CHICAGO, July 5, 2024 /PRNewswire/ -- The Embedded
Finance Market is expected to reach USD
251.5 billion by 2029 from USD 115.8
billion in 2024, at a Compound Annual Growth Rate (CAGR) of
16.8% during the forecast period, according to a new report by
MarketsandMarkets™.
Browse in-depth TOC on "Embedded Finance Market"
250 - Tables
50 - Figures
255 - Pages
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Scope of the Report
Report
Metrics
|
Details
|
Market size available
for years
|
2020-2029
|
Base year
considered
|
2023
|
Forecast
period
|
2024–2029
|
Forecast
units
|
Value (USD)
Billion
|
Segments
Covered
|
by type (embedded
payments, embedded lending, embedded insurance, embedded
investment/wealth management, other types), business model (B2B,
B2C), industry (retail & eCommerce, healthcare, education,
telecom, transportation, mobility and logistics, travel &
hospitality, other industries)
|
Region
covered
|
North America, Europe,
Asia Pacific, Middle East & Africa, and Latin
America.
|
Companies
covered
|
Stripe, Inc. (US),
PayPal Holdings, Inc. (US), Amazon.com, Inc. (US), Plaid, Inc.
(US), Klarna Bank AB (Sweden), FIS (US), Visa Inc. (US), Cross
River Bank (US), Zeta Services Inc. (US), Marqeta, Inc. (US), Wise
Payments Limited (UK), Goldman Sachs (UK), JPMorgan Chase & Co.
(US), Alipay+ (China), Unit Finance Inc. (US), Solaris SE
(Germany), Parafin, Inc. (US), Belvo (Mexico), Kasko Ltd. (UK),
Tint Technologies Inc. (US), Mezu, Inc. (US), Fortis Payment
Systems (US), Additiv AG (Switzerland), Galileo Financial
Technologies, LLC (US), Trevipay (US).
|
The embedded finance market is experiencing a massive disruption
because of the development of technologies such as API, AI,
blockchain, etc. This capability allows companies to incorporate
financial services into their platforms, delivering consistent and
unique solutions. Furthermore, demand for new complex, value-added,
readily available services that can be offered in real-time has
pressured firms in almost all industries to embrace embedded
finance. This shift helps non-financial firms to provide banking,
lending, insurance, and payment services, which fortifies customer
relations and generates more revenues. This market is divided into
segments based on different aspects, such as the type, business
model, and industry. Type includes solutions such as embedded
payments, embedded lending, embedded insurance, embedded
investment/wealth management, and others such as issuance and
deposits. The business model includes both B2B and B2C. The
industry segment focuses on retail & eCommerce, healthcare,
education, telecom, transportation, mobility and logistics, travel
& hospitality, and other industries, namely real estate,
energy, media & entertainment, and agriculture. These segments
collectively offer a comprehensive overview of the evolving
embedded finance landscape and its potential business
implications.
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Based on industry, retail & eCommerce sector to hold the
largest market size during the forecast period.
The research identified several drivers that would make the
retail and e-commerce sector the most significant market for
embedded finance throughout the forecast period, including the
steady growth in online purchasing coupled with the rising number
of digital consumers requires effective financial services
integrated into the e-commerce platforms; BNPL products increase
consumers' purchasing capacity, leading to increased spending.
Personalization capabilities enable retailers to offer customized
financial products to their customers, enhancing satisfaction and
loyalty. Secure payment gateways and other algorithms in fintech
underline smooth transaction processes, leading to higher consumer
confidence. An omnichannel approach that integrates both online and
offline experiences has financial services that help improve the
shopping experience. Growing cooperation between fintech and
retailers helps to achieve significant integration and compliance
with the requirements to introduce new services. At the same time,
the growth of mobile commerce enhances the demand for integrated
mobile payments. Collectively, these factors explain the large
market size of the retail and e-commerce segment in the embedded
finance market during the forecast period.
Based on the business model, the B2C model is expected to
hold a higher growth rate during the forecast period.
The B2C model for embedded finance is expected to experience
tremendous growth primarily because of the rising customer
expectations for integrated and omnichannel financial solutions.
The development of digital channels and e-commerce fuels the need
for broader implementation. Innovation experiences in fintech,
APIs, and AI, for instance, have helped ease integration, lowering
entry barriers. Moreover, the strategic B2C model increases
customer loyalty and customer retention since it provides them with
individualized financial services, thus building lasting
partnerships. It also widens the market since consumers who used to
be locked out from accessing financial facilities due to various
factors can access business ventures. Favorable economic and
demographic indicators, such as improved disposable income,
especially in emerging markets, as well as enhanced access to the
Internet, have also boosted the demand for integrated financial
services. These factors have made it evident that the B2C embedded
finance model will likely realize faster growth during the forecast
period under consideration.
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Asia Pacific is expected to
hold a higher growth rate during the forecast period.
The Asia Pacific region will
have the highest growth rate in the Embedded Finance Market for the
next forecast period because of several factors. The constantly
expanding digitally linked economy due to the rise in Internet
connection and smartphone use makes it easier to incorporate
financial services into consumer apps. The growth of e-commerce and
a continuously increasing volume of online purchases, the
development of the middle class and a gradual increase in the
available amount of money encourage the desire to have non-cash
payment solutions such as digital wallets and BNPL. State programs
aimed at developing digital financial services make a helping
condition, and significant investments in fintech start-ups and
technological development fuel the market's growth. A large
population of the countries in this region presents a substantial
demand for financial services. The tech firms collaborate with
different institutions and businesses to ensure that financial
services are integrated into a universal platform. All these
factors combined make it possible to affirm that the Asia Pacific region will maintain a favorable,
capturing growth rate in the forecast period.
Top Companies in Embedded Finance Market:
The major vendors covered in the Embedded Finance Market are
Stripe, Inc. (US), PayPal Holdings, Inc. (US), Amazon.com, Inc.
(US), Plaid, Inc. (US), Klarna Bank AB (Sweden), FIS
(US), Visa Inc. (US), Cross River Bank (US), Zeta Services
Inc. (US), Marqeta, Inc. (US), Wise Payments Limited (UK), Goldman
Sachs (UK), JPMorgan Chase & Co. (US), Alipay+ (China), Unit Finance Inc. (US), Solaris SE (Germany), Parafin, Inc. (US), Belvo
(Mexico), Kasko Ltd. (UK), Tint
Technologies Inc. (US), Mezu, Inc. (US), Fortis Payment Systems
(US), Additiv AG (Switzerland),
Galileo Financial Technologies, LLC (US), Trevipay (US). These
players have adopted various growth strategies, such as
partnerships, agreements and collaborations, new product launches,
enhancements, and acquisitions to expand their footprint in the
Embedded Finance Market.
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