Fintech as a Service Market Size, & Forecast, [Latest]

Overview

The Fintech as a Service (FaaS) market size is estimated to grow from USD 358.8 billion in 2024 to USD 806.9 billion by 2029 at a Compound Annual Growth Rate (CAGR) of 17.6% during the forecast period. The expansion of Fintech as a service market is bolstered by the growing demand for new financial solutions, digital transformation and regulatory alterations in the financial arena . FaaS encompasses third party payment processing platforms, lending systems, compliance aids and data analytics tools that organizations can use without having to invest in developing them. Faas offers businesses agility, flexibility, and seamless integration, which drives market growth. There are some critical factors that might be attributed to the fast growth of the fintech as a service market.Digital transformation is trending towards digital banking and payments; hence, there is an increase in the adoption of FaaS among SMEs and large enterprises since consumers want convenient, fast, and secure financial services. The market grew partly due to accommodative changes in regulation and the resultant need to streamline compliance as FaaS providers provided regulatory support. Growing advancemnets and innovation in AI and blockchain technologies, with transparent and decentralized solution has scaled the FaaS capabilities into fraud detection and personalized services. Growth in cloud computing technology is another factor that has fueled the FaaS market by providing flexibility and scalability in operations.

Attractive Opportunities in the Fintech as a Service Market

NORTH AMERICA:

North America is estimated to hold the largest market share in 2024 and this is due to the advancements in technologies such as AI, ML, and cloud computing.

The market growth is due to the increasing demand for digital financial services and open banking operational initiatives are driving the FaaS market.

The Financial institutes offers great opportunities in the FaaS market and is expected to grow at the highest CAGR during the forecast period.

Cross border payments and wealth management tools for investing services are likely to be the key growth strategies adopted by market players in the next five years.

Growing demand for FaaS solutions and services with increasing digital finance and investments

Global Fintech as a Service Market Dynamics

Driver: Open Banking operational initiatives led by Government

Government-led open banking initiatives are disrupting the FaaS market. The open banking regulations require banks to open up customer data to third-party providers via secure APIs, aiming for innovation. This empowers customers and increases the overall efficiency and transparency of financial systems. Open banking APIs ensure compliance with both high-security standards and rigorous customer consent requirements.Open banking is a global but uneven phenomenon. Most implementations allow some read-only access to current accounts but lack deeper transactional functionality. As implementers keep refining their solutions, open banking will inevitably expand in scope.

Restraint: Privacy and security concerns in digital finance operations.

Banks face restraints related to data security and privacy, which slows down the growing adoption of fintech. Banks possess large amounts of sensitive customer data, including personal and financial information, making them attractive cybercrime targets. It is very crucial to select a compliant FaaS provider to ensure data privacy.Integrating bank systems with third-party FaaS exposes the bank to additional risks in terms of security. Banks need secure APIs in place to enable the secure transfer of data between their systems and fintech companies and compliance with regulations like the General Data Protection Regulation (GDPR) and Payment Card Industry Data Security Standards (PCI DSS) to protect sensitive financial information from abuse or theft. Failing to do so typically results in significant fines, reputational risk, and even legal action.To address these security issues, banks must use encryption mechanisms, two-factor authentication, and regular security auditing. This ensures that a robust security model is in place and adheres to the existing regulations. Banks work with FinTech providers to develop common security standards and increase the overall level of security in the financial industry.

Opportunity: Advancements in digital banking and payments

The advent of digital banking and payments offers an opportunity for banks and financial institutions to provide their customers with innovative and convenient services. As increasing numbers of customers use digital channels for their banking and payment needs, banks use FaaS solutions to transform digital offerings and remain competitive. FaaS helps banks to adopt new technologies through which banks can set up and use various features such as mobile banking, digital wallet, real-time monitoring of accounts with minimum investments, and less effort so that banks do not have to build the platform from scratch.Fintech as a Service (FaaS) helps the customer to opt for various offerings of financial institutes, such as personalized services, on-demand loans, digitalization, and protection against cybercrime. FaaS is the tool that banks need in order to facilitate greater adaptability, functioning, and a more customer-driven approach while ensuring that the inclusion of financial security and further enhancement through innovation are both sustained and thrive. The vendors that provide FaaS services also provide solutions tailored to meet regulatory requirements (e.g., CFPB), ensuring compliance with the provision of security measures (e.g., multi-factor authentication) to reduce exposure risk while adopting new technologies.

