Banking-as-a-service (BaaS) market participants offer an end-to-end method that enables the complete execution of a web-based financial service. This form of digital banking service is available on demand and operates on a set timetable. BaaS combines as many service providers as are needed into a single comprehensive procedure to execute a financial service in an effective and trouble-free manner. A BaaS is expected to provide specialised functionalities in addition to financial services. The services' environment must be managed, deployed, and delivered. Naturally, the services must adhere to local banking regulations in the areas where they are provided, with (at least) one entity in the process possessing a banking licence.
Banking as a Service Market Scope:
This market report covers recent developments, trade regulations, import-export analysis, production analysis, value chain optimisation, market share, the impact of domestic and localised market players, emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, and geographic expansion. For more information on the Banking as a Service market, please contact Stellar Market Research for an Analyst Brief; our experts will assist you in making an informed market decision to achieve market growth.
Banking as a Service Market Overview:
The Banking as a Service Market competitive landscape gathers data from a competitor. A company overview, financials, revenue generated, market potential, investment in R&D, new market initiatives, geographical presence, business strengths and weaknesses, product introduction, product width and breadth, and application domination are all included in the data. The preceding information is only relevant to the firms' focus on the Banking as a Service market.
Banking as a Service Market size was valued at US$ 356.2 Billion in 2020 and the total Banking-as-a-Service (BaaS) revenue is expected to grow at 18.6% through 2021 to 2027, reaching nearly US$ 1175.6 Billion.
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Banking as a Service Market Segmentation:
In 2020, the Cloud-based BaaS segment had a bigger share than the API-based BaaS segment. In the projection period (2021-27), it is expected to expand at the fastest CAGR of 11.2%. This can be ascribed to participants in the payments-as-a-service (PaaS) industry offering specialised services such as debit and credit card distribution and payments, dues clearing, international payments, and e-commerce services on cutting-edge cloud-based platforms.
Leading public cloud providers provide a slew of new application-as-a-service offerings that banks may utilise to enhance revenue, improve customer insights, cut costs, deliver market-relevant products swiftly and effectively, and monetize corporate data assets.
Until recently, established banks were able to defend their high compliance expenses as a cost of doing business and a barrier to entry for newcomers. However, the cloud has turned this story on its head. A new entrant can now successfully outsource many of its data compliance and security obligations to their cloud provider (while maintaining regulatory responsibilities), with lower overhead and fewer staff than traditional banks.
The API banking segment is predicted to develop at a CAGR of 9.3% in the Banking-as-a-Service (BaaS) Market during the forecast period (2021-27). This is related to API banking establishing protocols, which make various services of a bank available to various third-party organisations via APIs. API banking also enables innovators to provide the best features and services to speed up the process.
Key Players:
BankableBBVAClearBankGreen Dot.MatchMove Pay Pte. LtdPi1SolarisBank AGStarling BankSquare inc.Treasury PrimePayPalPaytm Payments BankFidor BankMovenCurrency CloudTreezor.
Regional Analysis:
Individual market influencing factors and changes in market regulations that impact current and future market trends are also considered in the regional component of the research. Only a few of the indicators utilized to anticipate the market scenario for various countries include downstream and upstream value chain analysis, technology trends, porter's five forces analysis, and case studies.
COVID-19 Market Impact Analysis:
The study also looks at the influence of COVID-19 on the Banking as a Service market. The primary goal of this research is to assist the reader in understanding the market in terms of definition, segmentation, market potential, noteworthy trends, and industry issues across ten key regions. The report presents a micro and macroeconomic analysis of COVID-19's overall impact on the Banking as a Service Market. The detailed research focuses on market share and size, demonstrating clearly the impact that the pandemic has had and will have on the global Health Insurance Market in the next few years.
Key Questions Answered in the Banking as a Service Market Report are:
- What will be the CAGR of the Banking as a Service market during the forecast period (2021-2027)?
- Which segment emerged as the leading segment in the Banking as a Service market?
- Which are the prominent players in the Banking as a Service market?
- What key trends are likely to emerge in the Banking as a Service market in the forecast period?
- What will be the Banking as a Service market size by 2027?
- Which company held the largest share in the Banking as a Service market in 2020?
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