Open banking is a financial service which 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.
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 report focuses on growth prospects, restraints, and trends of the open banking market outlook. The study provides Porter’s Five Forces analysis to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the data analytics in banking market outlook.
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Region-wise, Europe acquired the majority of open banking market size in 2020. This is attributed to growth in open banking platform and need to increase security of online payments. Furthermore, the government directives for banks to mandatorily open APIs is another factor that boosts the growth of the market in this region.
The key players operating in the open banking market forecast include as Banco Bilbao Vizcaya Argentaria. S.A., Credit Agricole, Deposit Solutions, Finastra, Jack Henry & Associates, Inc., Nordigen Solutions, Revolut Ltd., Societe Generale, Tink (Visa Inc.), and Yapily Ltd. These players have adopted various strategies to increase their market penetration and strengthen their position in the open banking industry.
Top Impacting Factors
Potential benefits of open banking
Open banking is beneficial across the value chain of financial services industry, including consumers, businesses, Fintech companies, banks, and financial institutions.
Increase in adoption of new applications and services
Open banking related third-party providers and banks developed applications that help customers to attain consolidated details of their accounts from various financial service providers.
Improved overall customer engagement with open banking API’s
Open banking API offers a unique way to improve customer needs by providing easy accessibility to the customers.
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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
| Aspects | Details |
|---|---|
| Financial Services | Banking & Capital MarketsPaymentsDigital CurrenciesValue Added Services |
| Distribution Channel | Bank ChannelApp marketDistributorsAggregators |
| By Region | North 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 Players | BBVA SA, Credit Agricole, Deposit Solutions, Finestra, Jack Henry & Associates, Inc., Nordigen Solutions, Revolut Ltd., Societe Generale, Tink, Yapily Ltd. |
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