Challenge: Complexities in financial regulations

As financial technology continues to develop and disrupt traditional banking, regulators struggle to keep up, leading to a complex and continually changing regulatory landscape that is difficult and expensive for banks to navigate. Meeting the demands of financial regulations can be a heavy burden on smaller banks that lack the resources necessary to track new requirements. Compliance costs include hiring additional compliance staff, implementing new systems, as well as conducting regular audits and reviews.The complexity of financial regulation also exposes banks to compliance risk, where instances of non-compliance could have significant legal and reputation consequences. Penalties may come in the form of fines or other legal actions, as well as negative impacts on the bank’s reputation, which may, in turn, influence its ability to attract customers. FaaS market banks can adopt fintech solutions for automating and streamlining part of their compliance-related tasks.Banks tend to manage regulatory risks and build a brand of confidence and trust by meeting regulations head-on. This mitigates the risk of non-compliance. Banks that leverage fintech to simplify compliance gain a significant advantage over peers in capturing customers, both new and old, aggregating efficiencies through technology to better service customers' needs.

Global Fintech as a Service Market Ecosystem Analysis

By end user, financial institutes are expected to grow at the highest CAGR during the forecast period. Banks are seeing a significant growth rate in the fintech-as-a-service (FaaS) due to various reasons. The market is driven mainly by the push for digital change which is leading the banks to invest more in upgrading the old systems and focus more on customer needs. Dealing with intricate regulatory environments, they seek out FaaS providers for effective compliance options. Lowering costs is another major incentive, with FaaS streamlining processes and enhancing IT infrastructure by moving to the cloud. Innovation is central, as banks use fintech to develop new services such as digital wallets and robo-advisory services to speed up their time to market. Banks are focusing more on customer retention and acquisition with improved services due to the market competition and threats from fintech disruptors. With FaaS, providers that provide sophisticated data management and analytics solutions, data-driven insights are emphasized with more importance. Financial institutions aim to increase their operational efficiency, improve customer experience, reduce costs, and foster innovation by adopting FaaS-provided market technologies.

NORTH AMERICA Region Holds the Largest Share of the Fintech as a Service Market

North America, in fintech as a service market, exhibits growth due to several key factors, such as its growing technological infrastructure and high-speed internet and advanced payment systems, state-of-the-art data centers with its culture of innovation, and early adoption of new technologies. The region holds a mature financial market, and supportive regulatory environment, and a stable market for fintech solutions with its tech-savvy population. The market is fueled by ample venture capital funding and vibrant mergers and acquisitions in the fintech landscape. In North America, fintech companies use customer experience to enhance data analytics to develop more customer-centric products. The presence of top-tier educational institutions and a large pool of skilled tech talent support the growing fintech landscape in the region.

Recent Developments of Fintech as a Service Market industry

In May 2024, PayPal (US) and Moonpay (US) forged a partnership to enable seamless purchase of cryptocurrency for U.S. users where Moonpay customers can buy crypto using Paypal balance, direct bank withdrawals, or debit cards, all within a familiar and secure environment simplifying onboarding for new users and enhances accessibility to digital assets through diverse payment options. In May 2024, Envestnet(US) partnered with Slesforce (US) to enhance financial planning experiences for wealth advisors in the United States. Envestnet's MoneyGuide financial planning capabilities were integrated into Salesforce's Financial Services Cloud (FSC), offering advisors a unified platform to view client financial plans within their CRM. The partnership aimed to streamline operations, unify client data, and improve advisor productivity across financial planning activities.

In April 2024, Upstart (US) and Kaua’i Federal Credit Union (US), a prominent credit union and the first Community Development Financial Institution on Kaua’i, partnered with Upstart to offer personal loans to both new and existing members, undermining Kaua’i FCU’s commitment to enhancing financial wellness and fostering economic resilience across its community. Since March 2023, Kaua’i FCU has integrated Upstart’s all-digital lending platform via the Upstart Referral Network, ensuring qualified applicants on Upstart.com receive tailored loan options in a seamless, branded experience tailored to their needs. In March 2024, FIS (US) and Stratyfy (US) formed a collaboration as an alumnus of its Fintech Accelerator Program, aiming at enhancing its SecurLOCK card fraud management solution seeking to significantly increase the accuracy of identifying and preventing fraudulent transactions, thereby improving the safety and efficiency of card payments for businesses and consumers alike amid rising fraud risks in the payments industry.

