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Today: May 27, 2024

Upward growth: Examining Key Trends & Players in BaaS Market

1 min read

The global Banking-as-a-Service (BaaS) market is projected to experience significant growth in the coming years, according to a new industry report. The market is expected to expand at a compound annual growth rate (CAGR) of 19.1%, reaching $614.62 billion in 2023. This growth is fueled by the increasing adoption of digital banking, as financial institutions embrace digital platforms and offer flexible, personalized services to customers. The report also highlights the use of cloud-native architecture among leading BaaS providers, such as Oracle, which offers cloud-native banking services to promote agility in the sector. Despite global economic challenges, the BaaS market is estimated to reach $1,231.49 billion by 2027 at a CAGR of 19.0%.