Fintech as a Service (FaaS) Market - Global Forecast to 2028

Table of Content

1 INTRODUCTION 25
1.1 STUDY OBJECTIVES 25
1.2 MARKET DEFINITION 25
1.2.1 INCLUSIONS AND EXCLUSIONS 26
1.3 MARKET SCOPE 26
1.3.1 MARKET SEGMENTATION 27
1.3.2 REGIONS COVERED 27
1.4 YEARS CONSIDERED 28
1.5 CURRENCY CONSIDERED 28
TABLE 1 USD EXCHANGE RATES, 2018–2022 29
1.6 STAKEHOLDERS 29
2 RESEARCH METHODOLOGY 30
2.1 RESEARCH DATA 30
FIGURE 1 FINTECH AS A SERVICE MARKET: RESEARCH DESIGN 30
2.1.1 SECONDARY DATA 31
2.1.2 PRIMARY DATA 31
2.1.2.1 Breakup of primary profiles 32
2.1.2.2 Key industry insights 32
2.2 DATA TRIANGULATION 33
FIGURE 2 RESEARCH FLOW 34
2.3 MARKET SIZE ESTIMATION 34
2.3.1 REVENUE ESTIMATES 35
FIGURE 3 APPROACH (SUPPLY SIDE): REVENUE OF PLATFORMS/SERVICES OF FINTECH AS A SERVICE VENDORS 35
FIGURE 4 SUPPLY-SIDE ANALYSIS APPROACH 36
2.4 MARKET FORECAST 36
TABLE 2 FACTOR ANALYSIS 36
2.5 IMPACT OF RECESSION AND RESEARCH ASSUMPTIONS 37
2.5.1 IMPACT OF RECESSION 37
2.5.2 RESEARCH ASSUMPTIONS 38
2.6 RESEARCH LIMITATIONS 39
3 EXECUTIVE SUMMARY 40
TABLE 3 FINTECH AS A SERVICE MARKET SIZE AND GROWTH RATE, 2017–2022 (USD MILLION, Y-O-Y) 42
TABLE 4 FINTECH AS A SERVICE MARKET SIZE AND GROWTH RATE, 2023–2028 (USD MILLION, Y-O-Y) 42
FIGURE 5 PAYMENT FAAS TO BE LARGEST MARKET IN 2023 42
FIGURE 6 BLOCKCHAIN TO BE LEADING FAAS TECHNOLOGY IN 2023 43
FIGURE 7 COMPLIANCE & REGULATORY SUPPORT TO BE LARGEST APPLICATION IN 2023 43
FIGURE 8 INSURANCE COMPANIES TO BE LEADING END USER IN 2023 44
FIGURE 9 NORTH AMERICA TO ACCOUNT FOR LARGEST MARKET SHARE 44
4 PREMIUM INSIGHTS 45
4.1 OPPORTUNITIES FOR FINTECH AS A SERVICE MARKET PLAYERS 45
FIGURE 10 INCREASE IN ADOPTION OF CLOUD COMPUTING AND DEMAND FOR DIGITAL FINANCIAL SERVICES TO DRIVE MARKET GROWTH 45
4.2 FINTECH AS A SERVICE MARKET, BY TYPE 46
FIGURE 11 PAYMENTS TO ACCOUNT FOR LARGEST SHARE AMONG TYPES THROUGH 2028 46
4.3 FINTECH AS A SERVICE MARKET, BY TECHNOLOGY 46
FIGURE 12 BLOCKCHAIN TO INCREASE ITS LEAD OVER OTHER FAAS TECHNOLOGIES BY 2028 46
4.4 FINTECH AS A SERVICE MARKET, BY APPLICATION 47
FIGURE 13 COMPLIANCE & REGULATORY SUPPORT TO REMAIN LARGEST APPLICATION THROUGH 2023 47
4.5 FINTECH AS A SERVICE MARKET, BY END USER 47
FIGURE 14 FINANCIAL INSTITUTES CLOSELY FOLLOW INSURANCE COMPANIES AS LEADING END USERS DURING FORECAST PERIOD 47
4.6 MARKET INVESTMENT SCENARIO 48
FIGURE 15 ASIA PACIFIC TO EMERGE AS BEST MARKET FOR INVESTMENTS IN NEXT FIVE YEARS 48
5 MARKET OVERVIEW AND INDUSTRY TRENDS 49
5.1 INTRODUCTION 49
5.2 MARKET DYNAMICS 49
FIGURE 16 FINTECH AS A SERVICE MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES 49
5.2.1 DRIVERS 50
5.2.1.1 Operational flexibility and scalability with advent of cloud computing technology 50
5.2.1.2 Innovation of AI and blockchain 50
5.2.1.3 Growth in demand for streamlined compliance and regulatory solutions 50
5.2.2 RESTRAINTS 51
5.2.2.1 Complexity involved in integration with legacy systems 51
5.2.2.2 Issues related to data security and privacy 51
5.2.2.3 Risks associated with geopolitical and macroeconomic factors 52
5.2.3 OPPORTUNITIES 52
5.2.3.1 Increase in shift toward digital banking and payments 52
5.2.3.2 Leveraging technology to improve operational efficiency 53
5.2.3.3 Expansion of cross-border payments and remittances 53
5.2.4 CHALLENGES 53
5.2.4.1 Lack of interoperability and standardization 53
