The North America Fintech-as-a-Service Market is expected to witness market growth of 16.3% CAGR during the forecast period (2022-2028).
Bank visits, standing in lines, and dealing with red tape are the stuff of the past. Cloud computing is used to establish intelligent relationships between customers and organizations through artificial intelligence, APIs connected to voice assistants, and Invisible Banks. It provides simple online transactions, which lowers expenses for all parties. Right now, this is the greatest wager in the fintech industry.
With open banking, customers provide banks and other financial service providers with secure access to their banks and financial information. These companies might then be able to provide them with specialized goods and services that satisfy their customers' needs while also enhancing data security. Companies that adopt Open Banking see the expansion of their database as a positive. After all, they gain information that is previously known to their competitors.
Paying with a QR code is one of the fintech industry's major promises. A true banking device today is any mobile smartphone with a camera. The future of the banking sector is expected to undoubtedly change as a result of the instant payment trend. Massive amounts of data can be processed using machine learning applications, and these programs can draw insightful conclusions that can boost productivity and cut down on processing time.
Additionally, it performs real-time trend analysis, enabling prompt decision-making. Today, AI/ML is employed in many financial services applications, from risk management and investment forecasts to fraud detection, lending approvals, and AML screening. Fintech is expected to continue to be one of the crucial industries due to the advancement of machine learning.
North America, as a result of rising blockchain technology investment. Numerous blockchain development projects have been started in the US in recent years, which has accelerated the market's expansion. Moreover, this area is home to a large number of small, medium-sized, and technology-based businesses. Additionally, there has been significant progress in the integration of public critical services with BaaS solutions, which is predicted to open up new growth opportunities for the local BaaS market in the coming years.
The US market dominated the North America Fintech-as-a-Service Market by Country in 2021, and is expected to continue to be a dominant market till 2028; thereby, achieving a market value of $165,790.7 million by 2028. The Canada market is poised to grow at a CAGR of 19% during (2022 - 2028). Additionally, The Mexico market is expected to witness a CAGR of 17.9% during (2022 - 2028).
Based on Technology, the market is segmented into Blockchain, API, Artificial Intelligence, RPA, and Others. Based on End Use, the market is segmented into Insurance, Bank, Financial Lending Companies, and Others. Based on Type, the market is segmented into Payment, Fund Transfer, Loan, and Others. Based on Application, the market is segmented into Compliance & Regulatory Support, KYC Verification, Fraud Monitoring, and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include PayPal Holdings, Inc., Mastercard, Inc., Upstart Network, Inc., Block, Inc., Envestnet, Inc., SoFi Technologies, Inc., Rapyd Financial Network Ltd., Solid Financial Technologies, Inc., Synctera Inc., and Railsbank Technology Ltd. (Railsr).
Bank visits, standing in lines, and dealing with red tape are the stuff of the past. Cloud computing is used to establish intelligent relationships between customers and organizations through artificial intelligence, APIs connected to voice assistants, and Invisible Banks. It provides simple online transactions, which lowers expenses for all parties. Right now, this is the greatest wager in the fintech industry.
With open banking, customers provide banks and other financial service providers with secure access to their banks and financial information. These companies might then be able to provide them with specialized goods and services that satisfy their customers' needs while also enhancing data security. Companies that adopt Open Banking see the expansion of their database as a positive. After all, they gain information that is previously known to their competitors.
Paying with a QR code is one of the fintech industry's major promises. A true banking device today is any mobile smartphone with a camera. The future of the banking sector is expected to undoubtedly change as a result of the instant payment trend. Massive amounts of data can be processed using machine learning applications, and these programs can draw insightful conclusions that can boost productivity and cut down on processing time.
Additionally, it performs real-time trend analysis, enabling prompt decision-making. Today, AI/ML is employed in many financial services applications, from risk management and investment forecasts to fraud detection, lending approvals, and AML screening. Fintech is expected to continue to be one of the crucial industries due to the advancement of machine learning.
North America, as a result of rising blockchain technology investment. Numerous blockchain development projects have been started in the US in recent years, which has accelerated the market's expansion. Moreover, this area is home to a large number of small, medium-sized, and technology-based businesses. Additionally, there has been significant progress in the integration of public critical services with BaaS solutions, which is predicted to open up new growth opportunities for the local BaaS market in the coming years.
The US market dominated the North America Fintech-as-a-Service Market by Country in 2021, and is expected to continue to be a dominant market till 2028; thereby, achieving a market value of $165,790.7 million by 2028. The Canada market is poised to grow at a CAGR of 19% during (2022 - 2028). Additionally, The Mexico market is expected to witness a CAGR of 17.9% during (2022 - 2028).
Based on Technology, the market is segmented into Blockchain, API, Artificial Intelligence, RPA, and Others. Based on End Use, the market is segmented into Insurance, Bank, Financial Lending Companies, and Others. Based on Type, the market is segmented into Payment, Fund Transfer, Loan, and Others. Based on Application, the market is segmented into Compliance & Regulatory Support, KYC Verification, Fraud Monitoring, and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include PayPal Holdings, Inc., Mastercard, Inc., Upstart Network, Inc., Block, Inc., Envestnet, Inc., SoFi Technologies, Inc., Rapyd Financial Network Ltd., Solid Financial Technologies, Inc., Synctera Inc., and Railsbank Technology Ltd. (Railsr).
Scope of the Study
Market Segments Covered in the Report:
By Technology
- Blockchain
- API
- Artificial Intelligence
- RPA
- Others
By End Use
- Insurance
- Bank
- Financial Lending Companies
- Others
By Type
- Payment
- Fund Transfer
- Loan
- Others
By Application
- Compliance & Regulatory Support
- KYC Verification
- Fraud Monitoring
- Others
By Country
- US
- Canada
- Mexico
- Rest of North America
Key Market Players
List of Companies Profiled in the Report:
- PayPal Holdings, Inc.
- Mastercard, Inc.
- Upstart Network, Inc.
- Block, Inc.
- Envestnet, Inc.
- SoFi Technologies, Inc.
- Rapyd Financial Network Ltd.
- Solid Financial Technologies, Inc.
- Synctera Inc.
- Railsbank Technology Ltd. (Railsr)
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Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market Overview
Chapter 3. Competition Analysis - Global
Chapter 4. North America Fintech-as-a-Service Market by Technology
Chapter 5. North America Fintech-as-a-Service Market by End-use
Chapter 6. North America Fintech-as-a-Service Market by Type
Chapter 7. North America Fintech-as-a-Service Market by Application
Chapter 8. North America Fintech-as-a-Service Market by Country
Chapter 9. Company Profiles
Companies Mentioned
- PayPal Holdings, Inc.
- Mastercard, Inc.
- Upstart Network, Inc.
- Block, Inc.
- Envestnet, Inc.
- SoFi Technologies, Inc.
- Rapyd Financial Network Ltd.
- Solid Financial Technologies, Inc.
- Synctera Inc.
- Railsbank Technology Ltd. (Railsr)
Methodology
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