Open Banking Market Size - By Service Type(Transactional Services, Communicative Services, Information Services), by Financial Services(Bank and Capital Markets, Payments, Digital Currencies, Value Added Services), by Deployment Type(Cloud, On-Premises, Hybrid), by Distribution Channel(Bank Channels, App Market, Distributors, Aggregators) & Region - Forecasts 2023 - 2033
- PUBLISHED ON
- 2024-09-27
- NO OF PAGES
- 243
- CATEGORY
- Banking & Finance
Global Open Banking Market Analysis by Product Type, Technology, Material, Application, End user, Region and segments forecast till 2033
Market Overview
The global open banking market size accounted for USD 9074.98 Million in 2022, and is expected to reach USD 52048.58 Million by 2033 registering a CAGR of 24.4%.
Report Scope
Report Attributes | Description |
Market Forecast in 2022 | USD 9074.98 million |
Market Forecast in 2033 | USD 52048.58 million |
CAGR % 2023-2033 | 24.4% |
Base Year | 2022 |
Historic Data | 2020-2021 |
Forecast Period | 2023-2033 |
Report USP | Product, end-user industry, company share, company heatmap, company Capacity Technology Product capacity, growth factors and more |
Key Companies | Tink, Cross River Bank, M2P Fintech, TrueLayer, Cashfree Payments, Plaid, Solarisbank, Railsbank, Yapily, MX, Minna Technologies, Cloudentity, Acorns, Affirm, American Express, Aspiration, Azlo, Zeta, BBVA Open Platform Inc., Credit Agricole, DemystData , Finastra, Figo, Jack Henry & Associates, FormFree, Mambu, NCR Corporation, Mineral Tree Inc. and Others |
Global Open Banking Market- Description
Open banking is known as a service that authorizes the digital transfer of data related to bank account of a customer. The exchange of data is carried out between banks and third party organizations. Furthermore, this account related financial information is utilized by the third party providers to design applications and services, which are provided to the customer. Additionally, the analysis of this data also permits to design more advanced and personalized applications concentrated at improvement of the customer experience related to financial services.
Moreover, some of the open banking financial services offered in the market consists of banking and capital markets, payments, digital currencies, and value added services. The major factor which contribute to the growth of open banking market include increase in the number of people using new wave apps and services. In addition, rise in customer engagement and attending banking customers need boosts the growth of the open banking market. Furthermore, the rise in advantages of an open banking platform that makes beneficial to all stakeholders in the financial services industry includes consumers, businesses, Fintech, innovators, and banks.
This is an important factor that fosters the growth of the open banking market. However, an increase in events of online fraud and data insecurity is expected to restrict the open banking market growth. On the contrary, significant increase in the collaboration of financial service providers, and traditional banking with Fintech is expected to boost the growth of the open banking market.
Key Trends of Global Open Banking Market:
· Increase in adoption of mobile devices
The key factor which is fuelling the market growth of Open Banking Market include rise in the number of people who are using new services and apps is augmenting the market growth. In addition, increase in engagement of customer and attending banking need of customers quickly thrust the market growth in Open Banking Market. Also, a significant rise in benefits of a platform for Open Banking Market which makes beneficial to all stakeholders in the industry for financial services includes businesses, Fintech, innovators, consumers, and banks. This is a major factor that supports the growth of the Open Banking Market.
· Enhanced customer services;
Strong backed up government regulations, enhanced overall customer engagement with the help of open banking APIs, and rise in adoption of new applications and services drive the growth of the global open banking market. However, lack of awareness regarding data security and management of threats regarding security restrain the market growth. On the other hand, increase in collaboration activities between banks and Fintech firms present new opportunities in the coming years.
Segmental Analysis of Global Open Banking Market:
Based on Service
• Transactional Services
• Communicative Services
• Information Services
Based on Financial Services
• Digital Currencies
• Payments
• Banking and Capital Markets
• Value Added Services
Financial services, banking and capital markets occupied the largest market share. The growth of the segment is attributable to surge in use of online platforms for making payments. Furthermore, the other factors that contribute to the growth of the market include the surge in the accessibility of internet across the globe.
Based on Distribution Channel
• Bank Channel
• App Market
• Distributors
• Aggregators
The application market segment occupied the largest open banking market, owing to increase in adoption of new applications, which help customers to make purchases related to product and services.