5.2.4.2 Complexity and cost associated with financial regulations 54
5.2.4.3 Scalability and infrastructure challenges of FaaS 54
5.3 USE CASES 54
5.3.1 API PORTAL BY FISERV ENHANCED CONSUMER EXPERIENCE FOR VERIDIAN CREDIT UNION 54
5.3.2 PAYMYTUITION EXPANDED ITS GLOBAL FOOTHOLD BY IMPLEMENTING RAPYD’S CROSS-BORDER AND LOCAL PAYMENTS TECHNOLOGY 55
5.3.3 HOME CHEF LEVERAGING PAYPAL CHECKOUT BUTTON TO BOOST NEW CUSTOMER SIGNUPS AND REVENUE 56
5.4 VALUE CHAIN ANALYSIS 57
FIGURE 17 VALUE CHAIN ANALYSIS 58
5.5 ECOSYSTEM ANALYSIS 58
FIGURE 18 ECOSYSTEM ANALYSIS 58
5.6 PORTER’S FIVE FORCES MODEL ANALYSIS 60
FIGURE 19 PORTER’S FIVE FORCE ANALYSIS 60
TABLE 5 IMPACT OF PORTER’S FIVE FORCES ON FINTECH AS A SERVICE MARKET 61
5.6.1 THREAT FROM NEW ENTRANTS 61
5.6.2 THREAT FROM SUBSTITUTES 61
5.6.3 BARGAINING POWER OF SUPPLIERS 61
5.6.4 BARGAINING POWER OF BUYERS 61
5.6.5 INTENSITY OF COMPETITIVE RIVALRY 62
5.7 PRICING MODEL ANALYSIS 62
TABLE 6 FINTECH AS A SERVICE MARKET: PRICING LEVELS 62
5.8 TECHNOLOGY ANALYSIS 63
5.8.1 AI/ML 63
5.8.2 BLOCKCHAIN 63
5.8.3 APPLICATION PROGRAMMING INTERFACES 64
5.8.4 CLOUD COMPUTING 64
5.8.5 BIG DATA ANALYTICS 64
5.8.6 ROBOTIC PROCESS AUTOMATION 65
5.9 TARIFF AND REGULATORY LANDSCAPE 65
5.9.1 PAYMENT CARD INDUSTRY DATA SECURITY STANDARD (PCI–DSS) 65
5.9.2 KNOW YOUR CUSTOMER (KYC) 65
5.9.3 ANTI MONEY LAUNDERING (AML) 66
5.9.4 CONSUMER FINANCIAL PROTECTION BUREAU (CFPB) 66
5.9.5 FINANCIAL STABILITY OVERSIGHT COUNCIL (FSOC) 66
5.9.6 AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION (ASIC) 67
5.9.7 EUROPEAN UNION GENERAL DATA PROTECTION REGULATION (EU GDPR) 67
5.9.8 OFFICE OF THE SUPERINTENDENT OF FINANCIAL INSTITUTIONS (OSFI) 67
5.10 KEY STAKEHOLDERS AND BUYING CRITERIA 68
5.10.1 KEY STAKEHOLDERS IN BUYING PROCESS 68
FIGURE 20 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP THREE APPLICATIONS 68
TABLE 7 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP THREE APPLICATIONS 68
5.10.2 BUYING CRITERIA 68
FIGURE 21 KEY BUYING CRITERIA FOR TOP THREE APPLICATIONS 68
TABLE 8 KEY BUYING CRITERIA FOR TOP THREE APPLICATIONS 69
5.11 KEY CONFERENCES & EVENTS 69
TABLE 9 KEY CONFERENCES & EVENTS, 2023–2024 69
5.12 PATENT ANALYSIS 70
5.12.1 METHODOLOGY 70
5.12.2 DOCUMENT TYPE 70
TABLE 10 PATENTS FILED, 2013–2023 70
5.12.3 INNOVATION AND PATENT APPLICATIONS 70
FIGURE 22 TOTAL NUMBER OF PATENTS GRANTED, 2013–2023 70
5.12.3.1 Top applicants 71
FIGURE 23 TOP TEN PATENT APPLICANT COMPANIES, 2013–2023 71
TABLE 11 TOP TEN PATENT OWNERS, 2013–2023 71
TABLE 12 LIST OF PATENTS IN FINTECH AS A SERVICE MARKET, 2021–2023 72
5.13 TRENDS/DISRUPTIONS IMPACTING CUSTOMERS’ BUSINESSES 72
FIGURE 24 FINTECH AS A SERVICE MARKET: TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESSES 72
6 FINTECH AS A SERVICE MARKET, BY TYPE 74
6.1 INTRODUCTION 75
FIGURE 25 BANKING SEGMENT TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD 76
TABLE 13 FINTECH AS A SERVICE MARKET, BY TYPE, 2017–2022 (USD MILLION) 76
TABLE 14 FINTECH AS A SERVICE MARKET, BY TYPE, 2023–2028 (USD MILLION) 76
6.2 BANKING 77
6.2.1 FINTECH STARTUPS VYING TO CAPTIALIZE ON INTENSE COMPETITION AND MARKET CONSOLIDATION IN BANKING 77
6.2.2 BANKING: MARKET DRIVERS 77
TABLE 15 BANKING: FINTECH AS A SERVICE MARKET, BY REGION, 2017–2022 (USD MILLION) 77
TABLE 16 BANKING: FINTECH AS A SERVICE MARKET, BY REGION, 2023–2028 (USD MILLION) 78
6.3 PAYMENTS 78
