Fintech-as-a-Service Market to rise 5x by 2032, Stimulated by Rising Cashless Transactions and Enhanced Security Features: Fact.MR Study

August 5, 2022

Fintech Sector Is Likely To Flourish At an Exponential Rate Owing To the Increasing Adoption of State-Of-The-Art Technologies like AI, API & Blockchain By Several Technological Corporations To Provide Enhanced Protection And Smooth Funds Transfer

/EIN News/ -- United States, Rockville MD, Aug. 05, 2022 (GLOBE NEWSWIRE) -- A recently published study by Fact.MR expects the global Fintech-as-a-Service market to augment at a 17% CAGR from 2022 to 2032. By the end of the said assessment period, a valuation of US$ 1,300 Billion is expected for the market. With the incidence emphasis on cashless transactions rising exponentially, the market for Fintech-as-a-Service platforms is expected to rise impressively.

From 2017 to 2021, the industry experienced noteworthy growth, registering a value CAGR of 17% and closing at US$ 269.2 Billion. Demand for AI-based technology for the development of FaaS platforms has especially spiked in the past few years, given the increasing adoption of innovative technologies by tech giants. This transition was further expedited when the COVID-19 pandemic struck since people were looking out for a no-contact transaction.

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The notion of a digital economy is prospective to prevail in the coming years. Besides, financial institutions are focusing on developing a secured FaaS platform to offer enhanced protection and value-added functions to their, products. Prominent players are making hefty investments that are prospective to establish an advanced fintech infrastructure.

Which Drivers underpin Fintech-as-a-Service Industry Expansion?

Burgeoning Online Transaction Volumes to Promote FaaS Deployment across Key Industries

The global adoption of advanced technologies such as blockchain technology, open banking, cloud & big data analytics, voice bot, and digital payments is anticipated to drive the growth of the market. Banks and financial institutions are looking for ways to implement technological advancements in their offerings.

These technological advancements have made it possible to invest, borrow, transfer, and save funds virtually. Thus, technological advancements in the fintech sector are expected to drive the growth of the fintech-as-a-service platform market.

Fintech companies are continuously working on advancing traditional methods due to which they are increasingly receiving funding from venture capitalists. These investments are made to foster multiple benefits offered by the companies such as lowering service costs, increasing processing time, swift blockchain penetration, and automated banking systems. These benefits are often implemented by the fintech platform as a service is driving their demand.

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Key Segments Covered in the Fintech-as-a-Service Industry Survey

Competitive Landscape

Penetrating new geographies, collaborating with government agencies or service providers and rebranding initiatives comprise some major strategies adopted by prominent Fintech-as-a-Service providers. Some prominent market developments are as follows:

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Key players in the Fintech-as-a-Service Market

Key Takeaways from Fintech-as-a-Service Market Study

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