The demand recorded in the market will grow at a high CAGR of 15.7 percent from 2021 to 2031, predicts Future Market Insights (FMI) in its analysis of the banking-as-a-service (BaaS) platform sector.

Base year (2020) Market Value US$ 2.5 Bn
Projected year (2031) Market Value US$ 12.2 Bn
CAGR% (2021-2031) 15.70%

By the end of 2021, the market is expected to be valued at more than US$ 2.8 billion, according to the analysis. According to FMI, the availability of application programming interfaces (APIs) and the rapid evolution of technology have opened up opportunities for platforms that offer banking as a service (BaaS). These technologies are now crucial for enhancing economic competitiveness, which fuels market expansion.

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Over the past few years, BaaS has emerged as a new and innovative way for banks and third parties to collaborate in order to provide customers with digital-only banking products and services and enhanced customer experiences. BaaS has caused a shift in the way that banks and third parties work together and has huge advantages for both the incumbent players and those starting out in the financial services industry.

Increased competition has led to increased innovation in the banking space which in turn has led to improved digital experiences for customers. Customers have greater choice than ever before when it comes to what financial products and services they use.

Banking-as-a-Service (BaaS) Platform Market

Key Takeaways: Banking-as-a-Service (BaaS) Platform Market

  • By solution, the banking as a service platform segment is anticipated to account for the leading share in the global demand for banking-as-a-service (BaaS) platform during the forecast period. However, the banking as a service APIs segment is estimated to grow at a robust CAGR of 17.1% through 2031.
  • By enterprise size, the integration of BaaS platform in small & mid-sized organizations is anticipated to increase at a CAGR of 16.6% between 2021 & 2031, while large organizations are currently dominating the market share.
  • The adoption of banking-as-a-service (BaaS) platform by fintech corporations is expected to rise at maximum pace. As per FMI, demand in this segment will increase by a CAGR of 18.2% between 2021 and 2031.
  • Europe is expected to lead the market followed by North America in 2021. South Asia & Pacific is anticipated to emerge as the fastest growing region between 2021 & 2031.
  • The market in Japan is expected to progress at a CAGR of 17.9% through 2031.
  • In the U.K., sales are expected to increase at a CAGR of close to 16% over the next ten years.

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COVID-19 Impact Analysis on Banking-as-a-Service (BaaS) Platform Market

The outbreak of COVID-19 has led to more usage of banking components because remote working and social distancing have helped digital banking gain a huge customer base. COVID-19 has been a defining moment for digital transformation, as financial institutions that invested strategically & financially in the digitalization process over the past decade, have been better prepared to navigate these shifts and respond to the crisis.

The market has witnessed a significant growth previously, but due to the unexpected COVID-19 outbreak, the market will witness additional growth in 2020, owing to the rising demand for seamless banking transactions. This growth will be majorly driven by changing customer behavior, increasing focus of the people from visiting bank branches to online access of bank services.

Hence, implementation of banking-as-a-service (BaaS) platform would be highly valuable during the COVID-19 period due to several factors such as rising use of electronic transactions amid pandemic crises, and to enable stress-free banking activities.

According to a 2020 World Bank survey, the fintech market has continued to help expand access to financial services during the COVID-19 pandemic—particularly in emerging markets—with strong growth in all types of digital financial services except lending. On an average, Fintech firms reported around 11% growth in volume of digital payment transactions, in H1,2020 as compared to H1,2019. Fintech innovations are helping reduce the cost of providing services, making it possible to reach more people, and reducing the need for face-to-face interactions, essential for keeping up economic activity during the pandemic.

Thus, the demand for banking-as-a-service (BaaS) platform is estimated to grow around 11.6% to 13.8% Y-o-Y from 2019 to 2021.

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Banking-as-a-Service (BaaS) Platform Outlook by CategoryBy Solution:

  • Banking as a Service Platform
  • Banking as a Service APIs
  • Services
    • Payment Processing Services
    • Digital Banking Services
    • KYC Services
    • Customer Support Services
    • Others

By Enterprise Size:

  • Small & Mid-sized Organizations
  • Large Organizations

By End User:

  • Banks
  • FinTech Corporations
  • Investment Firms
  • Others

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About FMI             

Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

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