Banking As A Service Market size to grow by USD 21,806.94 million from 2022 to 2027; Growth driven by the increasing adoption by end-users - Technavio
NEW YORK, May 26, 2023 /PRNewswire/ -- The global banking as a service market size is estimated to increase by USD 21,806.94 million, accelerating at a CAGR of 14.62% during the forecast. The growth of the market is driven by the increasing adoption by end-users
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Banking as a Service Market– Market dynamics
Leading drivers - Banking as a service offers consumers a wide range of financial services with benefits such as convenience, speed, and payment options. Financial institutions can also access banking capabilities like lending, accounting, and corporate finance, providing better services to businesses. This is expected to drive demand for banking as a service during the forecast period.
Key trends - Growing partnerships, collaborations, and agreements are a major trend in the BaaS market. Bankable, the global architect of banking as a service solutions, announced a strategic collaboration with Visa in the US. Unit, the New York-based banking as a service, partnered with Currencycloud, the experts in simplifying business in a multi-currency world, to offer their customers an easy, seamless way to fulfill both domestic and international banking needs.
Major challenges - Implementation and data security challenges is a factor hindering the banking as a service (BaaS) market. Data security and privacy are major concerns in the market due to the digitization of customer financial data. Many financial enterprises are concerned about their data being misused, making them skeptical about deploying banking as a service for their operations.
In addition to the forecast, the report also highlights the key opportunities by analyzing
Banking as a Service Market - Customer landscape
Banking as a Service Market – Vendor Analysis
Some of the major banking as a service (BaaS) market vendors are:
The banking as a service (BaaS) market is fragmented, with the presence of several global as well as regional vendors. The degree of fragmentation will accelerate during the forecast period.
Vendor offerings -
Banking as a Service Market- Segmentation Assessment
Banking as a Service Market is segmented as below:
For insights on global, regional, and country-level parameters with growth opportunities
Banking as a Service Market 2023-2027: Key Highlights
Banking as a Service Market in Latin America- The Banking as a Service Market in Latin America size is estimated to grow by USD 4,309.74 million between 2022 and 2027 accelerating at a CAGR of 20.2%.
Community Banking Market- The community banking market is estimated to grow at a CAGR of 5.3% between 2022 and 2027. The size of the market is forecast to increase by USD 207.21 billion.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Component
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
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