Banking as a Service market expected to reach USD 85.73 billion by 2032 with CAGR of 16.76%

From GlobeNewswire: 2024-12-06 09:00:00

The Banking as a Service (BaaS) market is expected to soar from USD 21.27 billion in 2023 to USD 85.73 billion by 2032, with a CAGR of 16.76%. This growth is driven by the rise of mobile banking, neobanks, and regulatory changes promoting open banking activities, offering a wider array of financial services to businesses and consumers.

Key players in the BaaS market include Green Dot Bank, PayPal, Solarisbank AG, and others offering digital payment solutions, financial technology tools, and white-label banking platforms. The market is segmented by components, with platforms dominating in 2023 and services expected to see high growth rates. BaaS platforms enhance customer experience, brand loyalty, and product marketing for businesses. The Banking as a Service (BaaS) market is set to expand with predictions of widespread deployment due to ease of use and efficiency. Segmented by product type, component, enterprise size, and end-user, North America leads with 41% revenue share, driven by a strong fintech ecosystem and regulatory support. Asia Pacific emerges as the fastest-growing region, fueled by digital transformation and fintech adoption, particularly in countries like China, India, and Singapore. Recent developments include expansions in BaaS platforms by FinTech Innovators Ltd. and strategic partnerships with Global Banktech Solutions and FinEdge. Regulatory initiatives, such as “Banking as a Service 2.0,” encourage collaboration between traditional banks and fintech firms to promote digital banking solutions while ensuring consumer protection. The market dynamics impact analysis, statistical insights, and trends reporting, as well as company profiles and use cases, can be accessed for comprehensive insights into the Banking as a Service market. SNS Insider offers consulting services like Go-To-Market Assessment, Total Addressable Market (TAM) Assessment, and Competitive Benchmarking to help businesses navigate the evolving market landscape with confidence.



Read more at GlobeNewswire: Banking as a Service Market to Reach USD 85.73 Billion by