A lead analyst at AMR has highlighted that the Europe open banking market across Italy is anticipated to grow at the fastest CAGR during the forecast period.
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Allied Market Research published a research report on the Europe open banking market. The findings of the report state that the market for Europe open banking generated $6.14 billion in 2020, and is projected to reach $48.30 billion by 2030, witnessing a CAGR of 23.18% from 2021 to 2030. The report offers valuable information on changing market dynamics, major segments, top investment pockets, and competitive scenarios for market players, investors, shareholders, and new entrants.
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“Growing significance of customer engagement and high-end technological advancements have made the Europe open banking market grow exponentially in the last few years,” said Kanhaiya Kathoke, Research Analyst, BFSI at Allied Market Research.
The report provides insights on drivers, restraints, and opportunities to help the market players in devising growth strategies and capitalizing on opportunities. The rise in internet usage for making payments brought in by the introduction of new payment methods in European nations, greater use of e-commerce, enhanced internet connectivity, and an increase in adoption of big data analytics drive the growth of the Europe open banking market. On the other hand, the surge in cyber-attacks and data breaches in the banking industry restrains growth to some extent. However, improved decision-making for customers due to open banking and technological advancements in the banking industry has paved the way for lucrative opportunities for the key players in the industry.
The report also offers a detailed scenario of the impact of the Covid-19 pandemic on the Europe open banking market. It is helpful for the market players, new entrants, and investors to determine strategies as per the current scenario and improvise relevant business models for the next few years. The outbreak of the pandemic had a positive impact on the Europe open banking market due to a surge in the adoption of online and digitalized payment methods among consumers. Consumers got acquainted with new types of banking services and their benefits, which in turn was beneficial for market growth. Simultaneously, several initiatives taken by governing bodies across European countries to contain the spread of the virus by bringing open banking policies for conducting banking processes also boosted the growth of the market.
The report offers detailed segmentation of the Europe open banking market based on financial services, distribution channels, and region. These insights are helpful for new as well as existing market players to capitalize on the fastest-growing and largest revenue-generating segments to accomplish growth in the future.
By financial service, the banking & capital markets segment accounted for the lion’s share, generating nearly half of the total market in 2020, and is anticipated to retain its dominance through 2030. On the other hand, the value-added services segment would showcase the fastest CAGR of 28.2% throughout the forecast period.
By distribution channel, the app market segment generated the highest share of around two-fifths of the total market in 2020. However, the aggregator’s segment would cite the fastest CAGR of 28.2% by 2030.
By country, the UK contributed to the largest share, generating more than one-fourth of the total market revenue in 2020, and is projected to rule the roost through the forecast period, However, Italy is anticipated to manifest the fastest CAGR of 29.7% during the forecast period.
Leading market players of the Europe open banking market analyzed in the report include Finastra, Klarna Inc., Plaid Inc., Revolut Ltd., Banco Bilbao Vizcaya Argentaria, S.A., Tink (Visa Inc.), Nordigen Solutions, TrueLayer, Yapily Ltd., and Deposit Solutions.
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