According to the report published by Allied Market Research, the global open banking market amassed revenue of $13.9 billion in 2020, and is expected to hit $123.7 billion by 2031, registering a CAGR of 22.3% from 2022 to 2031. The market research study provides a detailed analysis of changing industry trends, top-most segments, value chain analysis, key investment business scenarios, regional space, and competitive space. The study is a key information source for giant players, entrepreneurs, shareholders, and owners in generating new strategies for the future and taking steps to enhance their market position. The report displays an in-depth quantitative analysis of the market from 2022 to 2031 and guides investors in allocating funds to the rapidly evolving industry.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2020 | $13.9 Billion |
| Market Size in 2031 | $123.7 Billion |
| CAGR | 22.3% |
| No. of Pages in Report | 228 |
| Segments Covered | Financial Services, Distribution Channel, and Region |
| Drivers | The rise in the use of online tools for making payments. |
| Increase in the number of people making use of new wave apps and services. | |
| Growing use and penetration of big data analytics in various modes of payment. | |
| Restraints | A surge in online fraud and data insecurity. |
| Opportunities | Significant rise in collaboration of financial service providers and conventional banking such as Fintech. |
Covid-19 Scenario
- The Covid-19 pandemic created new growth avenues for the global open banking market due to the use and acceptance of open banking application programming interfaces (APIs) by customers for performing payment processes.
- Open banking services received a boost during the COVID-19 pandemic as a result of technological breakthroughs.
- Banks and fintech firms offered their customers useful and new features in APIs for promoting the use of open banking platforms during the COVID-19 pandemic.
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The report offers detailed segmentation of the global open banking market based on financial services, distribution channel, and region. It provides an in-depth analysis of every segment and sub-segment in tables and figures through which consumers can derive a conclusion about market trends and insights. The market report analysis aids organizations, investors, and entrepreneurs in understanding which sub-segments are to be tapped for achieving huge growth in the years ahead.
In terms of financial services, the banking & capital markets segment was the largest in 2020, accounting for nearly half of the overall share of the global open banking market. Moreover, the Payments segment is predicted to dominate the overall market growth in 2031. However, the value-added services segment is set to record the highest CAGR of 27.2% from 2022 to 2031. The report also analysis other segments including Digital Currencies.
On basis of the distribution channel, the app market segment held the largest share in 2020, contributing to two-fifths of the overall open banking market share. Moreover, this segment is predicted to account for the highest market share in 2031. Furthermore, the Distributors segment is also anticipated to record the fastest CAGR of 25.9% during the forecast timeframe. The report also includes bank channel and aggregators.
Based on region, Europe contributed toward the highest market share in 2020, accounting for more than two-fifths of the global open banking market share. Furthermore, the Asia-Pacific region is set to contribute majorly toward the global market share in 2031. In addition, the region is predicted to register the fastest CAGR of 27.0% during the forecast timespan. The research also analyzes regions including LAMEA and North America.
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Key participants in the global open banking market examined in the research include Banco Bilbao Vizcaya Argentaria, S.A., Crédit Agricole Group, Deposit Solutions, Finestra, Jack Henry & Associates, Inc., Nordigen Solutions, Revolut Ltd., Societe Generale S.A., Tink AB, and Yapily Ltd.
The report evaluates these major players in the global open banking industry. These players have executed a gamut of major business strategies such as the expansion of regional and customer bases, new product launches, strategic alliances, and joint ventures for expanding product lines across global markets. The market research report supports the performance monitoring of each segment, positioning of each product in respective segments, and the impact of new technology and product innovations on the overall market size.
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.
Key Market Segments
Financial Services
- Banking & Capital Markets
- Payments
- Digital Currencies
- Value Added Services
Distribution Channel
- Bank Channel
- App market
- Distributors
- Aggregators
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)
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Lastly, this report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.
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