PUBLISHER: Allied Market Research | PRODUCT CODE: 1414874
PUBLISHER: Allied Market Research | PRODUCT CODE: 1414874
According to a new report published by Allied Market Research, titled, "Embedded Banking Market," The embedded banking market was valued at $13.6 billion in 2022, and is estimated to reach $110.7 billion by 2032, growing at a CAGR of 23.6% from 2023 to 2032.
The embedded banking market is driven by the digitalization in the banking sector. Financial institutions have utilized technology to provide integrated and smooth banking experiences across non-banking channels. The demand for embedded banking solutions has increased as a result of clients being able to effortlessly access banking services, manage their accounts, and execute financial transactions thanks to this digital transformation. Furthermore, enhanced customer experience plays a major role in the growth of the embedded banking market. However, security and data privacy concerns could hamper the expansion of embedded banking markets. Customers could be hesitant to use such services due to concerns about possible breaches of security and unwanted access to private financial data. These concerns may cause people to be hesitant to use embedded banking solutions, which could hinder their general acceptance. Furthermore, the lack of digital literacy in emerging countries must restrict the embedded banking market growth. On the contrary, the embedded banking market can benefit from diversifying revenue streams for non-banking entities. since they enable companies to add more revenue to their operations by integrating banking services into their platforms and charging fees, commissions, or interest on loans. In the end, this drives the expansion of the embedded banking market by allowing them to improve their overall business strategy, monetize their user base, and boost profitability.
The embedded banking market is segmented on the basis of type, industry vertical and region. On the basis of type, the market is segmented into payment processing, lending, contactless payment, wealth management and others. On the basis of industry vertical, it is bifurcated into retail and e-commerce, transportation and logistics, healthcare, media and entertainment, and others. On the basis of region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The report analyses the profiles of key players operating in the embedded banking market such as
1) Cybrid Inc., EdgeVerve Systems Limited, Finastra, Fiserv, Inc., Lendflo, Moshpit Technologies, Inc., PayPal, PAYRIX, Stripe, Inc., Zopa Bank Limited. These players have adopted various strategies to increase their market penetration and strengthen their position in the embedded banking market.
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