Analyzing the Open Banking Market: Size, Trends, Growth, and Forecast

Markntel Advisors’ report, Open Banking Research Report: Trend, Business Growth, Size, Future Scope, Segmentation, Dynamics, and Forecast to 2030, offers a comprehensive guide for the growing industry. The expert team of analysts dedicated significant effort to gathering and evaluating the latest market data, resulting in a detailed and up-to-date report that offers valuable insights for individuals who rely on data-driven decisions, including business owners and analysts. The research report on the Open Banking presents well-researched facts and figures pertinent to the industry, whether the goal is to explore new markets, launch a new product, or maintain a competitive advantage.

Open Banking Market Industry Research Report & Market Summary:

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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Open Banking Market Dynamics:

Key Driver-

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 Analysis:

According to MarkNtel study the market is segmented into the following categories:

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

Payments, a segment under Corporate Banking & Retail Banking, is gaining momentum across the Open Banking Market, seizing a substantial share in the years to come.

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

Cloud-based deployment has showcased a steady growth rate by financial institutions across the globe. Cloud deployment offers scalability, flexibility, and cost-effectiveness, which has made it an attractive option for many financial institutions and other businesses.

By Region

North America
South America
Europe
The Middle East & Africa
Asia-Pacific.

Europe has positioned itself as a frontrunner in the Global Open Banking Market propelled by key elements such as API standardization, diverse national standards, robust landscapes in non-retail payments, and the influential presence of mobile payment systems associations.

As indicated in the latest market research report published by Markntel Advisors, “Open Banking Research Report: Forecast (2024-2030)”, this report offers a detailed analysis of the industry, featuring insights into the Open Banking. It encompasses competitor and geographical analyses, as well as recent advancements in the market.

Browse Full Report Along with TOC and Figures - https://www.marknteladvisors.com/research-library/open-banking-market.html

Top Companies Operating in the Open Banking Market:

F5 Solutions
Finleap
Financial Details
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.
Others.

Note - If there are any particular details you need that are not currently included in the report, we will be happy to provide them as part of our customization services.

*Reports Delivery Format - Market research studies from MarkNtel Advisors are offered in PDF, Excel, and PowerPoint formats. Within 24 hours of the payment being successfully received, the report will be sent to your email address*

Other Report:

Key Report Highlights:

Market Dimensions & Projections
Pricing Evaluation,
Recent Strategic Moves by Companies,
Primary Stakeholders,
Analysis of Import and Export Trends,
Competitive Landscape Assessment,
Emerging Opportunities,
Market Trends and Indicators

Frequently Asked Questions (FAQs)-

What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
What are the trends influencing the current scenario of the market?
What leading factors would propel and impede the industry across the geography?
How has the industry been evolving in terms of geography & Open Banking Market adoption?
How has the competition been shaping up across the geography?

Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?

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