17% between 2022 and 2028.  Fintech-as-a-Service Platform Market: Overview Fintech refers to Financial technology and is the technology-driven segment of finance-related industries. It uses applications and software to enhance customer experience by automating processes that are related to financial transactions which result in easier operations for the end-user. Fintech is more widely used than we realize as it has been able to change the way financial transactions are dealt with. Fintech-as-a-service means providing financial technology as a service and the end goal is always to relieve customer problems as quickly and efficiently as possible. For example, Akurateco, a white-label payment gateway, offers a "Cashier platform" allowing merchants from various businesses to access multiple payment solutions with the aid of just one integration. The benefits of fintech-as-a-service platforms are multifold. These platforms do not require maintenance fees. Since this is a service platform, a user does not necessarily have to pay for these services. It's the responsibility of the vendor to provide smooth processing. The services have been proven to reduce processing costs by at least 50% because users can route transactions via multiple payment service providers, and the users receive the benefit of choosing the lowest rates from a stack of providers. With the growing need for data and transactional security, many fintech-as-a-service platforms offer excellent prevention against fraud and chargeback. This is one of the major features of these services that are constantly attracting consumers and resulting in a higher user database in such a short period. Get a Free Sample Report with All Related Graphs & Charts (with COVID 19 Impact Analysis): https://www.zionmarketresearch.com/sample/global-fintech-as-a-service-platform-market Our Free Sample Report Includes:
Key Industry Insights & Findings of the Fintech-as-a-Service Platform Market Reports:
Zion Market Research published the latest report titled "Global Fintech-as-a-Service Platform Market Segmentation By Technology (Artificial Intelligence, and Blockchain), By End-Use (Investment Banking, Retail Banking, Insurance, Stock Trading Firms, Hedge Funds, and Others), By Type (Fund Transfer, Payments, Personal Loans, Personal Finance, and Others), By Application (Compliance and Regulatory Support, KYC Verification, and Fraud Monitoring) and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2028." into their research database. Industry Dynamics: Fintech-as-a-Service Platform Market: Growth Drivers
The global fintech-as-a-service platform market size is expected to grow owing to the rising investments in the banking & finance sector to upgrade and enhance customer experience. In today's digital world, almost all sectors have undergone intense technological advancements by leveraging the benefits offered by technology in easing operations while also providing excellent business output results. Banks and other financial institutions have been in existence for decades but their technological revolution is a recent event owing to higher customer demand for user-oriented service approaches. The shift of consumer preference towards digital technology is anticipated to aid global market growth. More and more financial service providers are undertaking serious and strategic approaches towards delivering as per customer demands, as a result, the global market is witnessing a rise in various partnerships amongst banks and Information technology (IT) service providers. This is also coupled with the need to provide excellent financial services even to the remotest places that were left untouched until a few years ago. In 2020, the Indian banking sector spent over USD 11 billion on incorporating technology which is a 9.1% increase from the investments in 2019. Such a positive approach coupled with the rising number of fintech-as-a-service platform providers is anticipated to become a major global market growth driver. Fintech-as-a-Service Platform Market: Restraints
Since fintech-as-a-service platforms deal with huge sums of money, there is a tendency of general lack of trust amongst end-consumers towards the complete adoption of FaaS systems. The prevalent skepticism is expected to restrict the global market growth. FaaS systems cater to financial entities and deal with monetary transactions. To gain higher credibility, they have to strictly follow the various regulations that are in place for finance or related institutes. These rules differ from one country to another as the government's compliance rules. The problem rises in international transactions or when domestic companies try to expand into foreign countries. Such restricted growth is projected to withhold the global market from attaining its full potential. Directly Purchase a Copy of the Report @ https://www.zionmarketresearch.com/buynow/su/global-fintech-as-a-service-platform-market Global Fintech-as-a-Service Platform Market: Opportunities
Due to the rising digitalization, consumer demands have shifted from conventional needs to modern ones. Such drastic change in consumer needs has encouraged fintech-as-a-service platform providers to deliver customized solutions to their clients. This trend is expected to provide ample and lucrative growth opportunities in the global market as consumer demands are ever-evolving which is also propelled by the constant innovations undertaken by financial institutes to stay ahead in the competition. The increase in cross-border payments may also encourage the adoption of FaaS platforms. As per estimates, more than 40% of large enterprises use fintech-as-a-service platforms for real-time payments which is an indication of higher acceptance of these services. Global Fintech-as-a-Service Platform Market: Challenges
Since fintech initiatives, as well as FaaS platforms, deal with sensitive data related to money and user information, they are highly prone to security attacks. Since traditional banks were more physical, data privacy was not much of an issue, however, with all types of data being transferred to online systems, the security risk is higher. The fintech-as-a-service platform has to make sure that they use top-notch security systems to safeguard its clients' details. In case, platforms are unable to do so, a data breach may have huge negative implications which may result in large customers losing their trust in these services. Global Fintech-as-a-Service Platform Market: Segmentation
Based on technology, artificial intelligence and blockchain are the two main global market segments. Blockchain is more widely used by maximum players. Over 28% of the global market was dominated by blockchain technology in 2021 owing to its higher use by large-scale enterprises. Benefits associated with blockchain are expected to drive segmental growth during the forecast period. Based on end-use, the global market segments are investment banking, retail banking, insurance, stock trading firms, hedge funds, and others. Insurance generated over 30% of the global market revenue in 2021 because of high applications for insurance companies to handle claim processing and risk assessment. Based on type, the global market is divided into funds transfer, payments, personal loans, personal finance, and others. Payments held around 40.20 % of the global market revenue in 202 aided by the integration of AI technology and mobile-based payment methods instead of traditional banking. Based on application, the global market segments are compliance & regulatory, KYC verification, and fraud monitoring. In 2021, compliance and regulatory support generated 31.9% of global market revenue which was propelled by the rise in online customer support provided by financial institutions to upgrade customer service and streamline their operations. Get More Insight before Buying@: https://www.zionmarketresearch.com/inquiry/global-fintech-as-a-service-platform-market List of Key Players in Fintech-as-a-Service Platform Market:
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Free Brochure: https://www.zionmarketresearch.com/requestbrochure/global-fintech-as-a-service-platform-market Recent Developments:
Regional Dominance:
The global fintech-as-a-service platform market was dominated by North America in 2021 with over 35.6% of the global market share and is anticipated to follow the same trend during the projection period. The rising trend of higher demand for digital financial services is anticipated to aid regional growth. As per a poll conducted by Mastercard, over 51% of USA citizens use contactless payment methods. The regional market growth may also be attributed to the presence of a higher number of service providers and increased investments in the financial sector. Asia-Pacific is projected to register a high CAGR mostly driven by the increased adoption rate of fintech-as-a-service platforms in regions like India, Japan, China, and Singapore. The growth rate may be as high as 18% by 2028. The regions have witnessed a high rise in fintech companies which are backed by government policies and the higher rate of returns in these regions. In the 1st QN of 2022, the region registered investment of over USD 3.4 billion in fintech-related startups. Global Fintech-as-a-Service Platform Market is segmented as follows: Fintech-as-a-Service Platform Market: By Technology Outlook (2022-2028)
Fintech-as-a-Service Platform Market: By End-Use Outlook (2022-2028)
Fintech-as-a-Service Platform Market: By Type Outlook (2022-2028)
Fintech-as-a-Service Platform Market: By Application Outlook (2022-2028)
Fintech-as-a-Service Platform Market: By Region Outlook (2022-2028) North America
Europe
Asia Pacific
Latin America
Middle East & Africa
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