According to the Telecommunications Industry Association (TIA), Wi-Fi and WiMAX infrastructure revenues for the U.S. market are forecast to reach $5.2 billion and $115 million by the end of 2005, respectively. The Wi-Fi market will continue to grow as the number of hotspots proliferates, and the emerging WiMAX equipment market would also add to market growth. TIA expects revenues from capital spending on Wi-Fi and WiMAX within the U.S. to reach an estimated $22.3 billion in 2005, rising to $29.3 billion by 2008, at a compound annual gain of 7.1 percent. Spending on Wi-Fi services in the U.S. reached $21 million in 2004 and the TIA expects spending to increase to $45 million in 2005, rising at 99.9 percent CAGR to $335 million by 2008. The number of U.S. Wi-Fi hotspots increased from 3,400 in 2002 to 21,500 in 2004. The TIA expects that the number of Wi-Fi hotspots to rise from 32,800 this year to 64,200 in 2008, rising at 31.5 percent CAGR.
The BaaS model has been adopted across a wide range of industries due to its ability to streamline financial processes for non-banks and foster innovation. BaaS has several industry-specific use cases, where it creates new revenue streams. Banking as a Service (BaaS) is rapidly emerging as a growth market, allowing non-bank businesses to integrate banking services into their core products and online platforms. As defined by Juniper Research, BaaS is "the delivery and integration of digital banking services by licensed banks, directly into the products of non-banking businesses, commonly through the use of APIs." BaaS Market Development The core idea is that licensed banks can rent out their regulated financial infrastructure through Application Programming Interfaces (APIs) to third-party Fintechs and other interested companies. This enables those organizations to offer banking capabilities like payment processing, account management, and debit or credit card issuance without