Based on Deployment Type
• On-cloud
• On-premises
• Hybrid
Geographical analysis of Global Open Banking Market:
The market is segmented into three major regions as follows; North America, Europe, Asia-pacific. Where in North America holds the largest market share and is expected to continue this trend, amid the anticipated quick adoption of advanced technologies and presence of majority of key players. Moreover, robust innovation in the banking sector, is another major reason that contributes toward the growth of this market.
Global Open Banking Market- Recent Developments
· In 2020, Plaid Inc. announced the launch of its new API product, which is designed to enable developers to build financial applications that can access data from multiple banks and financial institutions.
· In 2021, Yapily Ltd. announced a new partnership with American Express to provide open banking services to its customers in Europe.
· In 2022, Tink AB announced the acquisition of the open banking platform provider OpenWrks Ltd., which expands its presence in the UK market.
Global Open Banking Market: Key Companies
· Tink, Cross River Bank
· M2P Fintech
· TrueLayer
· Cashfree Payments
· Plaid
· Solarisbank
· Railsbank
· Yapily
· MX
· Minna Technologies
· Cloudentity
· Acorns
· Affirm
· American Express
· Aspiration
· Azlo
· Zeta
· BBVA Open Platform Inc.
· Credit Agricole
· DemystData
· Finastra
· Figo
· Jack Henry & Associates
· FormFree
· Mambu
· NCR Corporation
· Mineral Tree Inc.
· Others
Global Open Banking Market: Regional Scope
North America
· U.S.
· Canada
· Mexico
Europe
· U.K.
· Germany
· France
· Italy
· Spain
· Rest of Europe
Asia Pacific
· China
· India
· Japan
· South Korea
· Australia
· Rest of Asia Pacific
South America
· Brazil
· Argentina
· Rest of South America
Middle East and Africa
· Saudi Arabia
· UAE
· Egypt
· South Africa
· Rest of Middle East and Africa
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1. Global Open Banking Market Introduction and Market Overview
1.1. Objective of the Market Research Study
1.2. Open Banking Market Definition & Description
1.3. Research Data Parameters & Reporting Timelines
1.3.1. Historical Data Reporting Years – 2020 to 2021
1.3.2. Projected Data Reporting Years – 2022 to 2033
1.3.3. Reporting Data Parameters – Value (US$ Million)
1.4. Global Open Banking Market Scope and Market Estimation
1.4.1. Global Open Banking Overall Market Size (US$ Million), Market CAGR (%), Market Estimates & Forecast (2020 to 2033)
