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Open Banking Market Research Report

According to the latest report by IMARC Group, titled “Open Banking Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” offers a comprehensive analysis of the industry, which comprises insights on the global open banking market share. The report also includes competitor and regional analysis, and contemporary advancements in the market.

The global open banking market size reached US$ 21.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach a value of US$ 67.8 Billion by 2028 exhibiting a CAGR of 20% during 2023-2028.

Covid-19 Impact:

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

What is Open Banking?

Open banking usually involves the practice of sharing financial information electronically with third-party or independent financial service providers. The solution provides access to consumer banking information, including transactions and payment history, from financial institutions using application programming interfaces (APIs). The technology delivers a secure network to share financial information between parties, thereby making it easier for consumers to compare the details of accounts and other banking services. In addition to this, open banking aids small businesses in saving time via online accounting and assists fraud detection companies in monitoring customer accounts and identifying problems. It also offers improved customer experience, new revenue streams, a sustainable service model, etc.

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What are the major market drivers in the Open Banking Market ?

The increasing need for more flexible and worthy investment options is primarily augmenting the open banking market. Furthermore, the widespread adoption of new-wave applications and services is acting as another significant growth-inducing factor. Apart from this, they help consumers to attain consolidated details of accounts from various financial service providers, which is positively influencing the global market.

Moreover, the rising utilization of artificial intelligence (AI) and the Internet of Things (IoT) to manage financial crime risk and control financial objectives, funds, data, etc., and the implementation of stringent regulations by government bodies to mandatorily open APIs, are also bolstering the market growth. Besides this, the escalating demand for these solutions across the value chain of the financial services sector, such as consumers, businesses, Fintech companies, banks, financial institutions, etc., to provide more customized and relevant product offerings to customers is expected to fuel the open banking market in the coming years.

Who Are The Major Key Players in Open Banking Market?

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.

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Report Segmentation:

The report has been segmented the market into following categories:

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

By Geography:

  • 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

Regional Insights:

  • Asia Pacific

  • North America

  • Europe

  • Middle East and Africa

  • Latin America

On the geographical front, Asia Pacific enjoys the leading position in the market. This can be attributed to the rising establishment of international companies in the region, on account of low manufacturing costs and cheap labor.

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

Contact Us:

IMARC Services Private Limited.

30 N Gould St Ste R Sheridan, WY 82801

USA – Wyoming

Email: Sales@imarcgroup.com

Tel No:(D) +91 120 433 0800

Americas:- +1 631 791 1145 |

Africa and Europe :- +44-702-409-7331 |

Asia: +91-120-433-0800, +91-120-433-0800

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