Fintech-as-a-Service Market Growth & Trends
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.
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.
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