Finance as a Service Market Growth Set to Surge Significantly during 2022 - 2028

Finance as a service, also known as FaaS, is a business model where businesses outsource their financial operations such as accounting, auditing, and investment management. Business outsources their financial operations in order to focus their resources on their core competencies and to save cost. Majorly finance as a service is availed by small and medium size organizations.

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Companies Profiled in this report includes: Deloitte Touche Tohmatsu Limited,  Ernst & Young Global Limited,  PwC,  KPMG International Limited,  BDO,  RSM International Ltd.,  Grant Thornton,  Nexia International Limited,  Crowe LLP,  Baker Tilly US, LLP,  Moss Adams LLP

MARKET DYNAMICS

The finance as a service market is experiencing significant growth owing to the increasing number of small and medium size organizations across the globe. However, stringent regulations in certain countries are hampering the growth of the market. Meanwhile, growing adoption rate of finance as a service by large organizations is expected to flourish the finance as a service market.

MARKET SEGMENTATION

The global finance as a service market is segmented on the basis of type, organization size, and end users. Based on type, the market is segmented into accounting, auditing, and others. On the basis of organization size, the market is segmented as SMES and large enterprises. On the basis of end users, the market is segmented as IT and telecom, manufacturing, retail, construction, and others.

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IMPACT OF COVID-19 ON FINANCE AS A SERVICE MARKET

The ongoing pandemic also had a significant impact on overall international trade and businesses. The outbreak of COVID-19 has slowed down the growth of the finance as a service market owing to challenges in maintaining operational continuity, securing network data, and adapting to new traffic patterns. Organizations have actively focused on understanding the function of automation in digital transformation due to the pandemic. Moreover, enterprises also learn to measure the Return on Investment (ROI) as compared to other competing initiatives. These factors are expected to have a significant effect on the market over the coming years.

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