Key Market Players

KEY PLAYERS IN THE Fintech as a Service Market INCLUDE

PayPal (US)
Mastercard (US)
Fiserv (US)
Block (US)
Rapyd (UK)
Envestnet (US)
Upstart (US)
Solid Financial (US)
FIS (US)
Syncterta (US)

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Scope of the Report

Report Attribute	Details
Market size available for years	2018-2029
Base year considered	2023
Forecast period	2024–2029
Forecast units	Value (USD Million/USD Billion)
Segments Covered	By Type, Technology, Application, End User, Region.
Geographies covered	North America, Europe, Asia Pacific, Middle East & Africa and Latin America
Companies covered	Major vendors in the FaaS market include PayPal (US), Mastercard (US), Fiserv (US), Block (US), Rapyd (UK), Envestnet (US), Upstart (US), Solid Financial (US), FIS (US), Synctera (US), Stripe (US), Adyen (Netherlands), Dwolla (US), Finastra (UK), Revolut (UK), Fispan (Canada), Nium (Singapore), Airwallex (Australia), Sofi Technologies Inc. (US), Marqeta (US), Finx (US), Synapse (US).

Key Questions Addressed by the Report

What are the opportunities in the FaaS market?

The growth of FaaS enables small businesses to deliver digital financial services like mobile payments, digital wallets, and online loans, traditionally dominated by large corporates. Open Banking APIs lead to personalized services and better risk management. Collaboration between stakeholders fosters innovation in sectors like AI and blockchain, improving compliance with RegTech. FaaS impacts finance and extends to e-commerce and retail. FaaS enhances financial accessibility in underserved markets, driving financial inclusion and economic growth.

What is the definition of the FaaS market?

Fintech as a Service (FaaS) is a platform offering businesses access to various financial services such as payments, lending, money transfers, investment, and cross-border payments via APIs. FaaS provides cost savings, fast implementation, customer experience enhancements, and compliance support. As digital finance, cloud computing, AI, blockchain, and complex regulations rise, FaaS transforms how businesses manage finances and transactions.

Which region is expected to show the highest market share in FaaS?

North America is expected to account for the largest market share during the forecast period.

Which are the prominent market players covered in the report?

Key vendors include PayPal (US), Mastercard (US), Fiserv (US), Block (US), Rapyd (UK), Envestnet (US), Upstart (US), Solid Financial (US), FIS (US), Synctera (US), Stripe (US), Adyen (Netherlands), Dwolla (US), Finastra (UK), Revolut (UK), Fispan (Canada), Nium (Singapore), Airwallex (Australia), Sofi Technologies Inc. (US), Margeta (US), Finx (US), Synapse (US).

What is the current size of the FaaS market?

The FaaS market size is expected to grow from USD 358.8 billion in 2024 to USD 806.9 billion by 2029, at a Compound Annual Growth Rate (CAGR) of 17.6% during the forecast period.

