Banking-as-a-Service Market to Generate $11.34 Billion by 2031, States the Report by Allied Market Research
A lead analyst at AMR highlighted that the Banking-as-a-Service market across Asia-Pacific is anticipated to grow at the fastest CAGR during the forecast period.
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Allied Market Research published a research report on the Banking-as-a-Service market. The findings of the report state that the global market for Banking-as-a-Service generated $2.41 Billion in 2020, and is projected to reach $11.34 Billion by 2030, witnessing a CAGR of 17.1% from 2021 to 2030. The report offers valuable information on changing market dynamics, major segments, top investment pockets, and competitive scenarios for market players, investors, shareholders, and new entrants.
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The report provides detailed insights on the drivers, restraints, and opportunities to help the market players devise several growth strategies. An increase in the use of digital transformation technology in banks, the growing need to streamline financial services, and the rising demand for improved fund transaction services drive the global bank as a service market growth. On the other hand, the surge in cyber-attack on personal banking information impedes growth to some extent. However, the rise in demand for banking-as-a-service infrastructure to improve the business value and integration of AI in the banking-as-a-service platforms would pave the way for lucrative opportunities in the industry.
The report provides a detailed scenario of the impact of the Covid-19 pandemic on the Banking-as-a-Service market globally. The outbreak of the pandemic gave way to increasing adoption of e-commerce platform solutions which boosted the usage of online payment technology. This, in turn, impacted the global banking-as-a-service market positively. The global health crisis has made financial institutions develop great interest in banking-as-a-service platforms to perk up their business processes and provide contactless payments that are highly secure.
“The cloud-based bank-as-a-service is expected to experience significant growth in the coming years, owing to the rapid adoption of cloud-based technology among several banks and financial institutions to reduce the maintenance cost and to upsurge their revenue opportunities as well as to provide enhanced customer services,” said Pramod Borasi, Research Analyst at Allied Market Research.
The report offers detailed segmentation of the global Banking-as-a-Service market based on type, application, and region. These insights are helpful for new as well as existing market players to capitalize on the fastest growing and largest revenue-generating segments to accomplish growth in the future.
By component, the platform segment generated the largest market share in 2020, holding more than two-thirds of the total share, and is projected to maintain the lead throughout the forecast period. However, the services segment is expected to cite the fastest CAGR of 19.5% throughout the forecast period.
By service type, the professional services segment accounted for the major share in 2020, holding nearly three-fifths of the global. Simultaneously, the managed services solution segment is anticipated to portray the fastest CAGR of 21.9% from 2021 to 2030.
By region, Europe accounted for the major share in 2020, contributing to more than one-third of the total market share. The market across Asia-Pacific, nevertheless, is projected to manifest the fastest CAGR of 20.2% during the forecast period.
The leading market players analyzed in the global Banking-as-a-Service market report include MatchMove Pay Pte. Ltd, BBVA, Treasury Prime, ClearBank, Green Dot., Pi1, SolarisBank, Starling Bank, Square Inc., and Bankable.
About Allied Market Research:
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