1.4.2. Global Open Banking Market Revenue Share (%) and Growth Rate (Y-o-Y) from 2020 to 2033
1.5. Open Banking Market Segmentation
1.5.1. Service Type of Global Open Banking Market
1.5.2. Financial Services of Global Open Banking Market
1.5.3. Deployment Type of Global Open Banking Market
1.5.4. Distribution Channel of Open Banking Market
1.5.5. Key Regions of Open Banking Market
2. Global Open Banking Market - Executive Summary
2.1. Global Open Banking Market – Summary & Snapshot
2.2. Global Open Banking Market, By Service Type (US$ Million)
2.3. Global Open Banking Market, By Financial Services (US$ Million)
2.4. Global Open Banking Market, By Deployment Type (US$ Million)
2.5. Global Open Banking Market, By Distribution Channel (US$ Million)
2.6. Global Open Banking Market, By Geography (US$ Million)
2.7. Global Open Banking Market Outlook & Future Opportunities
3. Open Banking Market Trends, Outlook, and Factors Analysis
3.1. Global Open Banking Market Industry Development Trends under COVID-19 Outbreak
3.1.1. Global COVID-19 Status Overview
3.1.2. Influence of COVID-19 Outbreak on Global Open Banking Market Industry Development
3.1.3. Pre & Post COVID-19 Trends and Scenarios
3.2. Open Banking Market Dynamics (Growth Impacting Factors & Rationales)
3.2.1. Drivers
3.2.1.1. Increase in the number of people using new wave apps and services
3.2.1.2. Driver 2
3.2.1.3. Driver 3
3.2.1.4. Driver 4
3.2.2. Restraints
3.2.2.1. Increase in events of online fraud and data insecurity
3.2.2.2. Restraints 2
3.2.2.3. Restraints 3
3.2.3. Opportunities
3.2.3.1. Financial services industry includes consumers, businesses, fintech’s, innovators, and banks
3.2.3.2. Opportunities 2
3.2.3.3. Opportunities 3
3.2.3.4. Opportunities 4
3.2.4. Impact Analysis of Drivers and Restraints
3.3. Ecosystem/ Value Chain Analysis
3.4. Porter’s Five Forces Analysis
3.5. SWOT Analysis
3.6. PEST Analysis
3.7. Average Selling Prices and Pricing Trends Analysis of Open Banking Market
3.8. Technological Roadmap
3.9. Key Investment Pockets of Open Banking Market
3.9.1. By Service Type
3.9.2. By Financial Services
3.9.3. By Deployment Type
3.9.4. By Distribution Channel
3.9.5. By Regions
4. Global Open Banking Market: Estimates & Historic Trend Analysis (2020 to 2021)
4.1. Global Open Banking Market, 2020 – 2021 (US$ Million)
4.2. Global Open Banking Market, By Service Type, 2020 To 2021 (US$ Million)
4.3. Global Open Banking Market, By Financial Services, 2020 To 2021 (US$ Million)
4.4. Global Open Banking Market, By Deployment Type, 2020 To 2021 (US$ Million)
4.5. Global Open Banking Market, By Distribution Channel 2020 To 2021 (US$ Million)
4.6. Global Open Banking Market, By Region, 2020 To 2021 (US$ Million)
5. Global Open Banking Market Estimates & Forecast Trend Analysis, by Service Type
5.1. Global Open Banking Market Share (%) Estimates and Forecasts, by Service Type, 2022 & 2033
5.2. Global Open Banking Market Revenue (US$ Million) Estimates and Forecasts, by Service Type, 2022 to 2033
5.2.1.1. Transactional Services
5.2.1.2. Communicative Services
5.2.1.3. Information Services
6. Global Open Banking Market Estimates & Forecast Trend Analysis, by Financial Services
6.1. Global Open Banking Market Share (%) Estimates and Forecasts, By Financial Services, 2022 & 2033
6.2. Global Open Banking Market Revenue (US$ Million) Estimates and Forecasts, by Financial Services, 2022 to 2033
6.2.1. Bank and Capital Markets
6.2.2. Payments
6.2.3. Digital Currencies
6.2.4. Value Added Services
6.2.5. Others
7. Global Open Banking Market Estimates & Forecast Trend Analysis, by Deployment Type
7.1. Global Open Banking Market Share (%) Estimates and Forecasts, By Deployment Type, 2022 & 2033
7.2. Global Open Banking Market Revenue (US$ Million) Estimates and Forecasts, by Deployment Type, 2022 to 2033
7.2.1. Cloud
7.2.2. On-Premises
7.2.3. Hybrid
8. Global Open Banking Market Estimates & Forecast Trend Analysis, by Distribution Channel
8.1. Global Open Banking Market Share (%) Estimates and Forecasts, By Distribution Channel, 2022 & 2033
8.2. Global Open Banking Market Revenue (US$ Million) Estimates and Forecasts, by Distribution Channel, 2022 to 2033
8.2.1. Bank Channels
8.2.2. App Market
8.2.3. Distributors
8.2.4. Aggregators
9. Global Open Banking Market Analysis and Forecast, by Region
9.1. Global Open Banking Market Share (%) Estimates and Forecasts, By Region, 2022 & 2033
9.2. Global Open Banking Market Revenue (US$ Million) Estimates and Forecasts, By Region, 2022 To 2033
9.2.1. North America
9.2.2. Europe
9.2.3. Asia Pacific
9.2.4. Middle East and Africa
9.2.5. Latin America