6.3.1 FINTECH AS A SERVICE BRIDGES GAP BETWEEN TRADITIONAL PAYMENT METHODS AND TECHNOLOGY 78
6.3.2 PAYMENTS: MARKET DRIVERS 78
TABLE 17 PAYMENTS: FINTECH AS A SERVICE MARKET, BY REGION, 2017–2022 (USD MILLION) 79
TABLE 18 PAYMENTS: FINTECH AS A SERVICE MARKET, BY REGION, 2023–2028 (USD MILLION) 79
6.4 INSURANCE 79
6.4.1 INCREASE IN CONSUMER DEMAND FOR PERSONALIZED AND CONVENIENT INSURANCE 79
6.4.2 INSURANCE: MARKET DRIVERS 80
TABLE 19 INSURANCE: FINTECH AS A SERVICE MARKET, BY REGION, 2017–2022 (USD MILLION) 80
TABLE 20 INSURANCE: FINTECH AS A SERVICE MARKET, BY REGION, 2023–2028 (USD MILLION) 80
6.5 INVESTMENTS 81
6.5.1 EMBRACING SELF-DIRECTED INVESTING WITH FINTECH AS A SERVICE SOLUTIONS 81
6.5.2 INVESTMENTS: MARKET DRIVERS 81
TABLE 21 INVESTMENTS: FINTECH AS A SERVICE MARKET, BY REGION, 2017–2022 (USD MILLION) 82
TABLE 22 INVESTMENTS: FINTECH AS A SERVICE MARKET, BY REGION, 2023–2028 (USD MILLION) 82
6.6 LENDING 82
6.6.1 BORROWERS SEEK STREAMLINED LOAN APPLICATION PROCESSES, FASTER APPROVAL, AND MORE FLEXIBLE LENDING TERMS 82
6.6.2 LENDING: MARKET DRIVERS 83
TABLE 23 LENDING: FINTECH AS A SERVICE MARKET, BY REGION, 2017–2022 (USD MILLION) 83
TABLE 24 LENDING: FINTECH AS A SERVICE MARKET, BY REGION, 2023–2028 (USD MILLION) 83
6.7 OTHER TYPES 84
6.7.1 OTHER TYPES: MARKET DRIVERS 84
TABLE 25 OTHER TYPES: FINTECH AS A SERVICE MARKET, BY REGION, 2017–2022 (USD MILLION) 84
TABLE 26 OTHER TYPES: FINTECH AS A SERVICE MARKET, BY REGION, 2023–2028 (USD MILLION) 85
7 FINTECH AS A SERVICE MARKET, BY TECHNOLOGY 86
7.1 INTRODUCTION 87
FIGURE 26 AI TECHNOLOGY TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD 87
TABLE 27 FINTECH AS A SERVICE MARKET, BY TECHNOLOGY, 2017–2022 (USD MILLION) 88
TABLE 28 FINTECH AS A SERVICE MARKET, BY TECHNOLOGY, 2023–2028 (USD MILLION) 88
7.2 AI 88
7.2.1 AUTOMATING TASKS AND INCREASING OPERATIONAL EFFICIENCY THROUGH AI 88
7.2.2 AI: MARKET DRIVERS 89
TABLE 29 AI: FINTECH AS A SERVICE MARKET, BY REGION, 2017–2022 (USD MILLION) 89
TABLE 30 AI: FINTECH AS A SERVICE MARKET, BY REGION, 2023–2028 (USD MILLION) 89
7.3 BLOCKCHAIN 90
7.3.1 FACILITATING DIGITIZATION AND AUTOMATION OF TRADE PROCESSES WITH BLOCKCHAIN 90
7.3.2 BLOCKCHAIN: MARKET DRIVERS 90
TABLE 31 BLOCKCHAIN: FINTECH AS A SERVICE MARKET, BY REGION, 2017–2022 (USD MILLION) 90
TABLE 32 BLOCKCHAIN: FINTECH AS A SERVICE MARKET, BY REGION, 2023–2028 (USD MILLION) 91
7.4 RPA 91
7.4.1 STREAMLINING COMPLIANCE PROCESSES THROUGH AUTOMATION 91
7.4.2 RPA: MARKET DRIVERS 91
TABLE 33 RPA: FINTECH AS A SERVICE MARKET, BY REGION, 2017–2022 (USD MILLION) 92
TABLE 34 RPA: FINTECH AS A SERVICE MARKET, BY REGION, 2023–2028 (USD MILLION) 92
7.5 API 92
7.5.1 STANDARDIZED AND SEAMLESS INTEGRATION OF DIFFERENT APPLICATIONS USING API 92
7.5.2 API: MARKET DRIVERS 93
TABLE 35 API: FINTECH AS A SERVICE MARKET, BY REGION, 2017–2022 (USD MILLION) 93
TABLE 36 API: FINTECH AS A SERVICE MARKET, BY REGION, 2023–2028 (USD MILLION) 93
7.6 OTHER TECHNOLOGIES 94
7.6.1 OTHER TECHNOLOGIES: MARKET DRIVERS 94
TABLE 37 OTHER TECHNOLOGIES: FINTECH AS A SERVICE MARKET, BY REGION, 2017–2022 (USD MILLION) 95
TABLE 38 OTHER TECHNOLOGIES: FINTECH AS A SERVICE MARKET, BY REGION, 2023–2028 (USD MILLION) 95
8 FINTECH AS A SERVICE MARKET, BY APPLICATION 96
8.1 INTRODUCTION 97
FIGURE 27 KYC VERIFICATION SEGMENT TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD 97
