New York, Aug. 08, 2022 (GLOBE NEWSWIRE) -- Research Nester has published a detailed market report on ‘Global Fintech-as-a-Service Platform Market’ for the forecast period, i.e. 2022 – 2031 which includes the following factors:
- Market growth over the forecast period
- Detailed regional synopsis
- Market segmentation
- Growth drivers
- Challenges
- Key market players and their detailed profiling
Global Fintech-as-a-Service Platform Market Size:
The global fintech-as-a-service platform market is estimated to garner a sizeable revenue by growing at a significant CAGR over the forecast period. The market's expansion can be attributed to bank’s increasing investments in cutting-edge technology and innovations to enhance their products and client experiences. For instance, investments in innovation were soaring, in 2019 in pre-pandemic era; R&D grew at an exceptional rate of 9.0 percent. Fintech investments in 2019 capped around USD 214 billion, significantly slowing down to roughly USD 123 billion amidst the pandemic. However, in 2021 fintech investments recouped with over USD 211 billion and is expected to maintain the growth pattern. Optimistic developments in the sector is expected to further aid growth in the global fintech-as-a-service platform market.
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Also, expanding smartphone penetration for financial transactions and rising consumer desire for easy access to loan services and products are anticipated to propel market expansion in the ensuing years.
Global Fintech-as-a-Service Platform Market: Key Takeaways
- North America region gains the largest portion of the revenue
- Payment segment to dominate the revenue graph
- Retail banking sub-segment remains prominent in the application segment
Growing Adoption of Smartphones and Rising Digital Investments to Boost Market Growth
The increasing adoption of smartphones across the world and growing usage of smartphone applications mainly related to finance such as mobile transactions are estimated to boost the market growth throughout the forecast period. As noticed earlier online transaction limit in India set by the Reserve Bank of India was USD 2528.06 per day but looking into the popularity and demand for online transaction, the limit has been revised to USD 6320.15 per day. Additionally, open banking data are being used by fintech services apps to quickly collect the borrowers' financial data, including their utility and bank statement data. As a result, both parties do receive more equitable approvals and interest rates from lenders to get a more accurate image of their creditworthiness, these benefits in turn are predicted to boost the market growth during the forecast period.
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For instance, in the United States in 2019, around 91% of respondents said they used a banking app for checking account balance, and an approx. 80% said they also utilized it to view recent transactions and about five percent of people used it for customer service-related tasks. In addition to this, the global fintech-as-a-service platform market is predicted to accelerate over the ensuing years considering the growing investment in the development of smartphone applications and the availability of easy launch and access to these applications across the globe.
Moreover, government agencies from all around the world are continually encouraging businesses that offer digital financial services to improve their offerings. For instance, USAID introduced a new financial initiative called "Digital Invest" in April 2022 to use private financing for internet service providers (ISPs) and digital finance to reach historically marginalized consumer communities globally. As a result, it is predicted that there is numerous potential for the global fintech-as-a-service platform market to expand during the forecast period. Additionally, the fintech startups are increasingly attracting funding from venture capitalists. These investments are made to support reduced service costs, faster processing times, and automate banking systems. This increasing funding for start-ups across the world is estimated to propel the market growth during the forecast period.
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Global Fintech-as-a-Service Platform Market: Regional Overview
The global fintech-as-a-service platform market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Increasing Technological Developments to Drive Growth in the Asia Pacific Region
The market in Asia Pacific region is estimated to witness noteworthy growth over the forecast period owing to the region's developing financial technology and the production of massive amounts of data. Internet traffic in the Asia Pacific region has increased from about 25.0 Exabytes per month in 2016 to around 101.0 Exabytes per month in 2021 which is a little more than 24% rise. In addition to this, the increasing investments by banking sectors in the development of mobile banking apps and the rising number of smartphone users in the region are predicted to propel market growth during the forecast period.
Increasing Adoption of Smart Devices to Favor the Growth in the North America Region
Moreover, the market in North America region is estimated to hold the largest market share over the forecast period owing to the growing adoption of smart technological devices mainly, smartphones, computers, and laptops, and increasing usage of the internet in the region. It was found in one of the surveys conducted in the USA in 2018, that around 84% percent of homes had smartphones, while 78% had a desktop or laptop. Further, the presence of key market players in the region and increasing collaboration among key players for bringing up more technological advancements are anticipated to drive the fintech-as-a-service platform market growth throughout the forecast period.
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The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in:
- North America (U.S., Canada)
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe)
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America)
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific)
- Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
Global Fintech-as-a-Service Platform Market, Segmentation by Service
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- Payments
- Fund Transfer
- Wealth Management
- Personal Loans and P2P Lending
- Insurance
- Personal Finance
- Others
Among these, the payments segment is estimated to hold the largest market share over the forecast period. The growth can be attributed to the rise in mobile payments occurring all over the world, which is believed to boost the usage of payment apps and gateways. Online and mobile banking transactions are steadily increasing since 2021 and are expected to continue the same until 2024. In the Asia Pacific region, countries such as China and other south-east Asian countries together accounted higher than 800 million online banking users. The figure is expected to hit over 1.5 billion by 2025. Additionally, the creative approach by many tech-based businesses to improve the goods and the growing integration of AI technology and API into mobile-based payment services for traditional banking are both anticipated to encourage segment growth during the forecast period.
Global Fintech-as-a-Service Platform Market, Segmentation by Application
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- Retail Banking
- Investment Banking
- Hedge Funds
- Stock Trading Funds
- Others
Out of these, the retail banking segment is anticipated to hold the largest market share over the forecast period owing to the rapidly rising necessity of digital banking among users and the increasing popularity of managing finance at the fingertip. It was noticed that the Industrial and Commercial Bank of China (ICBC) had an average of around 9 million daily active users on its mobile banking application during the first quarter of 2020. Apart from this the rapidly growing e-commerce sector across the world is expected to give lucrative opportunities for the segment growth during the forecast period.
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Few of the well-known market leaders in the global fintech-as-a-service platform market that are profiled by Research Nester are Synctera Inc., Fafnir LLC, Rapyd Financial Network (2016) Ltd., NEO TECHNOLOGIES, FISPAN, Payward, Inc., Monzo Bank Ltd, Robinhood Markets, Inc., Stripe, Inc., Klarna Bank AB, and others.
Recent Developments in the Global Fintech-as-a-Service Platform Market
- In July 2022, Rakuten Viber and Rapyd, the top global financial platform announced a collaboration. The historic agreement enables Rakuten Viber to enable safe and secure cross-border digital payments directly within the Viber app, powered by Rapyd's regulated financial services.
- In June 2022, to eliminate the need to carry real cards while shopping in-store, Klarna Bank has introduced a new Loyalty Card function in the Klarna App that enables customers to store and access all their physical loyalty cards as digital copies.
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