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

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Jul 20, 2022, 08:30 ET

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 by Grand View Research, Inc. The increasing adoption of financial technology-based solutions and platforms globally is anticipated to drive the growth of the market. The increasing adoption of artificial intelligence, cloud-based software, and big data integrated with financial services is expected to drive the growth of the market for fintech-as-a-service.

Key Industry Insights & 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 being introduced such as Meta Pay by some of the major companies worldwide are expected to drive the growth of the segment.
The artificial intelligence segment is anticipated to witness the fastest growth over the projected period. The segment growth is attributed to the increasing adoption of AI among various small and medium enterprises worldwide for digital payment solutions.
The KYC verification segment is expected to witness the fastest growth during the forecast period The rising fraudulent activities such as ransomware and theft identification is one of the major factors that propelled the growth in 2021.
The insurance segment is expected to witness the fastest growth during the forecast period. To keep up with the consumers' changing preferences, insurers are offering flexible term products and are customizing their offerings according to customer needs. With this changing trend, insurers are adopting the Fintech-as-a-Service platform which is driving the growth.
The Asia Pacific is expected to witness the fastest growth over the forecast period. The growing demand for technology-based payment platforms across the region is expected to play a decisive role in driving the growth of the regional market.

Read 130-page market research report for more Latest Insights, "Fintech-as-a-Service Market Size, Share & Trends 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 & Trends

The growing utilization of smartphones for online transactions and fintech-related services through digital platforms is anticipated to drive the growth of the market. For Instance, approximately 44% of the payments were done through a mobile app, according to the statistics provided by Emizentech. In addition, according to a recent study conducted by Tipalti Inc., 64% of consumers worldwide use one or more fintech platforms as a service as of 2021.

The investments made in financial technology companies are estimated to generate opportunities for market growth over the forecast period. For example, an API developer, Railsbank Technology Ltd, raised USD 70 million in a fundraising event headed by Anthos Capital, a U.S.-based investment company, in July 2021. The funds would 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 increasing demand for digital financial services increased drastically during the pandemic. Financial institutions and banks were looking at innovative ways to provide their services online during the pandemic which propelled 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
Fund Transfer
Loan
Others

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

API
Artificial Intelligence
RPA
Blockchain
Others

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

KYC Verification
Fraud Monitoring
Compliance & Regulatory Support
Others

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

Banks
Financial Lending Companies
Insurance
Others

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

North America

U.S.
Canada

Europe

Germany
U.K.

Asia Pacific

China
India
Japan

Latin America

Brazil

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 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 by Grand View Research, Inc. Artificial intelligence (AI) is widely used in financial organizations to improvise their precision levels, enhance their efficiency and instant query resolving through digital banking channels.
Payment As A Service Market - The global payment as a service market size is expected to reach USD 25.7 billion by 2027, expanding at a CAGR of 16.9%, according to a new report by Grand View Research, Inc. Digital disruption in the money transfer ecosystem, combined with the rise in need for quick money transfer methods, has transformed the payment gateway model.
Payment Processing Solutions Market - The global payment processing solutions market size is expected to reach USD 98.01 billion by 2027, registering 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 emergence of digital technology and customers' demand for immediacy of transactions.

Browse through Grand View Research's Next Generation Technologies Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of 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 that lie ahead.

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