TABLE 39 FINTECH AS A SERVICE MARKET, BY APPLICATION, 2017–2022 (USD MILLION) 98
TABLE 40 FINTECH AS A SERVICE MARKET, BY APPLICATION, 2023–2028 (USD MILLION) 98
8.2 FRAUD MONITORING 98
8.2.1 SHIFT TOWARD DIGITAL TRANSACTIONS INCREASED NEED FOR ROBUST FRAUD MONITORING SOLUTIONS 98
8.2.2 FRAUD MONITORING: MARKET DRIVERS 99
TABLE 41 FRAUD MONITORING: FINTECH AS A SERVICE MARKET, BY REGION, 2017–2022 (USD MILLION) 99
TABLE 42 FRAUD MONITORING: FINTECH AS A SERVICE MARKET, BY REGION, 2023–2028 (USD MILLION) 99
8.3 KYC VERIFICATION 100
8.3.1 EFFICIENT CUSTOMER ONBOARDING WITH KYC VERIFICATION-ENABLED SOLUTIONS 100
8.3.2 KYC VERIFICATION: MARKET DRIVERS 100
TABLE 43 KYC VERIFICATION: FINTECH AS A SERVICE MARKET, BY REGION, 2017–2022 (USD MILLION) 101
TABLE 44 KYC VERIFICATION: FINTECH AS A SERVICE MARKET, BY REGION, 2023–2028 (USD MILLION) 101
8.4 COMPLIANCE & REGULATORY SUPPORT 101
8.4.1 ADHERENCE TO REGULATORY REQUIREMENTS ENSURED VIA FAAS 101
8.4.2 COMPLIANCE & REGULATORY SUPPORT: MARKET DRIVERS 102
TABLE 45 COMPLIANCE & REGULATORY SUPPORT: FINTECH AS A SERVICE MARKET, BY REGION, 2017–2022 (USD MILLION) 102
TABLE 46 COMPLIANCE & REGULATORY SUPPORT: FINTECH AS A SERVICE MARKET, BY REGION, 2023–2028 (USD MILLION) 103
8.5 OTHER APPLICATIONS 103
8.5.1 OTHER APPLICATIONS: MARKET DRIVERS 103
TABLE 47 OTHER APPLICATIONS: FINTECH AS A SERVICE MARKET, BY REGION, 2017–2022 (USD MILLION) 104
TABLE 48 OTHER APPLICATIONS: FINTECH AS A SERVICE MARKET, BY REGION, 2023–2028 (USD MILLION) 104
9 FINTECH AS A SERVICE MARKET, BY END USER 105
9.1 INTRODUCTION 106
FIGURE 28 FINANCIAL INSTITUTES SEGMENT TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD 106
TABLE 49 FINTECH AS A SERVICE MARKET, BY END USER, 2017–2022 (USD MILLION) 107
TABLE 50 FINTECH AS A SERVICE MARKET, BY END USER, 2023–2028 (USD MILLION) 107
9.2 BANKS 107
9.2.1 COMPETITIVE EDGE OFFERED BY FAAS WITH ABILITY TO ADAPT TO CHANGING MARKET TRENDS 107
9.2.2 BANKS: MARKET DRIVERS 108
TABLE 51 BANKS: FINTECH AS A SERVICE MARKET, BY REGION, 2017–2022 (USD MILLION) 108
TABLE 52 BANKS: FINTECH AS A SERVICE MARKET, BY REGION, 2023–2028 (USD MILLION) 108
9.3 FINANCIAL INSTITUTES 109
9.3.1 OFFERING ADVANCED DATA-DRIVEN DECISION-MAKING 109
9.3.2 FINANCIAL INSTITUTES: MARKET DRIVERS 109
TABLE 53 FINANCIAL INSTITUTES: FINTECH AS A SERVICE MARKET, BY REGION, 2017–2022 (USD MILLION) 110
TABLE 54 FINANCIAL INSTITUTES: FINTECH AS A SERVICE MARKET, BY REGION, 2023–2028 (USD MILLION) 110
9.4 INSURANCE COMPANIES 110
9.4.1 ENHANCED RISKS ASSESSMENT AND PERSONALIZED CUSTOMER SUPPORT 110
9.4.2 INSURANCE COMPANIES: MARKET DRIVERS 111
TABLE 55 INSURANCE COMPANIES: FINTECH AS A SERVICE MARKET, BY REGION, 2017–2022 (USD MILLION) 111
TABLE 56 INSURANCE COMPANIES: FINTECH AS A SERVICE MARKET, BY REGION, 2023–2028 (USD MILLION) 112
9.5 OTHER END USERS 112
9.5.1 OTHER END USERS: MARKET DRIVERS 112
TABLE 57 OTHER END USERS: FINTECH AS A SERVICE MARKET, BY REGION, 2017–2022 (USD MILLION) 113
TABLE 58 OTHER END USERS: FINTECH AS A SERVICE MARKET, BY REGION, 2023–2028 (USD MILLION) 113
10 FINTECH AS A SERVICE MARKET, BY REGION 114
10.1 INTRODUCTION 115
FIGURE 29 ASIA PACIFIC TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD 115
TABLE 59 FINTECH AS A SERVICE MARKET, BY REGION, 2017–2022 (USD MILLION) 116
TABLE 60 FINTECH AS A SERVICE MARKET, BY REGION, 2023–2028 (USD MILLION) 116
