Press release
Banking-As-A-Service (BaaS) Market 2024-2033: Size, Share & Competitive Landscape Analysis
The banking-as-a-service (baas) market size is expected to see rapid growth in the next few years. It will grow to $1486.18 billion in 2028 at a compound annual growth rate (CAGR) of 19.4%. The growth in the forecast period can be attributed to rising demand for embedded finance solutions, market expansion and global diversity, increasing focus on risk management, rising demand for digital banking services, impact of geopolitical events and regulatory changes. Major trends in the forecast period include rising adoption of strategies by key players, technological advancements in baas solutions, incorporating safety and quality control features in baas products, development of standardized apis (application programming interfaces), increased collaboration between traditional banks, fintech firms, and non-financial entities.
Market Overview -
Banking-as-a-service (BaaS) refers to an end-to-end strategy that enables fintech companies and other third-party organizations to connect with a bank's system utilizing APIs (application programming interfaces). Along with providing open banking services, BaaS assists businesses in developing cutting-edge financial services on top of the provider bank's regulated infrastructure.
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The Rising Adoption Of Banking-As-A-Service (BAAS) Redefining Financial Services Landscape
The rising adoption of digital banking is expected to propel the growth of the banking-as-a-service (BaaS) market going forward. Digital banking refers to the use of computers to access banking features and services via the bank's website. The emergence of digital banking has fueled the expansion of the banking-as-a-service (BaaS) industry by growing client demand for accessible and personalized financial services while providing seamless integrations, expedited time-to-market, and cost-effective scalability for banking service providers. For instance, in September 2021, according to a survey by MagiClick UK Ltd., a UK-based digital technology company, that involved 2,087 UK adults, the use of online web banking services witnessed a notable surge, with around 50% of users reporting usage. Among various age groups, 18-24-year-olds showed a 35% increase, 25-34-year-olds reported a 32% increase, and 35-44-year-olds noted a 31% increase in their usage of online web banking. Therefore, the rising adoption of digital banking is driving the banking-as-a-service (BaaS) market.
Competitive Landscape -
Major companies operating in the banking-as-a-service (baas) market report are Banco Bilbao Vizcaya Argentaria S.A., PayPal Holdings Inc., Square Inc., Green Dot Corporation, Paytm Payments Bank, Marqeta Inc., Starling Bank Ltd., Cross River Bank, Mambu GmbH, 10x Future Technologies, ClearBank Ltd., Currency Cloud, Thought Machine, Railsbank Technology Ltd., FinXact, MatchMove Pay Pte. Ltd., Fidor Bank AG, Bnkbl Ltd., Treezor SAS, Bankable, Treasury Prime, Movencorp Inc., Bankifi, Solaris Bank LLC, Project Imagine Ltd.
Cloud Native Revolution With Composable Banking Cloud Services
Cloud-native architecture is a key trend gaining popularity in the banking-as-a-service market. Cloud-native architecture refers to an approach in software development and deployment specifically designed to leverage the capabilities and benefits of cloud computing environments. Companies operating in the banking-as-a-service (BaaS) market are increasingly adopting cloud-native architecture to build and deliver their services and sustain their position in the market. For instance, in February 2023, Oracle, a US-based cloud technology company, launched Oracle Banking Cloud Services, a new set of componentized, composable cloud-native services such as banking accounts cloud service, banking payments cloud service, banking enterprise limits and collateral management cloud service, banking origination cloud service, banking digital experience cloud service, and banking APIs cloud service. Banks can access six new services that enable scalable corporate demand deposit processing, enterprise-wide limit and collateral management, real-time worldwide payments, API management, retail customer onboarding, and self-service digital experiences. These services facilitate the rapid and secure modernization of bank business capabilities through a microservices architecture.
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Key Segments -
The banking-as-a-service (baas) market covered in this report is segmented -
1) By Type: API-Based Bank-As-A-service, Cloud-Based Bank-As-A-Service
2) By Component: Platform, Services
3) By Enterprise: Large Enterprise, Small And Medium Enterprise
4) By End User: Banks, Non-Bank Financial Company (NBFC), Government, Other End-Users
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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