According to the global open banking market report by IMARC Group, the market reached a value of US$ 21.3 Billion in 2022, and it is projected to reach a value of US$ 67.8 Billion by 2028, exhibiting a CAGR of 20% during 2023-2028.
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.
What are the Key Factors Driving 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.
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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.
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the 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.
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 Channel
App Markets
Distributors
Aggregators
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.
Key highlights of the report:
Market Performance (2017-2022)
Market Outlook (2023- 2028)
Porter’s Five Forces Analysis
Market Drivers and Success Factors
SWOT Analysis
Value Chain
Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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