The global open banking market size reached US$ 25.6 Billion in 2023. Looking forward, the market is projected to reach US$ 113.3 Billion by 2032, exhibiting a growth rate (CAGR) of 17.97% during 2023-2032.
Open banking involves the practice of sharing financial information electronically with third-party or independent financial service providers. The solution provides access to consumer banking information, such as transactions and payment history, from financial institutions using application programming interfaces (APIs). The technology delivers a secure network to share financial information between parties, making it easier for consumers to compare the details of accounts and other banking services. Open banking helps small businesses save time through online accounting and assists fraud detection companies in monitoring customer accounts and identifying problems. It also offers improved customer experience, new revenue streams, and a sustainable service model.
Additionally, the increasing adoption of new applications and services that help customers attain consolidated details of accounts from various financial service providers is favoring the market growth. Apart from this, the integration of big data analytics in open banking to collect, process, and analyze structured and unstructured data is providing a thrust to the market growth.
Moreover, the utilization of artificial intelligence (AI) and the Internet of Things (IoT) to manage financial crime risk and control financial objectives, funds, and data, is propelling the market growth. Furthermore, the increasing demand for open banking across the value chain of the financial services industry, including consumers, businesses, Fintech companies, banks, and financial institutions, to provide more customized and relevant product offerings to customers is positively influencing the market growth. Other factors, including changing consumer preferences, the implementation of various government initiatives to mandatorily open APIs, and significant growth in the banking, financial services, and insurance (BFSI) industry, are supporting the market growth.
2. What is the expected growth rate of the global open banking market during 2024-2032?
3. What are the key factors driving the global open banking market?
4. What has been the impact of COVID-19 on the global open banking market?
5. What is the breakup of the global open banking market based on the services?
6. What is the breakup of the global open banking market based on deployment?
7. What is the breakup of the global open banking market based on the distribution channel?
8. What are the key regions in the global open banking market?
9. Who are the key players/companies in the global open banking market?
Open banking involves the practice of sharing financial information electronically with third-party or independent financial service providers. The solution provides access to consumer banking information, such as transactions and payment history, from financial institutions using application programming interfaces (APIs). The technology delivers a secure network to share financial information between parties, making it easier for consumers to compare the details of accounts and other banking services. Open banking helps small businesses save time through online accounting and assists fraud detection companies in monitoring customer accounts and identifying problems. It also offers improved customer experience, new revenue streams, and a sustainable service model.
Open Banking Market Trends
The increasing need for more flexible and worthy investment options across the globe is creating a positive outlook for the market. In line with this, the widespread utilization of new wave applications and services is acting as another growth-inducing factor. Open banking offers access to better banking services and innovative and personalized financial products.Additionally, the increasing adoption of new applications and services that help customers attain consolidated details of accounts from various financial service providers is favoring the market growth. Apart from this, the integration of big data analytics in open banking to collect, process, and analyze structured and unstructured data is providing a thrust to the market growth.
Moreover, the utilization of artificial intelligence (AI) and the Internet of Things (IoT) to manage financial crime risk and control financial objectives, funds, and data, is propelling the market growth. Furthermore, the increasing demand for open banking across the value chain of the financial services industry, including consumers, businesses, Fintech companies, banks, and financial institutions, to provide more customized and relevant product offerings to customers is positively influencing the market growth. Other factors, including changing consumer preferences, the implementation of various government initiatives to mandatorily open APIs, and significant growth in the banking, financial services, and insurance (BFSI) industry, are supporting the market growth.
Key Market Segmentation
This report provides an analysis of the key trends in each sub-segment of the global open banking market report, along with forecasts at the global, regional and country level from 2024-2032. The report has categorized the market based on services, deployment and distribution channel.Breakup by Services:
- Banking and Capital Markets
- Payments
- Digital Currencies
- Value Added Services
Breakup by Deployment:
- Cloud-based
- On-premises
Breakup by Distribution Channel:
- Bank Channels
- App Markets
- Distributors
- Aggregators
Breakup by Region:
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
Competitive Landscape
The competitive landscape of the industry has also been examined along with the profiles of the key players being Banco Bilbao Vizcaya Argentaria S.A., Clarity Group Inc., Credit Agricole (SAS Rue La Boétie), Finastra (Misys International Limited), Finleap connect, Jack Henry & Associates Inc, Mambu, NCR Corporation, Nordigen Solution, Revolut Ltd, Riskonnect Inc. and Societe Generale.Key Questions Answered in This Report
1. What was the size of the global open banking market in 2023?2. What is the expected growth rate of the global open banking market during 2024-2032?
3. What are the key factors driving the global open banking market?
4. What has been the impact of COVID-19 on the global open banking market?
5. What is the breakup of the global open banking market based on the services?
6. What is the breakup of the global open banking market based on deployment?
7. What is the breakup of the global open banking market based on the distribution channel?
8. What are the key regions in the global open banking market?
9. Who are the key players/companies in the global open banking market?
Table of Contents
1 Preface3 Executive Summary11 Value Chain Analysis13 Price Analysis
2 Scope and Methodology
4 Introduction
5 Global Open Banking Market
6 Market Breakup by Services
7 Market Breakup by Deployment
8 Market Breakup by Distribution Channel
9 Market Breakup by Region
10 SWOT Analysis
12 Porters Five Forces Analysis
14 Competitive Landscape
List of Figures
List of Tables
Companies Mentioned
- Banco Bilbao Vizcaya Argentaria S.A.
- Clarity Group Inc.
- Credit Agricole (SAS Rue La Boétie)
- Finastra (Misys International Limited)
- Finleap connect
- Jack Henry & Associates Inc
- Mambu
- NCR Corporation
- Nordigen Solution
- Revolut Ltd
- Riskonnect Inc.
- Societe Generale
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 138 |
| Published | April 2024 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value ( USD | $ 25.6 Billion |
| Forecasted Market Value ( USD | $ 113.3 Billion |
| Compound Annual Growth Rate | 17.9% |
| Regions Covered | Global |
| No. of Companies Mentioned | 12 |
