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Rise in the use of digital transformation technology in banks, need for streamlining financial services, and developments in fund transaction services drive the growth of the global banking-as-a-service market. The market is expected to exhibit a CAGR of 17.1% during the forecast period. Based on region, Europe, followed by North America is expected to lead the market from 2021 to 2030.
November 23, 2021 03: 00 ET | Source: Allied Market Research
Portland,OR, Nov. 23, 2021 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global banking-as-a-service market generated $2. 41 billion in 2020, and is predicted to reach $11. 34 billion by 2030, with a CAGR of 17.1% from 2021 to 2030. This report provides an in-depth analysis on the market, current trends, key players, and future projections.
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Rise in the use of digital transformation technology in bank, need to streamline the financial services, and demand for improved fund transaction services drive the global bank as a service market growth. However, cyber-attacks on banking information are limiting the market’s growth. However, the market will grow if there is a surge in demand for infrastructure banking-as a service to increase business value. The integration of AI into banking-as a service platform will also create opportunities.
During the pandemic, people increasingly adopted e-commerce platform solutions which cause an increase in online payment technology.
Since the pandemic, financial institutes have shown great interest in banking-as-a-service platform to improve business processes and offer secure contactless payments.
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The report segments the global banking-as-a-service market on the basis of type, component, enterprise size, end-user, and region.
Based on component, the platform segment accounted for the largest market share in 2020, contributing to more than two-thirds of the total share, and is expected to maintain the lead throughout the forecast period. On the other hand, the services segment is estimated to witness the fastest CAGR of 19.5% from 2021 to 2030. The report also includes the onshore segment.
Based on service type, the professional services segment contributed to the highest market share in 2020, attributing to nearly three-fifths of the total market share, and is anticipated to dominate the market during the forecast period. On the other hand, the managed services solution segment is expected to manifest the fastest CAGR of 21.9% from 2021 to2030.
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Based on region, Europe, followed by North America, contributed to the highest share in 2020, holding more than one-third of the total share, and is anticipated to maintain dominance throughout the forecast period. The global banking-as-a-service market across Asia-Pacific is anticipated to exhibit the fastest CAGR of 20.2% during the forecast period.
Key players of the global banking-as-a-service market analyzed in the research include BBVA, Bankable, ClearBank, MatchMove Pay Pte. Ltd, Green Dot., Pi1, Starling Bank, SolarisBank, Square Inc., and Treasury Prime
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