Open Banking - Global Stategic Business Report

The global market for Open Banking was estimated at US$34.1 Billion in 2024 and is projected to reach US$137.7 Billion by 2030, growing at a CAGR of 26.2% from 2024 to 2030. This comprehensive report provides an in-depth analysis of market trends, drivers, and forecasts, helping you make informed business decisions. The report includes the most recent global tariff developments and how they impact the Open Banking market.

Global Open Banking Market - Key Trends & Drivers Summarized

Why Is Open Banking Transforming the Traditional Financial Ecosystem?

Open banking is redefining how financial institutions, fintechs, and consumers interact by enabling secure, consent-based access to banking data through standardized APIs. Traditionally, banks operated in closed-loop systems where customer data remained siloed and inaccessible to third-party providers. Open banking disrupts this model by allowing licensed third-party developers to access financial data - such as account balances, transaction histories, and payment capabilities - through APIs, with the customer’s permission. This shift empowers consumers with greater control over their financial information and fosters innovation across the financial services value chain. Fintech startups and neobanks can now build apps for budgeting, lending, wealth management, and payments that are smarter, faster, and more personalized than legacy banking interfaces. Governments and regulators, particularly in Europe (PSD2), the UK, and parts of Asia-Pacific, are actively promoting open banking to increase competition, reduce entry barriers, and enhance consumer choice. In doing so, open banking is not just a technology initiative - it’s a policy-backed movement driving transparency, efficiency, and financial inclusion. The rise of digital-native consumers, who expect seamless, app-based financial experiences, is further accelerating adoption. As this model matures, it’s paving the way for more collaborative, data-sharing ecosystems that benefit consumers, financial institutions, and the broader digital economy alike.

How Are APIs, Fintech Partnerships, and Data Analytics Powering Open Banking Innovation?

APIs form the backbone of the open banking ecosystem, acting as secure digital pipelines through which financial institutions and third-party providers share customer data in real time. These APIs enable a host of capabilities - from initiating payments and aggregating accounts across multiple banks to delivering personalized financial insights and credit risk assessments. With standardized frameworks emerging across markets, API development has become faster, more interoperable, and more secure. Fintech partnerships are accelerating this innovation, with traditional banks increasingly collaborating with agile startups to co-create solutions for personal finance management, embedded payments, lending, and even crypto investment integration. Advanced data analytics and machine learning are being used to derive actionable intelligence from user data, enabling hyper-personalized financial services tailored to spending habits, income levels, and life goals. These technologies are also enhancing fraud detection, identity verification, and KYC compliance. Open banking platforms now support features such as AI-powered financial advisors, automatic savings tools, and real-time loan eligibility checks - transforming everyday banking experiences. As cloud infrastructure and cybersecurity frameworks evolve, banks are adopting more scalable open banking architectures that comply with privacy regulations while supporting real-time transactions. This technical foundation is allowing financial services to move toward a model that is not only open but also intelligent, connected, and continuously evolving.

Can Consumer Expectations and Regulatory Forces Sustain Long-Term Adoption of Open Banking?

Consumer demand for transparency, personalization, and control is one of the most powerful forces driving the long-term adoption of open banking. Users now expect seamless, intuitive digital experiences from their banks - similar to what they get from social media, streaming platforms, or e-commerce apps. Open banking satisfies this demand by allowing consumers to consolidate financial information from multiple providers, receive tailored product recommendations, and manage their finances more proactively. As trust builds in secure data sharing, consumers are also warming up to sharing their data with fintechs in exchange for better services and financial benefits. From instant credit scoring and pre-approved loans to automatic investment allocations and bill management tools, the use cases are expanding rapidly. Meanwhile, regulatory pressure is also pushing financial institutions to open up their systems. In the European Union, the Second Payment Services Directive (PSD2) requires banks to allow third-party access to customer data under strict conditions. Similar initiatives are underway in markets like Australia (Consumer Data Right), Brazil, India, and Singapore. These frameworks are standardizing API protocols, enforcing security norms, and laying the groundwork for open finance, where insurance, pensions, and mortgages will be integrated into a unified ecosystem. Regulatory momentum, combined with consumer behavioral shifts, is making open banking a foundational layer in the transformation of financial services.

What’s Driving the Growth of the Open Banking Market Across Regions and Use Cases?