10.2 NORTH AMERICA 116
10.2.1 NORTH AMERICA: MARKET DRIVERS 117
10.2.2 NORTH AMERICA: RECESSION IMPACT 117
10.2.3 NORTH AMERICA: REGULATORY LANDSCAPE 117
FIGURE 30 NORTH AMERICA: MARKET SNAPSHOT 118
TABLE 61 NORTH AMERICA: FINTECH AS A SERVICE MARKET, BY TYPE, 2017–2022 (USD MILLION) 119
TABLE 62 NORTH AMERICA: FINTECH AS A SERVICE MARKET, BY TYPE, 2023–2028 (USD MILLION) 119
TABLE 63 NORTH AMERICA: FINTECH AS A SERVICE MARKET, BY TECHNOLOGY, 2017–2022 (USD MILLION) 119
TABLE 64 NORTH AMERICA: FINTECH AS A SERVICE MARKET, BY TECHNOLOGY, 2023–2028 (USD MILLION) 120
TABLE 65 NORTH AMERICA: FINTECH AS A SERVICE MARKET, BY APPLICATION, 2017–2022 (USD MILLION) 120
TABLE 66 NORTH AMERICA: FINTECH AS A SERVICE MARKET, BY APPLICATION, 2023–2028 (USD MILLION) 120
TABLE 67 NORTH AMERICA: FINTECH AS A SERVICE MARKET, BY END USER, 2017–2022 (USD MILLION) 121
TABLE 68 NORTH AMERICA: FINTECH AS A SERVICE MARKET, BY END USER, 2023–2028 (USD MILLION) 121
TABLE 69 NORTH AMERICA: FINTECH AS A SERVICE MARKET, BY COUNTRY, 2017–2022 (USD MILLION) 121
TABLE 70 NORTH AMERICA: FINTECH AS A SERVICE MARKET, BY COUNTRY, 2023–2028 (USD MILLION) 122
10.2.4 US 122
10.2.4.1 Technological advancements with presence of key US vendors offering FaaS solutions 122
TABLE 71 US: FINTECH AS A SERVICE MARKET, BY TYPE, 2017–2022 (USD MILLION) 123
TABLE 72 US: FINTECH AS A SERVICE MARKET, BY TYPE, 2023–2028 (USD MILLION) 123
TABLE 73 US: FINTECH AS A SERVICE MARKET, BY TECHNOLOGY, 2017–2022 (USD MILLION) 123
TABLE 74 US: FINTECH AS A SERVICE MARKET, BY TECHNOLOGY, 2023–2028 (USD MILLION) 124
TABLE 75 US: FINTECH AS A SERVICE MARKET, BY APPLICATION, 2017–2022 (USD MILLION) 124
TABLE 76 US: FINTECH AS A SERVICE MARKET, BY APPLICATION, 2023–2028 (USD MILLION) 124
TABLE 77 US: FINTECH AS A SERVICE MARKET, BY END USER, 2017–2022 (USD MILLION) 125
TABLE 78 US: FINTECH AS A SERVICE MARKET, BY END USER, 2023–2028 (USD MILLION) 125
10.2.5 CANADA 125
10.2.5.1 Rapid growth of digital transformation measures in Canada 125
TABLE 79 CANADA: FINTECH AS A SERVICE MARKET, BY TYPE, 2017–2022 (USD MILLION) 126
TABLE 80 CANADA: FINTECH AS A SERVICE MARKET, BY TYPE, 2023–2028 (USD MILLION) 126
TABLE 81 CANADA: FINTECH AS A SERVICE MARKET, BY TECHNOLOGY, 2017–2022 (USD MILLION) 127
TABLE 82 CANADA: FINTECH AS A SERVICE MARKET, BY TECHNOLOGY, 2023–2028 (USD MILLION) 127
TABLE 83 CANADA: FINTECH AS A SERVICE MARKET, BY APPLICATION, 2017–2022 (USD MILLION) 127
TABLE 84 CANADA: FINTECH AS A SERVICE MARKET, BY APPLICATION, 2023–2028 (USD MILLION) 128
TABLE 85 CANADA: FINTECH AS A SERVICE MARKET, BY END USER, 2017–2022 (USD MILLION) 128
TABLE 86 CANADA: FINTECH AS A SERVICE MARKET, BY END USER, 2023–2028 (USD MILLION) 128
10.3 EUROPE 129
10.3.1 EUROPE: MARKET DRIVERS 129
10.3.2 EUROPE: RECESSION IMPACT 129
10.3.3 EUROPE: REGULATORY LANDSCAPE 130
TABLE 87 EUROPE: FINTECH AS A SERVICE MARKET, BY TYPE, 2017–2022 (USD MILLION) 130
TABLE 88 EUROPE: FINTECH AS A SERVICE MARKET, BY TYPE, 2023–2028 (USD MILLION) 131
TABLE 89 EUROPE: FINTECH AS A SERVICE MARKET, BY TECHNOLOGY, 2017–2022 (USD MILLION) 131
TABLE 90 EUROPE: FINTECH AS A SERVICE MARKET, BY TECHNOLOGY, 2023–2028 (USD MILLION) 131
TABLE 91 EUROPE: FINTECH AS A SERVICE MARKET, BY APPLICATION, 2017–2022 (USD MILLION) 132
TABLE 92 EUROPE: FINTECH AS A SERVICE MARKET, BY APPLICATION, 2023–2028 (USD MILLION) 132
