Open Banking Market : Global Opportunity Analysis and Industry Forecast, 2020-2031 at a CAGR of 22.3%.

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Open Banking Market by Financial Services (Banking & Capital Markets, Payments, Digital Currencies, Value Added Services), by Distribution Channel (Bank Channel, App market, Distributors, Aggregators): Global Opportunity Analysis and Industry Forecast, 2020-2031

The global open banking market was valued at $13.9 billion in 2020, and is projected to reach $123.7 billion by 2031, growing at a CAGR of 22.3% from 2022 to 2031.

The major factor which contributes toward the growth of the open banking market includes an increase in the number of people using new wave apps and services. In addition, an upsurge in customer engagement and attending banking customers need boost the growth of the open banking market.

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Furthermore, there are a lot of benefits associated with an open banking platform and are advantageous for all parties involved in the financial services sector, including banks, enterprises, Fintechs, and innovators. This is an important factor that fosters the growth of 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 be opportunistic for the open banking market growth.

The open banking market is studied on the basis of financial services, distribution channel, and region. By financial service, the market is divided into bank & capital market, payments, digital currencies, and others. As per distribution channel, it is classified into bank channels, app market, distributors, and aggregators. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

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KEY BENEFITS FOR STAKEHOLDERS

  • This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the open banking market analysis from 2020 to 2031 to identify the prevailing open banking market opportunity.
  •     The market research is offered along with information related to key drivers, restraints, and opportunities.
  •     Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
  •     In-depth analysis of the open banking market segmentation assists to determine the prevailing market opportunities.
  •     Major countries in each region are mapped according to their revenue contribution to the global market.
  •     Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
  •     The report includes the analysis of the regional as well as open banking market trends, key players, market segments, application areas, and market growth strategies.

 Open Banking Market Report Highlights

AspectsDetails
Financial ServicesBanking & Capital MarketsPaymentsDigital CurrenciesValue Added Services
Distribution ChannelBank ChannelApp marketDistributorsAggregators
By RegionNorth America  (U.S., Canada)Europe  (United Kingdom, Germany, France, Italy, Spain, Rest of Europe)Asia-Pacific  (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)LAMEA  (Latin Amercia, Middle East, Africa)
Key Market PlayersBBVA SA, Credit Agricole, Deposit Solutions, Finestra, Jack Henry & Associates, Inc., Nordigen Solutions, Revolut Ltd., Societe Generale, Tink, Yapily Ltd.

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