10. North America Open Banking Market: Estimates & Forecast Trend Analysis
10.1. North America Open Banking Market Assessments & Key Findings
10.2. North America Open Banking Market Share (%) Estimates and Forecasts, 2022 & 2033
10.3. North America Open Banking Market Size Estimates and Forecast (US$ Million) (2022 To 2033)
10.3.1. By Service Type
10.3.2. By Financial Services
10.3.3. By Deployment Type
10.3.4. By Distribution Channel
10.3.5. By Major Country
10.3.5.1. The U.S.
10.3.5.2. Canada
11. Europe Open Banking Market: Estimates & Forecast Trend Analysis
11.1. Europe Open Banking Market Assessments & Key Findings
11.2. Europe Open Banking Market Share (%) Estimates and Forecasts, 2022 & 2033
11.3. Europe Open Banking Market Size Estimates and Forecast (US$ Million) (2022 to 2033)
11.3.1. By Service Type
11.3.2. By Financial Services
11.3.3. By Deployment Type
11.3.4. By Distribution Channel
11.3.5. By Major Country
11.3.5.1. Germany
11.3.5.2. The U.K.
11.3.5.3. France
11.3.5.4. Italy
11.3.5.5. Spain
11.3.5.6. Rest of Europe (includes all other European countries)
12. Asia Pacific Open Banking Market: Estimates & Forecast Trend Analysis
12.1. Asia Pacific Open Banking Market Assessments & Key Findings
12.2. Asia Pacific Open Banking Market Share (%) Estimates and Forecasts, 2022 & 2033
12.3. Asia Pacific Open Banking Market Size Estimates and Forecast (US$ Million) (2022 To 2033)
12.3.1. By Service Type
12.3.2. By Financial Services
12.3.3. By Deployment Type
12.3.4. By Distribution Channel
12.3.5. By Major Country
12.3.5.1. China
12.3.5.2. Japan
12.3.5.3. India
12.3.5.4. ASEAN
12.3.5.5. South Korea
12.3.5.6. Rest of Asia Pacific (includes all other Asia Pacific countries)
13. Middle East & Africa Open Banking Market: Estimates & Forecast Trend Analysis
13.1. Middle East & Africa Open Banking Market Assessments & Key Findings
13.2. Middle East & Africa Open Banking Market Share (%) Estimates and Forecasts, 2022 & 2033
13.3. Middle East & Africa Open Banking Market Size Estimates and Forecast (US$ Million) (2022 To 2033)
13.3.1. By Service Type
13.3.2. By Financial Services
13.3.3. By Deployment Type
13.3.4. By Distribution Channel
13.3.5. By Major Country
13.3.5.1. GCC
13.3.5.2. South Africa
13.3.5.3. Egypt
13.3.5.4. Rest of Middle East & Africa (includes all other Middle East & Africa countries)
14. Latin America Open Banking Market: Estimates & Forecast Trend Analysis
14.1. Latin America Market Assessments & Key Findings
14.2. Latin America Open Banking Market Share (%) Estimates and Forecasts, 2022 & 2033
14.3. Latin America Open Banking Market Size Estimates and Forecast (US$ Million) (2022 to 2033)
14.3.1. By Service Type
14.3.2. By Financial Services
14.3.3. By Deployment Type
14.3.4. By Distribution Channel
14.3.5. By Major Country
14.3.5.1. Brazil
14.3.5.2. Mexico
14.3.5.3. Rest of Latin America (includes all other Latin America countries)
15. Competitive Landscape
15.1. Open Banking Market Revenue Share Analysis (%), By Major Players (2021)
15.2. Open Banking Market Competition Matrix, By Leading Players
15.3. Open Banking List of Emerging, Prominent & Leading Players
15.4. Major Mergers & Acquisitions, Partnership, Joint Venture, Expansions, Deals, Recent Developments, Etc.
16. Company Profiles
16.1. M2P Fintech
16.1.1. Company Overview & Insights
16.1.2. Financial Performance
16.1.3. Product / Service Portfolio
16.1.4. Geographical Footprint & Share
16.1.5. Strategic Initiatives & Key Developments
*Similar details would be provided for all the players mentioned below
16.2. Tink
16.3. Cross River Bank
16.4. TrueLayer
16.5. Cashfree Payments
16.6. Plaid
16.7. Solarisbank
16.8. Railsbank
16.9. Yapily
16.10. MX
16.11. Minna Technologies
16.12. Cloudentity
16.13. Acorns
16.14. Affirm
16.15. American Express
16.16. Aspiration
16.17. Azlo
16.18. Zeta
16.19. BBVA Open Platform Inc
16.20. Credit Agricole
16.21. DemystData
16.22. Finastra
16.23. Figo
16.24. Jack Henry & Associates
16.25. FormFree
16.26. Mambu
16.27. NCR Corporation
16.28. Mineral Tree Inc.
16.29. Others
17. Assumptions and Research Methodology
17.1. Data Mining
17.2. Secondary Research
17.3. Primary Research
17.4. Subject Matter Expert Advice
17.5. Quality Check
17.6. Final Review
17.7. Data Triangulation
17.8. Bottom-Up Approach
17.9. Top Down Approach
17.10. Research Flow
17.11. Key Insights from Industry Experts
17.12. Data Sources
17.13. Assumptions
17.14. Limitations
18. Conclusions and Recommendations
18.1. Key Research Findings and Conclusion
18.2. Key Insights & Recommendations from Analysts
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