MarkNtel Advisors – Leading Market Research Company found Global Open Banking Market is expected to reach 25.47% CAGR Growth By 2030.
This report provides a comprehensive analysis of the Global Open Banking Market, with a focus on market size, segmentation, key players, geographical analysis, and growth in the coming years. The expert team of analysts invested considerable time and effort in collecting and analyzing the latest market data, producing a comprehensive and current report that provides valuable insights for decision-makers, including business owners and analysts.
Comprehensive Analysis of the Open Banking Market
Base Year: 2023
Forecast Years: 2024-2030
Historical Years: 2019-2022
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How much has the Open Banking Market grown in recent years?
The Global Open Banking Market size was valued at around USD 22.31 billion in 2023 and is estimated to grow at a CAGR of about 25.47% during the forecast period, i.e., 2024-30. The banking industry is undergoing a digital revolution, with emerging digital banking innovators earning consumers' trust. At the same time, established institutions are intensifying their digital transformation efforts, positioning themselves to preserve & expand their customer base. As per the Global Digital Banking Index 2021, across the 28 countries surveyed, the number of consumers with a digital bank account represented 23% of the population and an estimated 450 million customers.
What fuels the growth for the Open Banking industry?
Surging Government Support to Augment the Market Growth – In an era of globalization, governments worldwide recognize the significance of fostering connections between their financial institutions & consumers and their international counterparts. This has led countries like the UK, Mexico, and the US to actively endorse the adoption of open banking services, simplifying cross-border financial transactions & enriching global trade relationships. Moreover, over the past decade, North American and European nations have taken a proactive stance in democratizing access to financial products & services.
Notably, the European Banking Authority introduced the Payment Services Directive Two (PSD2) in 2015, formally inaugurating the era of open banking. Subsequently, the UK's Competition and Markets Authority (CMA) issued progressive guidelines mandating banks to embrace open banking practices by 2018. These regulatory mandates compel banks to open up their closely held financial data to third-party providers, an initiative that has encouraged a growing number of entities to participate, further driving the Global Open Banking Market.
What are the different Segment Available in the Open Banking Market?
By Service
- Retail Banking
- Aggregation & Financial Management - Market Size & Forecast 2019-2030F, USD Million
- Credit Risk Decisioning- Market Size & Forecast 2019-2030F, USD Million
- Payments- Market Size & Forecast 2019-2030F, USD Million
- Origination & Onboarding- Market Size & Forecast 2019-2030F, USD Million
- Others
- Corporate Banking
- Corporate Treasury- Market Size & Forecast 2019-2030F, USD Million
- Financial Management- Market Size & Forecast 2019-2030F, USD Million
- Credit Decisioning- Market Size & Forecast 2019-2030F, USD Million
- Payments- Market Size & Forecast 2019-2030F, USD Million
- Value Added Services- Market Size & Forecast 2019-2030F, USD Million
- Others
- Capital Markets
- Others
By Distribution Channel
- Bank Channel- Market Size & Forecast 2019-2030F, USD Million
- App Market- Market Size & Forecast 2019-2030F, USD Million
- Distributors- Market Size & Forecast 2019-2030F, USD Million
- Aggregators- Market Size & Forecast 2019-2030F, USD Million
By Deployment
- On-premise- Market Size & Forecast 2019-2030F, USD Million
- Cloud- Market Size & Forecast 2019-2030F, USD Million
- Hybrid- Market Size & Forecast 2019-2030F, USD Million
Cloud-based deployment has showcased a steady growth rate by financial institutions across the globe. Cloud deployment offers scalability, flexibility, and cost-effectiveness, which has made it an attractive option for many financial institutions and other businesses. Moreover, cloud-based solutions enable financial institutions to quickly adapt to changing market demands, enhance collaboration, and efficiently manage resources.
By Region
- North America
- South America
- Europe
- The Middle East & Africa
- Asia-Pacific.
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Competitive Landscape:
Leading Open Banking companies operating in the Market
- F5 Solutions
- Finleap
- Financial Details
- Revolut Ltd
- Tink AB
- Salesforce, Inc.
- Worldline S.A.
- TATA Consultancy Services Limited
- Capgemini
- Oracle
- Finicity (Mastercard)
- Jack Henry & Associates, Inc.
- Finastra
- Global Payments
- Virtusa Corp.
- Plaid Inc..
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