Open banking is a financial service that includes sharing of financial information electronically. Furthermore, open banking services make use of application programming interface (APIs) to carry out a secure transfer of financial data.
According to the latest report of Allied Market Research, titled “Open Banking Market by Financial Services (Banking and Capital Markets, Payments, Digital Currencies, and Value Added Services) and Distribution Channel (Bank Channel, App market, Distributors, and Aggregators): Global Opportunity Analysis and Industry Forecast, 2019–2026”. According to a report, the global open banking market size was valued at $7,295 million in 2018, and is expected to reach $43,152 million by 2026, registering a CAGR of 24.4% from 2019 to 2026.
The report includes dynamic growth factors, constraints, and opportunities. In addition, it offers a thorough analysis of the key market players and their recent market strategies to help new business entrants, stakeholders, and shareholders to formulate lucrative profitable market strategies. The report provides an in-depth analysis of several strategies adopted by top market players which help them maintain their market position.
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The Open Banking Market report covers an overview of the market and SWOT analysis of the key market players coupled with financial analysis, business overview, and portfolio analysis of services and products. In addition, the report offers the latest market happenings including major partnerships, market expansion, product launches, and joint ventures for the sake of stakeholders to help them better understand the long-term profitability of the market.
The Open Banking Market report offers a detailed study of drivers, restraints, challenges, and opportunities in the market. The study regarding drivers and opportunities aids to understand the rapidly changing dynamics and how they can impact the growth of the market. Furthermore, information about challenges and restraints offered in the report is vital for making profitable market investments. The rapid technological advancements and rise in demand have created new opportunities for the market players.
Major segmentation:
The report involves segmentation of the Open Banking Market based on type, application, and geography. The study includes a detailed analysis of each segment that makes it beneficial to market players and stakeholders to gain a competitive advantage. The study covers a detailed analysis of sales, revenue, growth rate, and market shares of every segment during the historic period and forecast period in both charts and tabular format.
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Regional Scope Analysis:
The market is studied on the basis of geographical penetration coupled with analysis of market performance in every region such as North America (United States, Canada, and Mexico), Europe (Germany, France, UK, Russia, and Italy), Asia-Pacific (China, Japan, Korea, India, and Southeast Asia), South America (Brazil, Argentina, Colombia), Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, and South Africa).
Major market players
The report covers a comprehensive study of the major market players that are currently operating in the Open Banking Market. These market players are BBVA Open Platform Inc., Credit Agricole, DemystData, Figo GmbH, Finastra, FormFree, Jack Henry & Associates, Inc., Mambu GmbH, MineralTree Inc., and NCR Corporation.
The competitive analysis of these organizations includes a thorough business overview, portfolio analysis of services and products. The companies have adopted several strategies including joint ventures, partnerships, new product launches, mergers & acquisitions, and collaboration to continue their dominant position in the market.
Covid-19 scenario:
The Open Banking Market has been significantly affected by the Covid-19 pandemic. According to the restrictions and guidelines issued by World Health Organization (WHO), several manufacturing facilities were temporarily suspended. This hampered the market tremendously. In addition, the prolonged lockdown across the globe led to disruption of the supply chain and raised the raw material prices.
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Questions Answered in the Open Banking Market Research Report
- Which are the leading players active in the Open Banking Market size?
- What are the detailed impacts of COVID-19 on the market?
- What current trends will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What future projections would help in taking further strategic steps?
Key Market Segments
- By Financial Services
- Banking & Capital Markets
- Payments
- Digital Currencies
- Value Added Services
- By Distribution channel
- Bank Channel
- App market
- Distributors
- Aggregators
- By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- UK
- Germany
- Netherlands
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Singapore
- Australia
- Hong Kong
- Rest of Asia-Pacific and LATAM
- North America
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Pawan Kumar, the CEO of AMR, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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