The growth in the open banking market is driven by several interrelated factors tied to technological readiness, regulatory support, market demand, and evolving financial behaviors. One of the core drivers is the regulatory push across regions - from Europe’s PSD2 and the UK’s Open Banking Initiative to Australia’s CDR and Brazil’s Open Finance Framework - which mandates data-sharing compliance and fosters innovation. Another key factor is the rapid digitization of financial services and the rise of mobile-first banking experiences that require data integration across accounts, apps, and services. Financial institutions are increasingly recognizing that opening their APIs not only satisfies compliance but also creates opportunities for product innovation, customer acquisition, and cross-selling through embedded finance models. The fintech boom is another critical driver, as hundreds of startups leverage open banking APIs to develop digital wallets, credit scoring tools, investment platforms, and financial wellness apps. Businesses across industries - including retail, healthcare, and travel - are embedding financial services into their platforms through open banking, fueling demand beyond traditional banking sectors. Consumers, in turn, are adopting these services due to their intuitive interfaces, real-time capabilities, and cost-effectiveness. Additionally, developments in artificial intelligence, cloud computing, and cybersecurity are enabling scalable and secure deployment of open banking infrastructures. The growing emphasis on financial inclusion is pushing open banking into underserved and underbanked populations, especially in developing markets. Collectively, these forces are driving widespread global adoption of open banking, positioning it as a central pillar of the future digital financial ecosystem.

Report Scope

The report analyzes the Open Banking market, presented in terms of market value (US$ Thousand). The analysis covers the key segments and geographic regions outlined below.

Segments: Service (Banking & Capital Markets Services, Payments Services, Digital Currencies Services, Value Added Services); Deployment (On-Premise Deployment, Cloud Deployment); Distribution Channel (App Market Distribution Channels, Bank Distribution Channels, Aggregator Distribution Channels, Distributor Distribution Channels)

Geographic Regions/Countries: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; and Rest of Europe); Asia-Pacific; Rest of World.

Key Insights:

• Market Growth: Understand the significant growth trajectory of the Banking & Capital Markets Services segment, which is expected to reach US$61.6 Billion by 2030 with a CAGR of a 29.3%. The Payments Services segment is also set to grow at 23.5% CAGR over the analysis period.
• Regional Analysis: Gain insights into the U.S. market, estimated at $9.0 Billion in 2024, and China, forecasted to grow at an impressive 24.6% CAGR to reach $20.7 Billion by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.

Why You Should Buy This Report:

• Detailed Market Analysis: Access a thorough analysis of the Global Open Banking Market, covering all major geographic regions and market segments.
• Competitive Insights: Get an overview of the competitive landscape, including the market presence of major players across different geographies.
• Future Trends and Drivers: Understand the key trends and drivers shaping the future of the Global Open Banking Market.
• Actionable Insights: Benefit from actionable insights that can help you identify new revenue opportunities and make strategic business decisions.

Key Questions Answered:

• How is the Global Open Banking Market expected to evolve by 2030?
• What are the main drivers and restraints affecting the market?
• Which market segments will grow the most over the forecast period?
• How will market shares for different regions and segments change by 2030?
• Who are the leading players in the market, and what are their prospects?

Report Features:

• Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2024 to 2030.
• In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
• Company Profiles: Coverage of players such as Plaid, Tink, TrueLayer, Yapily, Finicity and more.
• Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments.

Select Competitors (Total 43 Featured):

• Plaid
• Tink
• TrueLayer
• Yapily
• Finicity
• Token.io
• Bud Financial
• Salt Edge
• MX
• Solarisbank
• Railsr (formerly Railsbank)
• Marqeta
• Galileo Financial Technologies
• Treezor
• Banked
• M2P Fintech
• Figo
• OpenWrks
• Akoya
• Volt

Tariff Impact Analysis: Key Insights for 2025

Global tariff negotiations across 180+ countries are reshaping supply chains, costs, and competitiveness. This report reflects the latest developments as of April 2025 and incorporates forward-looking insights into the market outlook.

The analysts continuously track trade developments worldwide, drawing insights from leading global economists and over 200 industry and policy institutions, including think tanks, trade organizations, and national economic advisory bodies. This intelligence is integrated into forecasting models to provide timely, data-driven analysis of emerging risks and opportunities.

What’s Included in This Edition:

• Tariff-adjusted market forecasts by region and segment
• Analysis of cost and supply chain implications by sourcing and trade exposure
• Strategic insights into geographic shifts

Buyers receive a free July 2025 update with:

• Finalized tariff impacts and new trade agreement effects
• Updated projections reflecting global sourcing and cost shifts
• Expanded country-specific coverage across the industry