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TABLE OF CONTENTS

1 INTRODUCTION

1.1 OBJECTIVES OF THE STUDY

1.2 MARKET DEFINITION

1.2.1 INCLUSIONS AND EXCLUSIONS

1.3 MARKET SCOPE

1.3.1 MARKET SEGMENTATION

1.3.2 REGIONS COVERED

1.3.3 YEARS CONSIDERED FOR THE STUDY

1.4 CURRENCY CONSIDERED

1.5 STAKEHOLDERS

1.6 SUMMARY OF CHANGES

2 RESEARCH METHODOLOGY

2.1 RESEARCH APPROACH

2.1.1 SECONDARY DATA

2.1.2 PRIMARY DATA

2.1.2.1 Breakup of primary profiles

2.1.2.2 Key industry insights

2.2 MARKET BREAKUP AND DATA TRIANGULATION

2.3 MARKET SIZE ESTIMATION

2.3.1 BOTTOM-UP APPROACH

2.3.2 TOP-DOWN APPROACH

2.4 RESEARCH ASSUMPTIONS

2.5 LIMITATIONS OF THE STUDY

3 EXECUTIVE SUMMARY

4 PREMIUM INSIGHTS

4.1 BRIEF OVERVIEW OF THE FINTECH AS A SERVICE (FAAS) MARKET MARKET

4.2 FINTECH AS A SERVICE (FAAS) MARKET MARKET, BY TYPE

4.3 FINTECH AS A SERVICE (FAAS) MARKET MARKET, BY TECHNOLOGY

4.4 FINTECH AS A SERVICE (FAAS) MARKET MARKET, BY APPLICATION

4.5 FINTECH AS A SERVICE (FAAS) MARKET MARKET, BY END USER

4.6 FINTECH AS A SERVICE (FAAS) MARKET MARKET: REGIONAL SCENARIO, 2024 VS 2029

5 MARKET OVERVIEW AND INDUSTRY TRENDS

5.1 INTRODUCTION

5.2 MARKET DYNAMICS

5.2.1 DRIVERS

5.2.2 RESTRAINTS

5.2.3 OPPORTUNITIES

5.2.4 CHALLENGES

5.3 CASE STUDY ANALYSIS

5.4 VALUE CHAIN ANALYSIS

5.5 ECOSYSTEM/ MARKET MAP

5.6 PORTER’S FIVE FORCES ANALYSIS

5.7 PRICING ANALYSIS

5.7.1 AVERAGE SELLING PRICE TREND OF KEY PLAYERS, BY OFFERING

5.7.2 INDICATIVE PRICING ANALYSIS, BY SOLUTION

5.8 TECHNOLOGY ANALYSIS

5.8.1 KEY TECHNOLOGIES

5.8.1.1 Machine Learning & AI

5.8.2 COMPLIMENTARY TECHNOLOGIES

5.8.2.1 Big Data Analytics

5.8.2.2 User Behavior Analytics

5.8.3 ADJACENT TECHNOLOGIES

5.8.3.1 Cloud Computing

5.8.3.2 Digital Identity Verification

5.9 PATENT ANALYSIS

5.1 TRENDS/DISRUPTIONS IMPACTING BUYERS

5.11 REGULATORY LANDSCAPE

5.11.1 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS

5.11.2 REGULATIONS BY REGION

5.12 KEY STAKEHOLDERS & BUYING CRITERIA

5.12.1 KEY STAKEHOLDERS IN BUYING PROCESS

5.12.2 BUYING CRITERIA

5.13 KEY CONFERENCES AND EVENTS (2024-2025)

5.14 BUSINESS MODEL ANALYSIS

