Global Open Banking Market Size to Exceed USD 164.8 Billion by 2032 | CAGR of 23.11%

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The Global Open Banking Market Size was valued at USD 20.6 Billion in 2022 and the Worldwide Open Banking Market is expected to reach USD 164.8 Billion by 2032, according to a research report published by Spherical Insights & Consulting. Companies Covered: Bannco Bilbao Vizcaya Argentaria, S.A., DemystData, Ltd., Finleap connect, Crédit Agricole, FormFree Holdings Corporation, MineralTree, Inc., NCR Corporation, Finastra, Jack Henry & Associates, Inc., Mambu and Other Key Player.

New York, United States , Dec. 13, 2023 (GLOBE NEWSWIRE) — The Open Banking Market Size is to Gow from USD 20.6 Billion in 2022 to USD 164.8 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 23.11% during the projected period.

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Open banking information gives you access to and control over your financial data, allowing you to create a single view of your accounts and make direct transfers from them. Bank accounts can be linked to loyalty programs, data can be shared with accountants and advisors, and a number of other things can be done. Open banking further expands your banking product and service alternatives. Everyone in the financial services industry benefits from open banking, including customers, businesses, Fintech startups, banks, and financial institutions. A consumer in financial services gets access to improved banking services as well as new specific financial solutions as the sector adopts open banking. The rising popularity of open banking has drawn the interest of venture capital firms, which are driving investments in the open banking market. Among the market’s challenges are growing concerns about cyber-attacks and online fraud. Furthermore, because open banking encourages the sharing of sensitive consumer information, it creates data security and privacy concerns. Different open banking institutions, on the other hand, adopt distinct strategies to ensure that critical data is shared securely and consensually.

COVID-19 Impact
The COVID-19 pandemic had a considerable impact on the open banking industry, leading to a rise in client usage and adoption of application programming interfaces (APIs) for payment processing. As a result of market technical improvements, open banking is growing rapidly. Furthermore, banks and fintech companies are giving relevant and acceptable API functionality to their clients in order to encourage open banking platforms. As a result, during the global health crisis, this has become one of the primary growth causes for the open banking sector.

Browse key industry insights spread across 200 pages with 150 market data tables and figures & charts from the report on “Global Open Banking Market Size, Share, and COVID-19 Impact Analysis, By Financial Services (Banking & Capital Markets, Payments, Digital Currencies, Value Added Services, Others), By Distribution Channel (Bank Channel, App market, Distributors, Aggregators, Others), By Deployment (Cloud, On-premise), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032″. 

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The payments segment dominates the market with the largest revenue share over the forecast period.
Based on financial services, the global open banking market is segmented into banking & capital markets, payments, digital currencies, value-added services, and others. Among these, the payments segment is dominating the market with the largest revenue share over the forecast period. Growing internet usage around the world, as well as an increase in the use of various platforms for online payments, are features of the expansion. By collaborating or partnering with such platform providers, banks might acquire a competitive advantage and improve their market position. Furthermore, growing payment service deployment by open banking institutions bodes well for the segment’s growth.

The distributors segment is witnessing significant CAGR growth over the forecast period.
Based on distribution channels, the global open banking market is segmented into bank channels, app markets, distributors, aggregators, and others. Among these, the distributors segment is witnessing significant CAGR growth over the forecast period. The growth can be attributed to the fact that in a distributor model, banks primarily operate as service or product manufacturers by processing what is eventually sold by a third-party source. In this instance, the third-party supplier owns the customer interface, which provides unique opportunities for the segment’s growth.

The cloud segment is expected to hold the rapid revenue growth of the global Open Banking market during the forecast period.
Based on the deployment, the global Open Banking market is classified into cloud and on-premise. Among these, the cloud segment is expected to grow at a rapid pace during the forecast period. Cloud deployment services allow the bank to collect an unprecedented quantity of consumer data, analyze it, and provide customized services as needed. Cloud technology also offers the highest levels of security. Furthermore, the cloud enables scalability, flexibility, and real-time processing, which is expected to open up new opportunities for category growth.
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Europe dominates the market with the largest market share of more than 38.8% over the forecast period.

Europe holds the largest market share of more than 38.8%. The region’s growing need for greater online payment security could be attributable to regional market expansion. The government’s directives for financial firms to open APIs are another element boosting industry expansion in this region. The presence of several significant corporations in the region is expected to boost regional market growth even further. North America is expected to grow significantly during the period of forecasting. North America has a growing fintech industry, with numerous startups and technology companies focusing on financial innovation. These fintech companies use open banking as a service provider to create new goods and services such as digital wallets, personal financial apps, and investing platforms. The presence of a thriving fintech sector contributes to the region’s expansion of open banking.

During the projected period, the Asia-Pacific market is expected to grow the fastest. The regional market’s expansion could be attributed to greater awareness of the benefits of open financial systems in countries such as China, India, and Japan. The rapid development of digital payment services in Asia Pacific is also expected to boost regional market growth.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the  companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Open Banking Market include Bannco Bilbao Vizcaya Argentaria, S.A., DemystData, Ltd., Finleap connect, Crédit Agricole, FormFree Holdings Corporation, MineralTree, Inc., NCR Corporation, Finastra, Jack Henry & Associates, Inc., Mambu and among others.

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Recent Market Developments

In October 2022, Crowdz, an SME credit platform, became GoCardless’ latest customer for US$ 10 million. The open banking solutions will feature instant bank payments to the United Kingdom, the United States, and Europe confirmed mandates to prevent fraud, as well as PayTo for instant payment and account verification.

Market Segment
This study forecasts revenue at global, regional, and country levels from 2022 to 2032. Spherical Insights has segmented the global open banking market based on the below-mentioned segments:

Open Banking Market, Financial Services Analysis

  • Banking & Capital Markets
  • Payments
  • Digital Currencies
  • Value Added Services
  • Others

Open Banking Market, Distribution Channel Analysis

  • Bank Channel
  • App market
  • Distributors
  • Aggregators
  • Others

Open Banking Market, Deployment Analysis

  • On-premise
  • Cloud

Open Banking Market, Regional Analysis

  • North America
    • US
    • Canada
    • Mexico
  • Europe
    • Germany
    • Uk
    • France
    • Italy
    • Spain
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Rest of Asia Pacific
  • South America
    • Brazil
    • Argentina
    • Rest of South America
  • Middle East & Africa
    • UAE
    • Saudi Arabia
    • Qatar
    • South Africa
    • Rest of the Middle East & Africa

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About the Spherical Insights & Consulting

Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.

Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company’s mission is to work with businesses to achieve business objectives and maintain strategic improvements. 

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