Fintech and Digital Assets are the next economic boom.According to a Global Market Insights report, Fintech as a Service (FaaS) industry is estimated to grow from a $260.7 billion market size in 2022 to$995.9 billion in 2032 (CAGR: 14%).
The Crypto Asset Management Market is seen swellingfrom $1.1 billion in 2023 to $3.1 billion by 2028 (CAGR: 23%) according to data from ReportLinker.
As these sectors continue to redefine economic growth, there's no better way to stay ahead of the curve than by immersing yourself in the industry's cutting-edge developments. Join the top thought leaders in the Fintech and Digital Assets industriesat Benzingas Fintech Deal Day & Awards event and the Future of Digital Assets Powered by Benzinga event.
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Growth Drivers
The FaaS growth is mainly driven by high consumer demand for online and mobile banking services, while the evolution of asset management along with rising investments in crypto funds is pushing the crypto asset management market growth.
Not only are startups and new companies joining the growth trajectory, but traditional financial institutions are also adopting FaaS to enhance customer experience. Leveraging APIs and cloud-based solutions, FaaS allows companies to fully capitalize on fintech features without the burden of substantial investments.
A Closer Look
Segment-wise, FaaS in the context ofblockchain is seen crossing $260 billion by 2032 as companies choose transparency and automation benefits for their organizational structure. Payments and Remittances represented 45% of the FaaS market share in 2022.
Geographically, North America tops the chart with 40% of revenue share from the total 2022 revenue. It is likely to retain the position for the forecast period, 2022 to 2032. Asia-Pacific is estimated to see the fastest CAGR of 21.7% from 2022 to 2032 led by rising awareness about the fintech platforms in China, Japan, and India.
A few names in the FaaS space are,Adyen ADYYF , Block IncSQ , EnvestnetInc ENV , Finastra, OpenPayd, Fidelity National Information Services IncFIS , Fiserv IncFI , Mastercard Inc MA , Paypal Holdings IncPYPL , and Dwolla.
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