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Fintech as a Service (FaaS) Market worth $806.9 billion by 2029 – Exclusive Report by MarketsandMarkets™

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CHICAGO, Aug. 1, 2024 /PRNewswire/ — The Fintech as a Service Market size is estimated to grow from USD 358.8 billion in 2024 to USD 806.9 billion by 2029 at a Compound Annual Growth Rate (CAGR) of 17.6% during the forecast period, according to a new report by MarketsandMarkets™. The key driver of FaaS is the growing demand for rising digital financial services, open banking operational initiatives, growing demand for streamlined compliances and regulatory solutions, scalability of cloud computing technologies in operations, and driving innovation of AI and blockchain.

Browse in-depth TOC on “Fintech as a Service (FaaS) Market”

375 – Tables
51 – Figures
331 – Pages

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=9388805

Scope of the Report

Report Metrics

Details

Market size available for years

2018-2029

Base year considered

2023

Forecast period

2024–2029

Forecast units

Value (USD Billion) 

Segments Covered

By Type, Technology, Application, End User, Region.

Geographies covered

North America, Europe, Asia Pacific, Middle East & Africa and Latin America

Companies covered

Major vendors in the FaaS market include PayPal (US), Mastercard (US), Fiserv (US), Block (US), Rapyd (UK), Envestnet (US), Upstart (US), Solid Financial (US), FIS (US), Synctera (US), Stripe (US), Adyen (Netherlands), Dwolla (US), Finastra (UK), Revolut (UK), Fispan (Canada), Nium (Singapore), Airwallex (Australia), Sofi Technologies Inc. (US), Marqeta (US), Finx (US), Synapse (US).

FaaS solutions enable organizations to access pre-built financial technology solutions that can be integrated into existing systems, enabling businesses to provide innovative financial services, reducing the cost of new in-house development technology and the investment needed for resources, which makes it cost-efficient financial services, making high-tech tools available without a high upfront cost. With FaaS, companies can focus on competition and innovation with their core operations, delivering cutting-edge financial services to their customers.

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Based on the type, Payments in the FaaS market accounts for the highest market size during the forecast period.

Payments are expected to maintain the highest market share in the FaaS market for various reasons. Their ubiquitous nature, being important to daily transactions and serving a vast customer base involving individuals, businesses, and governments, and rapid technological advancements like digital wallets, biometric authentication, upgraded security on real-time payments, convenience, and efficiency play a crucial role in financial inclusion by providing services through mobile payments in the emerging market. It acts as a boon by providing solutions and services to a major segment of the population through digital platforms. It is enhancing the customer experience by integrating payment methods to various platforms such as e-commerce, ride-sharing, and digital commerce, driving the popularity of subscription-based models, and its regulatory evolution, such as open banking payments and Payment Services Directive 2 (PSD2), creating strong authentication and open API’s.

By application, KYC Verification segment will grow at the highest CAGR during the forecasted period.

The Know Your Customer (KYC) verification segment is growing faster than any other part of the fintech-as-a-service market. This growth comes from a few key factors. Companies need to follow stricter rules, like those against money laundering and funding terrorism, as well as laws about data privacy, such as GDPR and CCPA. More cases of identity theft and financial scams make it crucial to have accurate and reliable KYC to keep customers safe.

KYC also helps make signing up new customers online smoother and quicker, improving their first experience and letting companies assess risk better. As the fintech world grows and technology improves, like fingerprint scans and smart computer analysis, the need for solid KYC checks increases. This builds customer trust and protects the good name of financial companies.

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By region, Asia Pacific will grow at the highest CAGR during the forecast period.

Asia Pacific is forecasted to grow at the highest CAGR due to the rapid adoption of digitization, rising internet penetration, and widespread use of smartphones in countries like India, China, and Indonesia, which have a large customer base. These regions are one of the largest populations, which provides an opportunity for fintech companies for financial inclusion. The government’s support and praise for fintech solutions is being heavily backed up, showing a positive future aspect of growth in the FaaS market. The region also attracts a large number of investment interests from various sources due to its population and growing demand for digital financial services, mostly among middle-class earning entities. The market is also a rising hub of digital platforms, which further enhances the strong entrepreneurial ecosystem and the fintech landscape.

Top Companies in Fintech as a Service Market:

PayPal (US), Mastercard (US), Fiserv (US), Block (US), Rapyd (UK), Envestnet (US), Upstart (US), Solid Financial (US), FIS (US), Synctera (US), Stripe (US) , Adyen (Netherlands), Dwolla (US), Finastra (UK), Revolut (UK), Fispan (Canada), Nium (Singapore), Airwallex (Australia), Sofi Technologies Inc. (US), Margeta (US), Finx (US), Synapse (US).

