Banking As A Service Market Size to grow by USD 39442.7 million between 2024-2028

Technavio, a leading provider of market research reports, has released its latest study on Banking As A Service Market. This report offers a comprehensive analysis of the current market trends, emerging opportunities, and key challenges.

Key Highlights:

• Market Research Overview: According to Technavio's market research, the global Banking as a Service (BaaS) market is incorporated within the broader context of the global specialized consumer services market. This market encompasses the earnings generated by various consumer service providers, including residential services, home security services, legal services, personal services, renovation and interior design services, consumer auction services, wedding services, and funeral services. Technavio's analysis of the global specialized consumer services market revolves around the revenue generated by specialized providers in these sectors. - The Banking As A Service Market is experiencing significant growth, fueled by the Increasing adoption by end-users. Businesses are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

• Major Findings:
  • Increasing adoption by end-users
  • Increasing use of digital technologies in banks
  • Implementation and data security challenges
  • Interoperability issues
• Growth Projections

The market size is estimated to grow by USD 39442.7 million, at a CAGR of 20.65% during the forecast period. In the dynamic banking as a service (BaaS) market, strategic collaborations and partnerships are on the rise. Notable alliances include Bankable's announcement of a strategic collaboration with Visa in the US, enabling Visa clients to access Bankable's real-time and modular banking solutions for digital banking and faster payment services. Another significant partnership was formed between Unit, a New York-based BaaS provider, and Currencycloud, experts in simplifying business transactions in a multi-currency world, offering clients an effortless solution for both domestic and international banking needs.

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• Regional Insights

The banking as a service market in North America is poised for significant expansion during the forecast period. With the region's advanced technological infrastructure and leadership in technology adoption, countries such as the United States are creating a favorable environment for growth. Top North American investment banks, including Goldman Sachs, JPMorgan Chase Co., and Bank of America Corporation, are driving innovation by launching new technological applications and interfaces to enhance customer service. These strategic investments are expected to fuel the expansion of the banking as a service market in North America throughout the forecast period.

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