The Open Banking research suite provides a detailed and insightful analysis of this evolving market, enabling stakeholders from banks, infrastructure providers, regulators and technology vendors to understand future growth, key trends and the competitive environment.
The suite includes several different options that can be purchased separately, including access to data mapping the adoption and future growth of Open Banking, an insightful study uncovering the latest trends and opportunities within the market, and document containing extensive analysis of the 18 market leaders in the Open Banking space.
Collectively, they provide a critical tool for understanding this rapidly emerging market, allowing banks and technology vendors to shape their future strategy. Its unparalleled coverage makes this research suite an incredibly useful resource for charting the future of such an uncertain and rapidly growing market.
This research suite can be purchased as part of a wider subscription package, that includes significant discounts and access to our team of analyst experts. Contact us for further details.
Key Takeaways & Strategic Recommendations: In-depth analysis of key development opportunities and key findings within the Open Banking market, accompanied by key strategic recommendations for stakeholders.
Benchmark Industry Forecasts: The business overview into financial service providers includes forecasts for total revenue for Open Banking, split by consumer vs business use cases.
Competitor Leaderboard: Key player capability and capacity assessment for 18 Open Banking vendors, via the Competitor Leaderboard, featuring banking market size for major players in the banking industry.
The suite includes several different options that can be purchased separately, including access to data mapping the adoption and future growth of Open Banking, an insightful study uncovering the latest trends and opportunities within the market, and document containing extensive analysis of the 18 market leaders in the Open Banking space.
Collectively, they provide a critical tool for understanding this rapidly emerging market, allowing banks and technology vendors to shape their future strategy. Its unparalleled coverage makes this research suite an incredibly useful resource for charting the future of such an uncertain and rapidly growing market.
This research suite can be purchased as part of a wider subscription package, that includes significant discounts and access to our team of analyst experts. Contact us for further details.
Key Statistics
- $57bn - Total transaction value in 2023
- $330bn - Total transaction value in 2027
- 479% - 2022 to 2027 market growth
- 2022-2027 - Forecast period
Key Features
Market Dynamics: Insights into key trends and market expansion challenges within the Open Banking market; addressing challenges posed by the highly technical nature of Open Banking and ongoing consumer fears regarding security, the potential benefits of increasing regulatory involvement, and analysing the many Open Banking use cases. The banking market share research also includes a regional market growth analysis on the current development and segment growth of the Open Banking market in 19 countries, as well as providing a future outlook.Key Takeaways & Strategic Recommendations: In-depth analysis of key development opportunities and key findings within the Open Banking market, accompanied by key strategic recommendations for stakeholders.
Benchmark Industry Forecasts: The business overview into financial service providers includes forecasts for total revenue for Open Banking, split by consumer vs business use cases.
Competitor Leaderboard: Key player capability and capacity assessment for 18 Open Banking vendors, via the Competitor Leaderboard, featuring banking market size for major players in the banking industry.
Research Deliverables
- Market Data & Forecasting Report - The numbers tell you what's happening, but our written report details why, alongside the methodologies.
- Interactive Forecast Excel - Full 5-year forecasts for every available market metric provided in Excel format, with interactive 'What If' and scenario tools.
- harvest Online Data Platform - Access the very latest data in our exclusive online data platform, harvest. All the data from Excel, with frequent updates and a more user-friendly interface.
- Market Trends & Strategies Report - A comprehensive analysis of the current market landscape, alongside strategic recommendations.
- Competitor Leaderboard Report - Provides a visual representation of the competitive positioning of the leaders within the market.
Executive Summary
Global Open Banking payments transaction values will exceed $330 billion globally by 2027, up from $57 billion in 2023. The report predicted that the development of new use cases, such as bill payments via Open Banking, will drive adoption, given Open Banking’s simplicity of use versus alternatives, such as card payments.It is anticipated that efforts to educate consumers about the security and benefits of Open Banking will catalyse market growth; helping alleviate common consumer fears and misconceptions regarding the potential misuse of financial data that third parties are granted access to.
Open Banking must overcome consumers’ security fears surrounding the sharing of financial data if it is to fulfil its strong growth potential. Accordingly, Open Banking vendors must educate consumers and provide greater transparency surrounding data privacy and security by highlighting the procedures in place to protect financial data to ease security concerns and encourage greater adoption of Open Banking services when marketing their solutions.
It is also predicted that the development of new use cases will be instrumental to ensuring that Open Banking fulfils its potential. One of the most promising new use cases is the ability to use Open Banking payments to pay tax bills, as introduced within the UK. As bill payments using Open Banking expand outside of the UK, bill payments are expected to account for more than $59 billion globally in transaction value by 2027.
Vendors in the Open Banking space must continue to invest in high potential new Open Banking use cases, such as full integration within eCommerce marketplaces. This will help both further develop the Open Banking market but also to attract a more sizeable user base; becoming more competitive in an increasingly saturated digital payments market.
