New York, United States, November 14, 2024 (GLOBE NEWSWIRE) — Market Overview:
The world fintech as a service (FaaS) market the size is expected to increase from $312.77 billion in 2023 to $1,329.12 billion by 2032, with a CAGR of 17.4%, according to a new report from Polaris Market Research.
The world is moving towards contactless payments and e-commerce. This has contributed to the massive acquisition of fintech applications. These are digital outcomes that are changing the way we manage money, make discounts and acquire financial services. Alongside this conversion, fintech-as-a-Service (FaaS) has emerged, meeting the demands of the tax technology industry and open source software companies. Similar to the digital Swiss Army knife, FaaS solutions provide a complete toolbox of tax solutions at your fingertips. An adaptable framework allows businesses to accommodate development and modifications in tandem with the least amount of additional funding. With the help of FaaS associates, businesses can address contemporary markets and propel revenue growth through additional value-added services.
Key findings of the report:
- The fintech as a service (FaaS) market is being shaped by companies seeking consolidated tax services such as discounts, loans and digital wallets to improve consumer insight.
- Fintech as a Service (FaaS) market segmentation is mainly based on type, technology, application, end use and region.
- Based on type, the payments segment is expected to witness the highest CAGR during the forecast period.
- By region, the report provides market information on Asia Pacific, Europe, North America, Latin America, Middle East and Africa.
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Fintech as a Service (FaaS) Market Scope:
| Report attributes | Details |
| Market Size Value in 2023 | $312.77 billion |
| Market Size Value in 2024 | 367.06 billion USD |
| Revenue forecast in 2032 | $1,329.12 billion |
| CAGR | 17.4% from 2024 to 2032 |
| Base year | 2023 |
| Historical data | 2019-2022 |
| Forecast period | 2024-2032 |
Market Growth Drivers:
Alliances between Fintech and conventional establishments: Alliances between fintech companies and conventional tax institutions are driving market growth. Increasingly, conventional banks and tax institutions are partnering with FaaS donors to seamlessly merge tax services into their offerings. This enables an accelerated approach to the market and the addition of technological potential contributing to the growth of the fintech as a service (FaaS) market.
Rise in e-commerce: The e-commerce sector is witnessing rapid growth globally due to, among other things, increased usage of smartphones and increasing acquisition of 5G technology. For example, according to IBEF, the Indian e-commerce market is expected to reach around $350 billion by 2030. It has shown strong growth in 2022, achieving a significant growth of 21.5% to reach $74.8 billion. of dollars. Due to the growing supremacy of online shopping, businesses face challenges when it comes to smoothly combining productive and reliable payment solutions on their platforms.
Technological advancements: The development of fintech technology, particularly blockchain and artificial intelligence, plays an important role in the growth and complexity of fintech service offerings. Blockchain technology improves the security, transparency and productivity of tax activities through elements such as secure remittance processing, smart agreement and sealed records. These advancements help reduce cheating, ensure regulatory compliance, and maximize operations, thereby generating broader approval and an increase in FaaS solutions.
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List of Key Players in Fintech as a Service (FaaS) Market:
- Block, Inc.
- Brain tree.
- Envestnet, Inc.
- Mastercard Incorporated
- PayPal Holdings, Inc.
- Railsbank Technology Ltd.
- Rapid Financial Network Ltd.
- Solid Financial Technologies, Inc.
Geographic analysis:
North America represented the largest fintech as a service (FaaS) market share. This is possible thanks to the region’s progressive technology framework and massive acquisition of digital tax solutions that are driving high demand for FaaS offerings.
Asia Pacific is also expected to grow at the highest CAGR during the forecast period. This is due to the rapid digitalization spanning the region, especially in emerging markets such as India, China and Southeast Asia. Massive acquisition of smartphones and internet approach along with growing trend towards digital remittance and financial services are fueling the market growth.
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Market segmentation:
By Outlook type:
- Payment
- Fund transfer
- Ready
- Others
By technological perspectives:
- API
- Artificial intelligence
- APR
- Blockchain
- Others
By Outlook application:
- KYC verification
- Fraud Monitoring
- Compliance and Regulatory Assistance
- Others
By Outlook end use:
- Banks
- Financial loan companies
- Insurance
- Others
Outlook by region:
- North America
- Europe
- Germany
- France
- UNITED KINGDOM
- Italy
- Spain
- The Netherlands
- Russia
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Malaysia
- South Korea
- Indonesia
- Australia
- Vietnam
- Rest of Asia Pacific
- Middle East and Africa
- Saudi Arabia
- United Arab Emirates
- Israel
- South Africa
- Rest of the Middle East and Africa
- Latin America
- Mexico
- Brazil
- Argentina
- Rest of Latin America
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