North America Banking-as-a-Service Market Size, Share & Industry Trends Analysis Report By Component (Platform and Services), By End User (Banks, NBFC, Government and Others), By Organization size, By Product Type, By Country and Growth Forecast, 2022 - 2028
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Market Report Description
The North America Banking-as-a-Service Market would witness market growth of 14.8% CAGR during the forecast period (2022-2028).
Rising demand for rapid digitalization, financial services, and the availability of Application Programming Interfaces are the main drivers of market expansion. The growing acceptance of online banking is another factor contributing to the industry's growth. Online banking is increasingly becoming the preferred method of access for consumers to reach a variety of services, including money transfers, account statements, and online purchases.
As a result, fintech companies are focusing on providing customers with better digital services for increased convenience & consumer satisfaction. Open banking, in which banks make their Application Programming Interfaces (APIs) available to outside developers so they may create new services and give account holders more options for financial transparency, has made banking-as-a-service (BaaS) platforms a crucial component.
The growth in online payment activity will boost the potential of the U.S. digital banking system. Banks can notify customers if they discover any transactional discrepancies with the aid of cutting-edge technologies built into these solutions. The popularity of digital banking services in the nation will increase with the availability of cutting-edge payment methods to expedite and improve customer convenience. Consumers benefit greatly from the convenience of auto-debit payments because they can make their loan payments without having to go to the bank.
The US market dominated the North America Banking-as-a-Service Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $13,217.7 million by 2028.The Canada market is poised to grow at a CAGR of 17.4% during (2022 - 2028). Additionally, The Mexico market would witness a CAGR of 16.4% during (2022 - 2028).
Based on Component, the market is segmented into Platform and Services. Based on End User, the market is segmented into Banks, NBFC, Government and Others. Based on Organization size, the market is segmented into Large Enterprises and SMEs. Based on Product Type, the market is segmented into Cloud-Based and API-Based. 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 Green Dot Corporation, PayPal Holdings, Inc., Block, Inc., Sopra Steria Group SA, Moven Enterprises, Solarisbank AG, The Currency Cloud Limited, Treezor SAS, Bnkbl Ltd., and MatchMove Pay Pte. Ltd.
Scope of the Study
Market Segments Covered in the Report:
By End User
By Organization size
- Large Enterprises
By Product Type
- Rest of North America
Key Market Players
List of Companies Profiled in the Report:
- Green Dot Corporation
- PayPal Holdings, Inc.
- Block, Inc.
- Sopra Steria Group SA
- Moven Enterprises
- Solarisbank AG
- The Currency Cloud Limited
- Treezor SAS
- Bnkbl Ltd.
- MatchMove Pay Pte. Ltd.
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