TABLE 93 EUROPE: FINTECH AS A SERVICE MARKET, BY END USER, 2017–2022 (USD MILLION) 132
TABLE 94 EUROPE: FINTECH AS A SERVICE MARKET, BY END USER, 2023–2028 (USD MILLION) 133
TABLE 95 EUROPE: FINTECH AS A SERVICE MARKET, BY COUNTRY, 2017–2022 (USD MILLION) 133
TABLE 96 EUROPE: FINTECH AS A SERVICE MARKET, BY COUNTRY, 2023–2028 (USD MILLION) 133
10.3.4 UK 134
10.3.4.1 Thriving fintech startup culture in UK 134
TABLE 97 UK: FINTECH AS A SERVICE MARKET, BY TYPE, 2017–2022 (USD MILLION) 134
TABLE 98 UK: FINTECH AS A SERVICE MARKET, BY TYPE, 2023–2028 (USD MILLION) 135
TABLE 99 UK: FINTECH AS A SERVICE MARKET, BY TECHNOLOGY, 2017–2022 (USD MILLION) 135
TABLE 100 UK: FINTECH AS A SERVICE MARKET, BY TECHNOLOGY, 2023–2028 (USD MILLION) 135
TABLE 101 UK: FINTECH AS A SERVICE MARKET, BY APPLICATION, 2017–2022 (USD MILLION) 136
TABLE 102 UK: FINTECH AS A SERVICE MARKET, BY APPLICATION, 2023–2028 (USD MILLION) 136
TABLE 103 UK: FINTECH AS A SERVICE MARKET, BY END USER, 2017–2022 (USD MILLION) 136
TABLE 104 UK: FINTECH AS A SERVICE MARKET, BY END USER, 2023–2028 (USD MILLION) 137
10.3.5 GERMANY 137
10.3.5.1 Advanced infrastructure and robust connectivity in Germany 137
TABLE 105 GERMANY: FINTECH AS A SERVICE MARKET, BY TYPE, 2017–2022 (USD MILLION) 138
TABLE 106 GERMANY: FINTECH AS A SERVICE MARKET, BY TYPE, 2023–2028 (USD MILLION) 138
TABLE 107 GERMANY: FINTECH AS A SERVICE MARKET, BY TECHNOLOGY, 2017–2022 (USD MILLION) 138
TABLE 108 GERMANY: FINTECH AS A SERVICE MARKET, BY TECHNOLOGY, 2023–2028 (USD MILLION) 139
TABLE 109 GERMANY: FINTECH AS A SERVICE MARKET, BY APPLICATION, 2017–2022 (USD MILLION) 139
TABLE 110 GERMANY: FINTECH AS A SERVICE MARKET, BY APPLICATION, 2023–2028 (USD MILLION) 139
TABLE 111 GERMANY: FINTECH AS A SERVICE MARKET, BY END USER, 2017–2022 (USD MILLION) 140
TABLE 112 GERMANY: FINTECH AS A SERVICE MARKET, BY END USER, 2023–2028 (USD MILLION) 140
10.3.6 FRANCE 140
10.3.6.1 Innovation and opportunities revolutionizing financial industry in France 140
TABLE 113 FRANCE: FINTECH AS A SERVICE MARKET, BY TYPE, 2017–2022 (USD MILLION) 141
TABLE 114 FRANCE: FINTECH AS A SERVICE MARKET, BY TYPE, 2023–2028 (USD MILLION) 141
TABLE 115 FRANCE: FINTECH AS A SERVICE MARKET, BY TECHNOLOGY, 2017–2022 (USD MILLION) 141
TABLE 116 FRANCE: FINTECH AS A SERVICE MARKET, BY TECHNOLOGY, 2023–2028 (USD MILLION) 142
TABLE 117 FRANCE: FINTECH AS A SERVICE MARKET, BY APPLICATION, 2017–2022 (USD MILLION) 142
TABLE 118 FRANCE: FINTECH AS A SERVICE MARKET, BY APPLICATION, 2023–2028 (USD MILLION) 142
TABLE 119 FRANCE: FINTECH AS A SERVICE MARKET, BY END USER, 2017–2022 (USD MILLION) 143
TABLE 120 FRANCE: FINTECH AS A SERVICE MARKET, BY END USER, 2023–2028 (USD MILLION) 143
10.3.7 REST OF EUROPE 143
TABLE 121 REST OF EUROPE: FINTECH AS A SERVICE MARKET, BY TYPE, 2017–2022 (USD MILLION) 144
TABLE 122 REST OF EUROPE: FINTECH AS A SERVICE MARKET, BY TYPE, 2023–2028 (USD MILLION) 144
TABLE 123 REST OF EUROPE: FINTECH AS A SERVICE MARKET, BY TECHNOLOGY, 2017–2022 (USD MILLION) 144
TABLE 124 REST OF EUROPE: FINTECH AS A SERVICE MARKET, BY TECHNOLOGY, 2023–2028 (USD MILLION) 145
TABLE 125 REST OF EUROPE: FINTECH AS A SERVICE MARKET, BY APPLICATION, 2017–2022 (USD MILLION) 145
TABLE 126 REST OF EUROPE: FINTECH AS A SERVICE MARKET, BY APPLICATION, 2023–2028 (USD MILLION) 145