Browse Adjacent Markets: Software and Services Market Research Reports & Consulting

Related Reports:

Blockchain Market – Global Forecast to 2029

Embedded Finance Market – Global Forecast to 2029

Cloud Based Contact Center Market– Global Forecast to 2029

eGRC Market – Global Forecast to 2029

Facial Recognition Market– Global Forecast to 2028

Get access to the latest updates on Fintech as a Service Companies and Fintech as a Service Industry 

About MarketsandMarkets™

MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

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Technology

As 2025 IRS Mileage Rate Hits 70 Cents, Expert Warns: Ditch Risky Apps for Secure Paper Tracking

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Gig economy expert Ed Ryder warns against the risks of mileage tracking apps, and advocates using paper-based tracking methods instead. He introduces The Big Mileage Form, a secure alternative developed over two years to meet the specific needs of food delivery gig workers. Ryder highlights recent tech failures, like the July 2024 global IT outage, to underscore the vulnerabilities of digital solutions. The press release also mentions Ryder’s significant mileage deduction using his form and directs readers to GigCoach.net for additional resources, including a consumer tutorial to drive better food delivery outcomes and a gig coach training program.

PHILADELPHIA, Dec. 22, 2024 /PRNewswire-PRWeb/ — As the IRS announces a standard mileage rate of 70 cents per mile for 2025, gig economy expert Ed Ryder, who has completed over 10,000 deliveries with his own car using major food delivery platforms, urges fellow gig workers to reconsider their mileage tracking methods. While acknowledging the convenience of digital solutions, Ryder advocates for a return to secure, paper-based tracking to protect valuable mileage deductions.

With the mileage rate at 70 cents, accurate tracking is crucial for gig workers and small business owners. Mileage apps seem convenient, but they risk data loss from outages, glitches, and cyber attacks. Many overlook these significant dangers.

“With the mileage rate increasing to 70 cents, accurate tracking is more crucial than ever for gig workers and small business owners,” says Ryder, creator of The Big Mileage Form. “While mileage tracking apps seem convenient, they come with significant risks that many overlook. Network outages, app glitches, and cyber attacks can jeopardize months of data.”

Ryder points to the July 2024 global IT outage as a prime example of technology’s vulnerabilities. “A faulty software update caused mass airline disruptions and impacted other industries, catching major corporations off guard. This incident highlights that even in our digital age, software isn’t infallible. For me, I simply won’t trust mileage tracking apps with my most important tax deduction.”

To address these concerns, Ryder developed a comprehensive, paper-based solution. “I spent two years perfecting The Big Mileage Form, tailoring it to the specific needs of food delivery gig workers,” he explains. “At 11×17 inches, it provides ample space for detailed record-keeping and, crucially, it’s immune to software glitches, data breaches, and ransomware attacks.”

Ryder’s meticulous paper-based record-keeping resulted in a mileage deduction exceeding $19,000 on his 2023 federal taxes. “All my business-related miles are thoroughly documented on paper. I’m fully prepared to defend this deduction in case of an audit. This level of confidence is what I aim to provide other gig workers.”

“In today’s digital age, sometimes the most secure solution is the simplest one,” Ryder concludes. “My form not only ensures data security but also prepares users for potential IRS audits. It’s time to reconsider the old-fashioned, but reliable pen-and-paper method.”

For those interested in learning more about effective mileage tracking and other aspects of gig work, Ryder offers valuable resources on GigCoach.net. These include a tutorial for consumers titled ‘Fair Deal Delivery,’ which provides insights on how to improve food delivery outcomes. Additionally, experienced food delivery couriers can explore Ryder’s gig coach training program. Visit GigCoach.net to access these resources and learn more about The Big Mileage Form.

Media Contact

Ed Ryder, Match Experiment LLC, 1 484-493-8740, hello@ideamaned.com, gigcoach.net

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SOURCE Gig economy expert Ed Ryder

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DATA BREACH ALERT: Edelson Lechtzin LLP Is Investigating Claims On Behalf Of Ascension Health Customers Whose Data May Have Been Compromised

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NEWTOWN, Pa., Dec. 22, 2024 /PRNewswire/ — The law firm of Edelson Lechtzin LLP is investigating claims regarding data privacy violations by Ascension Health (“Ascension”). Ascension learned of suspicious activity on or about May 8, 2024. To join this case, go HERE.

About Ascension Health

Ascension is a prominent non-profit health system in the nation and operates under Catholic principles.

What happened?

On or about May 8, 2024, Ascension detected unauthorized activity in its computer systems. Ascension initiated an investigation, which included retaining consulting cybersecurity experts and notifying the FBI. The investigation determined that between May 7 and 8, 2024, a cybercriminal accessed files containing personal information about Ascension’s patients and employees. This information included names, medical records, payment details, insurance information, government identification numbers, and other personal data such as dates of birth and addresses. Approximately 6 million individuals have been affected by this data breach.

How can I protect my personal data?

