The embedded finance market is on a trajectory to explode in value, anticipated to leap from $92 billion in 2024 to a whopping $228 billion by 2028, marking a 148% growth. This surge, as highlighted by Juniper Research, is fueled by a maturing market and increasing consumer confidence, supported by wider acceptance and application, especially within B2B contexts.
Technological Developments Driving Growth
Key to this expansion is the advancement in embedded finance technologies, enabling specific use cases to flourish. Notably, multi-rail payments are gaining traction, with embedded finance innovators like Balance and Marqeta harnessing Open Banking APIs to facilitate more seamless and cost-effective payments across diverse scenarios.
B2B embedded financial services have strong potential… Comprehensive product suites are being deployed due to the utilisation of newly developed technologies.
Matt Purnell from Juniper Research Embedded insurance is another segment witnessing rapid adoption, expected to grow by 125% from 2024 to 2028. E-commerce platforms are increasingly offering embedded insurance, allowing consumers to opt into policies mid-checkout conveniently. This growth is partly driven by governments in the Asia Pacific region, such as Singapore and Malaysia, advocating for digital insurance for both consumer and commercial use.
Juniper Research’s extensive market analysis suite offers a deep dive into the embedded finance market, presenting over 70,200 data points across 60 countries over five years. This includes a ‘Competitor Leaderboard’ and insights into current and future market opportunities, positioning Juniper Research at the forefront of market intelligence and advisory services in the global financial sector.