5.15 INVESTMENT AND FUNDING SCENARIO

5.16 IMPACT OF AI/GENAI

6 FINTECH AS A SERVICE (FAAS) MARKET MARKET, BY TYPE

6.1 INTRODUCTION

6.1.1 TYPE: FINTECH AS A SERVICE (FAAS) MARKET MARKET DRIVERS

6.2 BANKING

6.3 PAYMENTS

6.4 INSURANCE

6.5 INVESTMENTS

6.6 LENDING

6.7 ACCOUNTING

6.8 WEALTH MANAGEMENT

7 FINTECH AS A SERVICE (FAAS) MARKET MARKET, BY TECHNOLOGY

7.1 INTRODUCTION

7.1.1 TECHNOLOGY: FINTECH AS A SERVICE (FAAS) MARKET MARKET DRIVERS

7.2 AI & ML

7.3 BLOCKCHAIN

7.4 RPA

7.5 API

7.6 BIG DATA

8 FINTECH AS A SERVICE (FAAS) MARKET MARKET, BY APPLICATION

8.1 INTRODUCTION

8.1.1 APPLICATION: FINTECH AS A SERVICE (FAAS) MARKET MARKET DRIVERS

8.2 FRAUD MONITORING

8.2.1 FRAUD ANALYTICS

8.2.2 AUTHENTICATION

8.2.3 TRANSACTION ANOMALY DETECTION & FRAUD PREVENTION

8.2.4 ACCOUNT TAKEOVER PREVENTION

8.2.5 CREDIT RISK ASSESSMENT & PORTFOLIO MANAGEMENT

8.3 KYC VERIFICATION

8.3.1 VIDEO VERIFICATION

8.3.2 DIGITAL ID SCHEMES

8.3.3 IDENTITY VERIFICATION

8.3.4 RISK SCORING

8.3.5 ANTI-MONEY LAUNDERING (AML) COMPLIANCE

8.4 COMPLIANCE & REGULATORY SUPPORT

8.4.1 RISK MANAGEMENT

8.4.2 REGULATORY REPORTING & COMPLIANCE

8.4.3 AUDIT MANAGEMENT

8.4.4 REGTECH INTEGRATION

8.5 DATA ANALYTICS AND INSIGHTS

8.5.1 DATA ANALYTICS & REPORTING

8.5.2 FINANCIAL DATA ANALYSIS & REPORTING TOOLS

8.5.3 CUSTOMER DATA ANALYTICS

8.5.4 RISK ANALYTICS & MACHINE LEARNING MODELS

8.5.5 REGULATORY REPORTING DATA AGGREGATION & VISUALIZATION

8.5.6 BUSINESS INTELLIGENCE (BI) & DATA WAREHOUSING SOLUTIONS

8.6 CUSTOMER ONBOARDING & ACCOUNT MANAGEMENT

8.6.1 DIGITAL ONBOARDING

8.6.2 ACCOUNT OPENING & ACTIVATION WORKFLOWS

8.6.3 CUSTOMER IDENTITY & ACCESS MANAGEMENT (CIAM)

8.6.4 CUSTOMER LIFECYCLE MANAGEMENT (CLM) TOOLS

8.6.5 MULTI-FACTOR AUTHENTICATION (MFA) & SECURITY SOLUTIONS

8.7 MONEY MANAGEMENT

8.8 REAL ESTATE MORTGAGE SERVICES

9 FINTECH AS A SERVICE (FAAS) MARKET MARKET, BY END USER

9.1 INTRODUCTION

9.1.1 END USER: FINTECH AS A SERVICE (FAAS) MARKET MARKET DRIVERS

9.2 BANKS

9.3 FINANCIAL INSTITUTES

9.4 INSURANCE COMPANIES

9.5 OTHER END USERS

(Other end users include capital markets, retail, and eCommerce.)