TABLE 127 REST OF EUROPE: FINTECH AS A SERVICE MARKET, BY END USER, 2017–2022 (USD MILLION) 146
TABLE 128 REST OF EUROPE: FINTECH AS A SERVICE MARKET, BY END USER, 2023–2028 (USD MILLION) 146
10.4 ASIA PACIFIC 146
10.4.1 ASIA PACIFIC: MARKET DRIVERS 147
10.4.2 ASIA PACIFIC: RECESSION IMPACT 147
10.4.3 ASIA PACIFIC: REGULATORY LANDSCAPE 148
FIGURE 31 ASIA PACIFIC: MARKET SNAPSHOT 149
TABLE 129 ASIA PACIFIC: FINTECH AS A SERVICE MARKET, BY TYPE, 2017–2022 (USD MILLION) 150
TABLE 130 ASIA PACIFIC: FINTECH AS A SERVICE MARKET, BY TYPE, 2023–2028 (USD MILLION) 150
TABLE 131 ASIA PACIFIC: FINTECH AS A SERVICE MARKET, BY TECHNOLOGY, 2017–2022 (USD MILLION) 150
TABLE 132 ASIA PACIFIC: FINTECH AS A SERVICE MARKET, BY TECHNOLOGY, 2023–2028 (USD MILLION) 151
TABLE 133 ASIA PACIFIC: FINTECH AS A SERVICE MARKET, BY APPLICATION, 2017–2022 (USD MILLION) 151
TABLE 134 ASIA PACIFIC: FINTECH AS A SERVICE MARKET, BY APPLICATION, 2023–2028 (USD MILLION) 151
TABLE 135 ASIA PACIFIC: FINTECH AS A SERVICE MARKET, BY END USER, 2017–2022 (USD MILLION) 152
TABLE 136 ASIA PACIFIC: FINTECH AS A SERVICE MARKET, BY END USER, 2023–2028 (USD MILLION) 152
TABLE 137 ASIA PACIFIC: FINTECH AS A SERVICE MARKET, BY COUNTRY, 2017–2022 (USD MILLION) 152
TABLE 138 ASIA PACIFIC: FINTECH AS A SERVICE MARKET, BY COUNTRY, 2023–2028 (USD MILLION) 153
10.4.4 CHINA 153
10.4.4.1 Supportive government policies and technologically advanced infrastructure in China 153
TABLE 139 CHINA: FINTECH AS A SERVICE MARKET, BY TYPE, 2017–2022 (USD MILLION) 154
TABLE 140 CHINA: FINTECH AS A SERVICE MARKET, BY TYPE, 2023–2028 (USD MILLION) 154
TABLE 141 CHINA: FINTECH AS A SERVICE MARKET, BY TECHNOLOGY, 2017–2022 (USD MILLION) 154
TABLE 142 CHINA: FINTECH AS A SERVICE MARKET, BY TECHNOLOGY, 2023–2028 (USD MILLION) 155
TABLE 143 CHINA: FINTECH AS A SERVICE MARKET, BY APPLICATION, 2017–2022 (USD MILLION) 155
TABLE 144 CHINA: FINTECH AS A SERVICE MARKET, BY APPLICATION, 2023–2028 (USD MILLION) 155
TABLE 145 CHINA: FINTECH AS A SERVICE MARKET, BY END USER, 2017–2022 (USD MILLION) 156
TABLE 146 CHINA: FINTECH AS A SERVICE MARKET, BY END USER, 2023–2028 (USD MILLION) 156
10.4.5 JAPAN 156
10.4.5.1 Demand for personalized financial service in Japan 156
TABLE 147 JAPAN: FINTECH AS A SERVICE MARKET, BY TYPE, 2017–2022 (USD MILLION) 157
TABLE 148 JAPAN: FINTECH AS A SERVICE MARKET, BY TYPE, 2023–2028 (USD MILLION) 157
TABLE 149 JAPAN: FINTECH AS A SERVICE MARKET, BY TECHNOLOGY, 2017–2022 (USD MILLION) 158
TABLE 150 JAPAN: FINTECH AS A SERVICE MARKET, BY TECHNOLOGY, 2023–2028 (USD MILLION) 158
TABLE 151 JAPAN: FINTECH AS A SERVICE MARKET, BY APPLICATION, 2017–2022 (USD MILLION) 158
TABLE 152 JAPAN: FINTECH AS A SERVICE MARKET, BY APPLICATION, 2023–2028 (USD MILLION) 159
TABLE 153 JAPAN: FINTECH AS A SERVICE MARKET, BY END USER, 2017–2022 (USD MILLION) 159
TABLE 154 JAPAN: FINTECH AS A SERVICE MARKET, BY END USER, 2023–2028 (USD MILLION) 159
10.4.6 INDIA 160
10.4.6.1 Higher adoption of advanced AI and ML-based identity verification solutions 160
TABLE 155 INDIA: FINTECH AS A SERVICE MARKET, BY TYPE, 2017–2022 (USD MILLION) 160
TABLE 156 INDIA: FINTECH AS A SERVICE MARKET, BY TYPE, 2023–2028 (USD MILLION) 161
TABLE 157 INDIA: FINTECH AS A SERVICE MARKET, BY TECHNOLOGY, 2017–2022 (USD MILLION) 161
TABLE 158 INDIA: FINTECH AS A SERVICE MARKET, BY TECHNOLOGY, 2023–2028 (USD MILLION) 161
