SAN FRANCISCO, September 1, 2022 /PRNewswire/ — The World banking market as a service the size should reach $74.55 billion by 2030, growing at a CAGR of 16.2% from 2022 to 2030, according to a new study conducted by Grand View Research, Inc. The global industry is accelerating due to increasing digitalization of banks and simplification of financial services. In addition, the expansion of the banking as a service (BaaS) industry is positively influenced by advances in fund transaction services in the United States and several emerging countries. For example, in October 2021, a Brazilian fintech, Dock has acquired BPP Payment Institution SA (Brasil Pré-Pagos), an electronic payment service provider. With this acquisition, Dock will strengthen its payment and digital banking services by Brazil.
Key industry insights and findings from the report:
- The platform segment led the industry in 2021 owing to increased adoption of digital financial services, including banking, payment transactions, mutual funds, portfolio management, and money management. The growing adoption of these services is pushing enterprises to adopt BaaS platforms to provide better customer experience.
- The cloud-based BaaS segment dominated the industry in 2021 owing to the growing adoption of cloud-based BaaS platforms by enterprises to streamline digital operations.
- The large corporate segment led the industry in 2021 due to increased large corporate investment in banking capabilities to improve customer service.
- The NBFC segment is expected to experience the fastest CAGR during the forecast period as businesses can use trust to grow their customer base by collaborating with banks.
- Asia Pacific is expected to register the fastest CAGR over the forecast period owing to the development of IT infrastructure and the growing focus on financial inclusion.
Read the full 130-page market research report, “Banking as a Service Market Size, Share, and Trend Analysis Report by Product Type (API, Cloud-Based BaaS), by Component (Platform, Services), by Product Size Enterprise (Large, SME), By End Use (Banks, NBFC), and Industry Forecast, 2022 – 2030“, published by Grand View Research.
Banking as a Service Market Growth and Trends
The acquisition of BPP Payment Institution SA is expected to increase the competitiveness of its comprehensive banking-as-a-service (BaaS) offering and accelerate integrations. Moreover, in June 2022Raisin Bank, a German BaaS operator, agreed to buy the unit Bankhaus August Lenz, a German private bank. With this acquisition, Raising Bank enters the payments sector. Raisin Bank will be able to offer its partners and their customers electronic payment transactions in addition to cash solutions. Working with major operators independent of banks as well as merchants, restaurants and gas station chains, the company will have access to more than 4,500 ATMs in Germany.
The use of e-commerce platforms has increased significantly since the outbreak of the COVID-19 pandemic, which increased the demand for online payment technologies to share financial information with consumers. Additionally, banks and fintech companies are increasingly looking to BaaS platforms to improve their core processes and offer secure contactless payments to speed up their transaction process. Moreover, the demand for BaaS is expected to increase as the banking and fintech sectors are keen to streamline their operations to improve customer digital experiences post-pandemic.
Banking as a Service Market Segmentation
Grand View Research has segmented the global banking as a service market on the basis of component, product type, company size, end-use, and region:
Banking-as-a-Service Component Outlook (Revenue, USD Million, 2017 – 2030)
Banking as a Service Market – Product Type Outlook (Revenue, USD Million, 2017 – 2030)
- API-Based Banking as a Service
- Cloud-based banking as a service
Banking as a Service Market – Company Size Outlook (Revenue, USD Million, 2017 – 2030)
- Large companies
- Small and medium enterprises
Banking as a Service Market – End-Use Outlook (Revenue, USD Million, 2017 – 2030)
- Banks
- NBFC
- Government
- Others
Banking as a Service Market – Regional Outlook (Revenue, USD Million, 2017 – 2030)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
List of Banking as a Service Market Key Players
- Green Point bank
- Solarisbank SA
- PayPal Holdings, Inc.
- Fidor Solutions SA
- Move the business
- The Currency Cloud Ltd.
- Treezor
- Bnkbl Ltd.
- MatchMove Pay Pte Ltd.
- Block, Inc.
Check out other related studies published by Grand View Research:
- Banking Encryption Software Market – The Global Banking Encryption Software Market Size is Expected to Reach $5.03 billion by 2030, expanding at a CAGR of 13.0% from 2022 to 2030, according to a new study by Grand View Research, Inc.
- Digital banking platform market – The global digital banking platform market size is expected to reach $107.1 billion and grow at a CAGR of 20.5% by 2030, according to a new report from Grand View Research, Inc. Rising internet users and customers shifting from traditional banking to online banking are the main drivers of market growth.
- Third Party Banking Software Market – The global third-party banking software market size is expected to reach $47.90 billion by 2030, growing at a CAGR of 7.9% from 2022 to 2030, according to new research conducted by Grand View Research, Inc. The growing prevalence of online banking solutions around the world to improve customer experience should stimulate the expansion of the sector.
Browse Grand View Research results Next Generation Technology Industry Research reports.
About Grand View Research
Grand View Research, a US-based market research and consulting firm, provides syndicated and custom research reports and consulting services. Checked in California and whose head office is at San Francisco, the company has more than 425 analysts and consultants, adding more than 1,200 market research reports to its extensive database each year. These reports offer in-depth analysis of 46 industries in 25 major countries around the world. 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 assess upcoming opportunities.
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