10 FINTECH AS A SERVICE (FAAS) MARKET MARKET, BY REGION

10.1 INTRODUCTION

10.2 NORTH AMERICA

10.2.1 NORTH AMERICA: MARKET DRIVERS

10.2.2 UNITED STATES

10.2.3 CANADA

10.3 EUROPE

10.3.1 EUROPE: MARKET DRIVERS

10.3.2 UNITED KINGDOM

10.3.3 GERMANY

10.3.4 FRANCE

10.3.5 ITALY

10.3.6 REST OF EUROPE

10.4 ASIA PACIFIC

10.4.1 ASIA PACIFIC: MARKET DRIVERS

10.4.2 CHINA

10.4.3 JAPAN

10.4.4 INDIA

10.4.5 REST OF ASIA PACIFIC

10.5 MIDDLE EAST & AFRICA

10.5.1 MIDDLE EAST & AFRICA: MARKET DRIVERS

10.5.2 GULF COOPERATION COUNCIL (GCC)

10.5.2.1 KSA

10.5.2.2 UAE

10.5.2.3 Rest of GCC Countries

10.5.3 SOUTH AFRICA

10.5.4 REST OF MIDDLE EAST & AFRICA

10.6 LATIN AMERICA

10.6.1 LATIN AMERICA: MARKET DRIVERS

10.6.2 BRAZIL

10.6.3 MEXICO

10.6.4 REST OF LATIN AMERICA

11 COMPETITIVE LANDSCAPE

11.1 INTRODUCTION

11.2 KEY PLAYER STRATEGIES/RIGHT TO WIN

11.3 REVENUE ANALYSIS

11.4 COMPANY VALUATION AND FINANCIAL METRICS

11.5 MARKET SHARE ANALYSIS

11.6 BRAND/PRODUCT COMPARISON

11.7 COMPANY EVALUATION MATRIX: KEY PLAYERS, 2024

11.7.1 STARS

11.7.2 EMERGING LEADERS

11.7.3 PERVASIVE PLAYERS

11.7.4 PARTICIPANTS

11.7.5 COMPANY FOOTPRINT: KEY PLAYERS, 2024

11.7.5.1 Company Footprint

11.7.5.2 Region Footprint

11.7.5.3 Type Footprint

11.7.5.4 Technology Footprint

11.7.5.5 Application Footprint

11.8 COMPANY EVALUATION MATRIX: STARTUPS/SMES, 2024

11.8.1 PROGRESSIVE COMPANIES

11.8.2 RESPONSIVE COMPANIES

11.8.3 DYNAMIC COMPANIES

11.8.4 STARTING BLOCKS

11.8.5 COMPETITIVE BENCHMARKING: STARTUPS/SMES, 2024

11.8.5.1 Detailed List of Key Startups/SMEs

11.8.5.2 Competitive Benchmarking of Key Startups/SMEs

11.9 KEY MARKET DEVELOPMENTS

11.9.1 NEW LAUNCHES

11.9.2 DEALS

11.9.3 OTHERS

12 COMPANY PROFILES

12.1 KEY PLAYERS

12.1.1 PAYPAL

12.1.2 MASTERCARD

12.1.3 FISERV

12.1.4 BLOCK

12.1.5 ENVESTNET

12.1.6 UPSTART

12.1.7 FIS

12.1.8 STRIPE

12.1.9 ADYEN

12.1.10 FINASTRA

12.1.11 REVOLUT

12.1.12 AIRWALLEX

12.2 OTHER KEY PLAYERS

12.2.1 RAPYD

12.2.2 SOLID FINANCIAL TECHNOLOGIES

12.2.3 SYNCTERA

12.2.4 DWOLLA

12.2.5 FISPAN

12.2.6 NIUM

12.2.7 MARQETA

12.2.8 FINIX

12.2.9 SYNAPSE

12.2.10 PLAID

12.2.11 TINK

12.2.12 CURRENCYCLOUD

12.2.13 MAMBU

12.2.14 FORM3

12.2.15 SOLARISBANK

12.2.16 VOLANTE TECHNOLOGIES

13 ADJACENT MARKETS

13.1 INTRODUCTION TO ADJACENT MARKETS

13.2 LIMITATIONS

13.3 FINTECH AS A SERVICE (FAAS) MARKET MARKET ECOSYSTEM AND ADJACENT MARKETS

13.4 ADJACENT MARKET 1

13.5 ADJACENT MARKET 2

14 APPENDIX

14.1 DISCUSSION GUIDE

14.2 KNOWLEDGE STORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL

14.3 AVAILABLE CUSTOMIZATIONS

14.4 RELATED REPORTS

14.5 AUTHOR DETAILS

This research study used extensive secondary sources, directories, and databases, such as D&B Hoovers and Bloomberg BusinessWeek, to identify and collect information useful for this technical, market-oriented, and commercial study of the global FaaS market. The primary sources were mainly several industry experts from the core and related industries and preferred suppliers, manufacturers, distributors, service providers, technology developers, alliances, and organizations related to this industry's value chain segments. In-depth interviews were conducted with primary respondents, including key industry participants, subject matter experts, C-level executives of key market players, and industry consultants, to obtain and verify critical qualitative and quantitative information and assess prospects.

Secondary Research

In the secondary research process, various secondary sources were referred to identify and collect information related to the study. Secondary sources included annual reports, press releases, and investor presentations of FaaS solution vendors, forums, certified publications, and whitepapers. The secondary research was used to obtain critical information on the industry's value chain, the total pool of key players, market classification, and segmentation from the market and technology-oriented perspectives.

Primary Research

In the primary research process, various primary sources from the supply and demand sides of the FaaS market were interviewed to obtain qualitative and quantitative information for the study. The primary sources from the supply side included industry experts, such as Chief Executive Officers (CEOs), Vice Presidents (VPs), marketing directors, technology and innovation directors, and related key executives of various vendors providing FaaS solutions and services, associated service providers, and system integrators operating in the targeted regions. All possible parameters that affect the market covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to obtain the final quantitative and qualitative data.