TABLE 159 INDIA: FINTECH AS A SERVICE MARKET, BY APPLICATION, 2017–2022 (USD MILLION) 162
TABLE 160 INDIA: FINTECH AS A SERVICE MARKET, BY APPLICATION, 2023–2028 (USD MILLION) 162
TABLE 161 INDIA: FINTECH AS A SERVICE MARKET, BY END USER, 2017–2022 (USD MILLION) 162
TABLE 162 INDIA: FINTECH AS A SERVICE MARKET, BY END USER, 2023–2028 (USD MILLION) 163
10.4.7 REST OF ASIA PACIFIC 163
TABLE 163 REST OF ASIA PACIFIC: FINTECH AS A SERVICE MARKET, BY TYPE, 2017–2022 (USD MILLION) 164
TABLE 164 REST OF ASIA PACIFIC: FINTECH AS A SERVICE MARKET, BY TYPE, 2023–2028 (USD MILLION) 164
TABLE 165 REST OF ASIA PACIFIC: FINTECH AS A SERVICE MARKET, BY TECHNOLOGY, 2017–2022 (USD MILLION) 164
TABLE 166 REST OF ASIA PACIFIC: FINTECH AS A SERVICE MARKET, BY TECHNOLOGY, 2023–2028 (USD MILLION) 165
TABLE 167 REST OF ASIA PACIFIC: FINTECH AS A SERVICE MARKET, BY APPLICATION, 2017–2022 (USD MILLION) 165
TABLE 168 REST OF ASIA PACIFIC: FINTECH AS A SERVICE MARKET, BY APPLICATION, 2023–2028 (USD MILLION) 165
TABLE 169 REST OF ASIA PACIFIC: FINTECH AS A SERVICE MARKET, BY END USER, 2017–2022 (USD MILLION) 166
TABLE 170 REST OF ASIA PACIFIC: FINTECH AS A SERVICE MARKET, BY END USER, 2023–2028 (USD MILLION) 166
10.5 MIDDLE EAST & AFRICA 166
10.5.1 MIDDLE EAST & AFRICA: MARKET DRIVERS 167
10.5.2 MIDDLE EAST & AFRICA: RECESSION IMPACT 167
10.5.3 MIDDLE EAST & AFRICA: REGULATORY LANDSCAPE 167
TABLE 171 MIDDLE EAST & AFRICA: FINTECH AS A SERVICE MARKET, BY TYPE, 2017–2022 (USD MILLION) 168
TABLE 172 MIDDLE EAST & AFRICA: FINTECH AS A SERVICE MARKET, BY TYPE, 2023–2028 (USD MILLION) 168
TABLE 173 MIDDLE EAST & AFRICA: FINTECH AS A SERVICE MARKET, BY TECHNOLOGY, 2017–2022 (USD MILLION) 169
TABLE 174 MIDDLE EAST & AFRICA: FINTECH AS A SERVICE MARKET, BY TECHNOLOGY, 2023–2028 (USD MILLION) 169
TABLE 175 MIDDLE EAST & AFRICA: FINTECH AS A SERVICE MARKET, BY APPLICATION, 2017–2022 (USD MILLION) 169
TABLE 176 MIDDLE EAST & AFRICA: FINTECH AS A SERVICE MARKET, BY APPLICATION, 2023–2028 (USD MILLION) 170
TABLE 177 MIDDLE EAST & AFRICA: FINTECH AS A SERVICE MARKET, BY END USER, 2017–2022 (USD MILLION) 170
TABLE 178 MIDDLE EAST & AFRICA: FINTECH AS A SERVICE MARKET, BY END USER, 2023–2028 (USD MILLION) 170
10.6 LATIN AMERICA 171
10.6.1 LATIN AMERICA: MARKET DRIVERS 171
10.6.2 LATIN AMERICA: RECESSION IMPACT 171
10.6.3 LATIN AMERICA: REGULATORY LANDSCAPE 172
TABLE 179 LATIN AMERICA: FINTECH AS A SERVICE MARKET, BY TYPE, 2017–2022 (USD MILLION) 172
TABLE 180 LATIN AMERICA: FINTECH AS A SERVICE MARKET, BY TYPE, 2023–2028 (USD MILLION) 173
TABLE 181 LATIN AMERICA: FINTECH AS A SERVICE MARKET, BY TECHNOLOGY, 2017–2022 (USD MILLION) 173
TABLE 182 LATIN AMERICA: FINTECH AS A SERVICE MARKET, BY TECHNOLOGY, 2023–2028 (USD MILLION) 173
TABLE 183 LATIN AMERICA: FINTECH AS A SERVICE MARKET, BY APPLICATION, 2017–2022 (USD MILLION) 174
TABLE 184 LATIN AMERICA: FINTECH AS A SERVICE MARKET, BY APPLICATION, 2023–2028 (USD MILLION) 174
TABLE 185 LATIN AMERICA: FINTECH AS A SERVICE MARKET, BY END USER, 2017–2022 (USD MILLION) 174
TABLE 186 LATIN AMERICA: FINTECH AS A SERVICE MARKET, BY END USER, 2023–2028 (USD MILLION) 175
11 COMPETITIVE LANDSCAPE 176
11.1 OVERVIEW 176
11.2 HISTORICAL REVENUE ANALYSIS 176
FIGURE 32 FIVE-YEAR REVENUE ANALYSIS OF FINTECH AS A SERVICE VENDORS (USD MILLION) 176
11.3 MARKET SHARE ANALYSIS OF LEADING PLAYERS 177
FIGURE 33 FINTECH AS A SERVICE MARKE