If you receive a data breach notification, you must guard against possible misuse of your personal information, including identity theft and fraud, by regularly reviewing your account statements and monitoring your credit reports for suspicious or unauthorized activity. Additionally, you should consider legal options for mitigating such risks.

Edelson Lechtzin LLP is investigating a class action lawsuit to seek legal remedies for customers whose sensitive personal and patient data may have been compromised by the Ascension data breach.

For more information, please contact:

Marc H. Edelson, Esq.
EDELSON LECHTZIN LLP
411 S. State Street, Suite N-300
Newtown, PA 18940
Phone: 844-696-7492
Email: medelson@edelson-law.com
Web:  www.edelson-law.com 

About Edelson Lechtzin LLP
Edelson Lechtzin LLP is a national class action law firm with offices in Pennsylvania and California. In addition to cases involving data breaches, our lawyers focus on class and collective litigation in cases alleging securities and investment fraud, violations of the federal antitrust laws, employee benefit plans under ERISA, wage theft and unpaid overtime, consumer fraud, and catastrophic injuries.

This press release may be considered Attorney Advertising in some jurisdictions. No class has been certified in this case, so counsel does not represent you unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing now. Your ability to share in any potential future recovery does not depend on serving as lead plaintiff.

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SOURCE Edelson Lechtzin LLP

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Earth’s pulse monitored: a review highlights remote sensing time series progress

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As urbanization accelerates and environmental dynamics shift, the need for accurate and timely terrestrial monitoring has never been more urgent. A review has introduced a novel approach to remote sensing time series analysis, integrating multi-source data to enable near real-time monitoring. This innovative methodology promises to transform environmental conservation and urban planning by providing unprecedented insights into terrestrial changes and offering a more precise understanding of environmental dynamics.

GUANGZHOU, China, Dec. 22, 2024 /PRNewswire-PRWeb/ — An international team of researchers from South China Normal University, the University of Connecticut, and the Chinese Academy of Sciences has made a significant breakthrough in remote sensing. Their review, published (DOI: 10.34133/remotesensing.0285) in the Journal of Remote Sensing on December 11, 2024, addresses key challenges in remote sensing, such as incomplete data and noise interference. The team’s new time series analysis technique leverages advanced data reconstruction and fusion methods, significantly enhancing the precision and efficiency of remote sensing for monitoring environmental changes.

The research team has developed an advanced time series analysis technique that combines deep learning algorithms with traditional remote sensing methods to integrate data from various remote sensing sources. This innovative approach allows for the extraction of subtle patterns from large, complex datasets, which is crucial for monitoring critical environmental parameters such as land use and vegetation health. Unlike conventional techniques that struggle with incomplete or noisy data, this new methodology offers enhanced accuracy and more reliable insights into terrestrial dynamics, paving the way for more effective environmental monitoring.

Central to the study’s success is the integration of Long Short-Term Memory (LSTM) networks and Generative Adversarial Networks (GANs) to address the challenges posed by missing or noisy data. The LSTM networks capture temporal trends over time, while the GANs generate synthetic data that mimics real-world observations to fill gaps and correct for atmospheric distortions. This dual approach has resulted in a cleaner, more accurate time series dataset, which was validated against independent ground truth measurements. The researchers demonstrated significant improvements in key vegetation indices, such as the Normalized Difference Vegetation Index (NDVI), setting a new benchmark in the field of remote sensing.

Experts in the field have lauded the study’s potential to revolutionize remote sensing applications. They see the method as a transformative tool for enhancing high-resolution monitoring and extending its coverage, particularly in agricultural surveillance, urban planning, and environmental management. “This method represents a crucial advancement in our ability to monitor environmental changes,” says Professor Fu. “As it evolves, it could play a key role in addressing climate change and other global challenges.”

The methodology’s future applications are vast, especially in global environmental monitoring and supporting sustainable development goals. By integrating multi-temporal data from Landsat and Sentinel-2 satellites, the team has created a framework for accurate and continuous terrestrial analysis. As computational power advances and algorithms improve, this technology is expected to become a vital tool for natural resource management, disaster response, and climate change mitigation. In the years to come, it could provide critical data to help policymakers address pressing environmental issues on a global scale.

References

DOI

10.34133/remotesensing.0285

Oiginal Source URL

https://doi.org/10.34133/remotesensing.0285

Funding information

This work was supported by the National Nature Science Foundation of China (grant numbers 42425001 and 42071399).

About Journal of Remote Sensing

The Journal of Remote Sensing, an online-only Open Access journal published in association with AIR-CAS, promotes the theory, science, and technology of remote sensing, as well as interdisciplinary research within earth and information science.

Media Contact

George Hua, Chuanlink Innovations, 1 8656606278, TranSpread1@gmail.com, http://chuanlink-innovations.com/

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SOURCE Journal of Remote Sensing

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