The North American market for fintech-as-a-service (FaaS) has been forecast to witness market growth of 16.3 per cent CAGR within the next six years; new market research indicates.
FaaS allows any company to embed any type of financial service into its current offering, including products, services and applications, by connecting to fintech APIs.
The findings of ResearchAndMarkets strongly indicate the positive trend of this type of application of fintech within the North American market.
The US specifically appeared to dominate this area last year, a position it’s expected to retain up until at least 2028; thereby, achieving a market value of $165,790.7million.
At the same time, the adjoining Canadian market for FaaS is poised to grow at a CAGR of 19 per cent, while the Mexican market is expected to witness a CAGR of 17.9 per cent between 2022 and 2028.
The data points to the general region’s rising level of blockchain investment as a catalyst for this growth. 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, many of which are adopting the likes of fintech to better their own offerings. Additionally, there has been significant progress in the integration of public critical services with banking-as-a-service (BaaS) solutions, which is predicted to open up new growth opportunities for the local BaaS market in the coming years.
With such a positive outlook on the use of fintech, the data put forward that with its rise, more traditional banking services, like bank visits and paper cheques, will slowly start to decline.
The findings delve into the wider application of fintech within North America, with the transition to digital being largely aided by the extension of cloud computing and artificial intelligence (AI). It is factors like these that the data suggests are driving the evolution of digital banking services.
Similarly 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 specialised goods and services that satisfy their customers’ needs while also enhancing data security.
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