Global Open Banking Market: In-Depth Analysis and Forecasts for 2024-2030
MarkNtel Advisors, a leading market research firm, has showed its latest study titled "Open Banking Market", offering a detailed industry overview and market perspective. This comprehensive research provides insights into the current state of the market, highlighting recent advancements and emerging trends.
The report combines in-depth quantitative analysis with qualitative analysis; it ranges from macro-overviews of the overall market size, industry chain, and market dynamics to micro details of segment markets. This, as a result, provides a thorough overview of the industry under study as well as a profound understanding of all of its important features.
Analysis and Insights into the Open Banking Market: 2024-2030
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.
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What are the primary factors driving the growth of the Open Banking Market?
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.
Open Banking Market Segmentation:
The Open Banking market is categorized in to different segments. Analyzing growth across these segments enables a comprehensive understanding of key growth areas within the industry. This segmentation provides valuable market insights, empowering stakeholders to make strategic decisions and identify primary market applications effectively.
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
Geographical Analysis into the Open Banking Market:
The Open Banking market is categorized based regional:
- North America
- South America
- Europe
- The Middle East & Africa
- Asia-Pacific
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Competitive Landscape and Open Banking Market Share Analysis:
The competitive landscape of the Open Banking Market includes comprehensive details about competitors. These details encompass company overviews, financial performance, revenue generation, market potential, investments in research and development, new market strategies, production facilities, strengths and weaknesses, product launches, ongoing trials, approvals, patents, product range, dominant applications, and technology life cycle.
- Finleap
- 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, etc.
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Questions Addressed in this Study
- What factors are driving the Open Banking Market growth?
- How is the Open Banking Market expected to grow over the next five years?
- What are the key insights into the current trends in the Open Banking Market?
- What is the current size of the Open Banking Market, and how is it projected to change in the future?
- What is the future outlook for the Open Banking Market in terms of technological advancements and market expansion?
Why choose MarkNtel?
MarkNtel Advisors is a leading market research company, consulting, & data analytics firm that provides an extensive range of strategic reports on diverse industry verticals. We deliver data to a substantial & varied client base, including multinational corporations, financial institutions, governments, & individuals, among others.
Our specialization in niche industries & emerging geographies allows our clients to formulate their strategies in a much more informed way and entail parameters like Go-to-Market (GTM), product development, feasibility analysis, project scoping, market segmentation, competitive benchmarking, market sizing & forecasting, & trend analysis, among others, for 14.8 diverse industrial verticals.
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