Embedded Banking Market to Reach $1,10,667.66 Million, Globally, by 2032 at 23.6% CAGR: Allied Market Research
PORTLAND, Ore., Nov. 24, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Embedded Banking Market by type (Payment Processing, Lending, Contactless Payment, Wealth Management and Others), Industry Vertical (Retail and E-commerce, Transport and Logistics, Healthcare Media and Entertainment, and Others): Global Opportunity Analysis and Industry Forecast, 2022–2032. According to the report, the global embedded banking industry generated $13.6 billion in 2022 and is anticipated to generate $110.7 billion by 2032, witnessing a CAGR of 23.6% from 2023 to 2032.
- This concept makes financial management and transactions more accessible, easy, and efficient by integrating banking services into daily living.
- The rise in trend of banking as a service (BaaS) is a significant driver of the growth of the embedded banking market.
- Furthermore, digitalization in banking sector has driven the demand for the embedded banking market.
- Moreover, security and data privacy are major factors that hamper the growth of the embedded banking market.