Fintech-as-a-Service Market Size Worth $949.49 Billion by 2030: Grand View Research, Inc.

SAN FRANCISCO, July 20, 2022 / PRNewswire / – The global fintech-as-a-service market size is expected to reach USD 949.49 billion by 2030, growing at a CAGR of 17.2% from 2022 to 2030, according to a new report from Grand View Research, Inc. The increasing use of financial technology-based solutions and platforms globally is expected to drive growth in the market. The growing use of artificial intelligence, cloud-based software and big data integrated with financial services is expected to drive the growth of the fintech-as-a-service market.

Important industry insights and findings from the report:

• The fund transfer segment is expected to witness the fastest growth during the forecast period. The fund transfers apps and software are introduced as MetaPay by some of the major companies worldwide is expected to drive the growth of the segment.
• The artificial intelligence segment is expected to witness the fastest growth over the forecast period. The segment growth is attributed to the growing use of artificial intelligence among various SMEs worldwide for digital payment solutions.
• The KYC verification segment is expected to witness the fastest growth during the forecast period. The increasing fraudulent activities such as ransomware and identity theft are one of the main factors driving the growth in 2021.
• The insurance segment is expected to witness the fastest growth during the forecast period. In order to keep pace with consumers’ changing preferences, insurance companies offer flexible term products and adapt the offers to the customers’ needs. With this changing trend, insurers are adopting the Fintech-as-a-Service platform that is driving growth.
• The Asia Pacific is expected to witness the fastest growth during the forecast period. The growing demand for technology-based payment platforms across the region is expected to play a crucial role in driving the growth of the regional market.

Read the 130-page market research report for more latest insights, “Fintech-as-a-Service Market Size, Share and Trend Analysis Report by Type (Payment, Fund Transfer, Loan), by Technology (Artificial Intelligence, Blockchain), by Application, by End-Use, by Region and Segment Forecasts, 2022-2030“, published by Grand View Research.

Fintech-as-a-Service Market Growth and Trends

The increasing use of smartphones for online transactions and fintech-related services through digital platforms is expected to drive the growth of the market. For example, about 44% of payments were made through a mobile app, according to statistics provided by Emizentech. Additionally, according to a recent study conducted by Tipalti Inc., 64% of consumers worldwide will use one or more fintech platforms as a service as of 2021.

The investments in financial technology companies are estimated to generate opportunities for market growth over the forecast period. For example, an API developer, Railsbank Technology Ltd, has raised USD 70 million in a fundraising event led by Anthos Capital, a US-based investment firm, i July 2021. The funds will be used to develop the company’s Fintech-as-a-service platform and to provide customers with various product development solutions.

The outbreak of the COVID-19 pandemic is expected to play a crucial role in driving the growth of the Fintech-as-a-Service platform market over the forecast period. The growing demand for digital financial services increased drastically during the pandemic. Financial institutions and banks looked at innovative ways to offer their services online during the pandemic which fueled the growth of the market.

Fintech-as-a-Service market segmentation

Grand View Research has segmented the global fintech-as-a-service market based on type, technology, application, end-use and region:

Fintech-as-a-Service Market – Type Outlook (Revenue, USD Billion, 2017-2030)

• payment
• Transfer of funds
• Borrow
• Second

Fintech-as-a-Service Market – Technology Outlook (Revenue, USD Billion, 2017-2030)

• API
• Artificial intelligence
• RPA
• Blockchain
• Second

Fintech-as-a-Service Market – Application Outlook (Revenue, USD Billion, 2017-2030)

• KYC verification
• Fraud monitoring
• Compliance and regulatory support
• Second

Fintech-as-a-Service Market – End-Use Outlook (Revenue, USD Billion, 2017-2030)

• Banks
• Financial loan companies
• Insurance
• Second

Fintech-as-a-Service Market – Regional Outlook (Revenue, USD Billion, 2017-2030)

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa (MEA)

List of key players in the Fintech-as-a-Service market

• PayPal Holdings, Inc.
• Block, Inc.
• Mastercard Incorporated
• Envestnet, Inc.
• Upstart Holdings, Inc.
• Rapyd Financial Network
• Solid Financial Technologies, Inc.
• Railsbank Technology Ltd.
• Synctera Inc.
• Braintree

Check out more related studies published by Grand View Research:

• Artificial intelligence in the Fintech market – The global artificial intelligence in fintech market size is expected to reach USD 41.16 billion by 2030, growing at a CAGR of 16.5% from 2022 to 2030, according to a new report from Grand View Research, Inc. Artificial intelligence (AI) is widely used in financial organizations to improvise levels of precision, improve efficiency and instant queries solved through digital banking channels.
• Payment as a service market – It is expected that the size of the global payment as a service market will reach USD 25.7 billion by 2027, expanding at a CAGR of 16.9%, according to a new report from Grand View Research, Inc. Digital disruption in the money transfer ecosystem, coupled with the rise in the need for fast money transfer methods, has transformed the payment gateway model.
• Market for payment processing solutions – The global payment processing solutions market size is expected to reach USD 98.01 billion by 2027, register a CAGR of 14.5% from 2020 to 2027, according to a new report by Grand View Research, Inc. The market growth can be attributed to the rise of digital technology and customer demands for instant transactions.

Browse Grand View Research’s next generation technology industry research reports.

About Grand View Research

Grand View Research, a US-based market research and consulting company, offers syndicated as well as custom research reports and consulting services. Registered in California and has its headquarters in San Francisco, the company consists of over 425 analysts and consultants, adding more than 1,200 market research reports to its vast database each year. These reports offer in-depth analysis of 46 industries in 25 major countries worldwide. Using an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities ahead.

Logo –

Consult:
Sherry James
Business Sales Specialist, USA
Grand View Research, Inc.
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email: [email protected]
Internet: https://www.grandviewresearch.com
Grand View Compass | Astra ESG Solutions
Follow us: LinkedIn | Twitter

SOURCE Grand View Research, Inc.