After the complete market engineering process (including calculations for market statistics, market breakups, market size estimations, market forecasting, and data triangulation), extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. The primary research helped identify and validate the segmentation types, industry trends, key players, a competitive landscape of FaaS solutions and services offered by several market vendors, and fundamental market dynamics, such as drivers, restraints, opportunities, challenges, industry trends, and key strategies.

In the complete market engineering process, the bottom-up and top-down approaches and several data triangulation methods were extensively used to estimate and forecast the overall market segments and subsegments listed in this report. An extensive qualitative and quantitative analysis was performed on the complete market engineering process to list the key information/insights throughout the report.

Following is the breakup of the primary study:

Fintech as a Service (FaaS) Market Size, and Share

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Market Size Estimation

Top-down and bottom-up approaches were used to estimate and validate the size of the FaaS market and the size of various other dependent sub-segments in the overall FaaS market. The research methodology used to estimate the market size includes the following details: critical players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure included the study of the annual and financial reports of the top market players, and extensive interviews were conducted for key insights from the industry leaders, such as CEOs, VPs, directors, and marketing executives.

All percentage splits and breakdowns were determined using secondary sources and verified through primary sources. All possible parameters that affect the market covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. This data is consolidated and added to detailed inputs and analysis from MarketsandMarkets.

INFOGRAPHIC DEPICTING BOTTOM-UP AND TOP-DOWN APPROACHES

Fintech as a Service (FaaS) Market Top Down Approach

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Fintech as a Service (FaaS) Market Bottom Up Approach

Data Triangulation

After arriving at the overall market size using the market size estimation processes explained above, the market was split into several segments and subsegments. The data triangulation and market breakup procedures were employed, wherever applicable, to complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment. The data was triangulated by studying various factors and trends from both the demand and supply sides.

Market Definition

MarketsandMarkets defines Fintech as a Service, or FaaS, as a cloud-based platform that provides businesses with access to various financial services, such as payments, lending, and investment. FaaS can help businesses save money and time by eliminating the need to develop and maintain their own financial infrastructure.

Key Stakeholders

Government Bodies and Public Safety Agencies
Project Managers
Developers
Business Analysts
Quality Assurance (QA)/Test Engineers
Providers of FaaS Solutions and Services
Consulting Firms
Third-party Vendors
Investors and Venture Capitalists
Technology Providers

Report Objectives

To describe and forecast the global Fintech as a Service market based on technology, type, application, end user, and region
To provide detailed information about the major factors (drivers, opportunities, restraints, and challenges) influencing the growth of the market
To analyze the opportunities for stakeholders by identifying the high-growth segments of the market
To forecast the size of the market segments with respect to five main regions: North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America
To analyze subsegments of the market with respect to individual growth trends, prospects, and contributions to the overall market
To profile the key players and comprehensively analyze their market sizes and core competencies
To track and analyze competitive developments such as product enhancements and new product launches; acquisitions; and partnerships and collaborations in the market globally

Customization Options

With the given market data, MarketsandMarkets offers customizations based on company-specific needs. The following customization options are available for the report:

Geographic Analysis

Further breakup of the Asia Pacific market into countries contributing 75% to the regional market size
Further breakup of the North American market into countries contributing 100% to the regional market size
Further breakup of the Latin American market into countries contributing 75% to the regional market size
Further breakup of the Middle Eastern and African market into countries contributing 75% to the regional market size
Further breakup of the European market into countries contributing 75% to the regional market size

Previous Versions of this Report

Fintech as a Service (FaaS) Market Size Share, Growth Analysis by Type (Banking, Payment, Insurance, Investment), Technology (Al, Blockchain, RPA, API), Application, End User and Region - Global Industry Forecast to 2029

Report Code TC 8680

Published in Jun, 2023, By MarketsandMarkets™

Fintech as a Service (FaaS) Market

Fintech as a Service (FaaS) Market Size Share, Growth Analysis by Type (Banking, Payment, Insurance, Investment), Technology (AI, Blockchain, RPA, API), Application, End User and Region - Global Industry Forecast to 2029