The Banking-As-A-Service (BaaS) Global Market Report 2023, provides comprehensive information on the banking-as-a-service (BaaS) market across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten year historic period – 2010-2021, and a ten year forecast period – 2023-2032.
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As per The Business Research Company’s Banking-As-A-Service (BaaS) Global Market Report 2023, the global banking-as-a-service (BaaS) market is expected to grow from $516.17 billion in 2022 to $614.62 billion in 2023 at a compound annual growth rate (CAGR) of 19.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and resulted in increased interest rates affecting many markets across the globe. The banking-as-a-service (BaaS) market is expected to reach $1,231.49 billion in 2027 at a CAGR of 19.0%.
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Cloud-native architecture is a key trend gaining popularity in the banking-as-a-service market. Cloud-native architecture refers to an approach in software development and deployment specifically designed to leverage the capabilities and benefits of cloud computing environments. Companies operating in the banking-as-a-service (BaaS) market are increasingly adopting cloud-native architecture to build and deliver their services and sustain their position in the market. For instance, in February 2023, Oracle, a US-based cloud technology company, launched Oracle Banking Cloud Services, a new set of componentized, composable cloud-native services such as banking accounts cloud service, banking payments cloud service, banking enterprise limits and collateral management cloud service, banking origination cloud service, banking digital experience cloud service, and banking APIs cloud service. Banks can access six new services that enable scalable corporate demand deposit processing, enterprise-wide limit and collateral management, real-time worldwide payments, API management, retail customer onboarding, and self-service digital experiences. These services facilitate the rapid and secure modernization of bank business capabilities through a microservices architecture.
The banking-as-a-service (BaaS) market is segmented:
1) By Type: API-Based Bank-As-A-service, Cloud-Based Bank-As-A-Service
2) By Component: Platform, Services
3) By Enterprise: Large Enterprise, Small And Medium Enterprise
4) By End User: Banks, Non-Bank Financial Company (NBFC), Government, Other End-Users
North America was the largest region in the banking-as-a-service (BaaS) market in 2022.
The table of contents in TBRC’s banking-as-a-service (BaaS) market report includes:
1. Executive Summary
2. Banking-As-A-Service (BaaS) Market Characteristics
3. Banking-As-A-Service (BaaS) Market Trends And Strategies
4. Banking-As-A-Service (BaaS) Market – Macro Economic Scenario
5. Global Banking-As-A-Service (BaaS) Market Size and Growth
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26. South America Banking-As-A-Service (BaaS) Market
27. Brazil Banking-As-A-Service (BaaS) Market
28. Middle East Banking-As-A-Service (BaaS) Market
29. Africa Banking-As-A-Service (BaaS) Market
30. Banking-As-A-Service (BaaS) Market Competitive Landscape And Company Profiles
Top Major Players:
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The Business Research Company is a market intelligence firm that pioneers in market, company, and consumer research. TBRC’s specialist consultants are located globally and are experts in a wide range of industries that include healthcare, manufacturing, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries. Through the report businesses can gain a thorough understanding of the market’s size, growth rate, major drivers and leading players.
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