Open Banking Market

Open Banking Market is valued at USD 11287.88 Million in 2020 and expected to reach USD 52042.13 Million by 2027 with the CAGR of 24.40% over the forecast period.

Global Open Banking Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2021-2027- Factors such as increasing number of people using new wave apps and services, rising customer engagement and attending banking customers need and rise in advantages of an open banking platform are some of the major factors driving the growth of the market.                

Scope of Global Open Banking Market:

The open banking is nothing but the practice of sharing financial information electronically, very securely and under the conditions that approved by customers. The third-party financial service with this open banking providers have open access to consumer banking, transaction and other financial data from banks and non-banks financial institutions. This access is with the use of application programming interfaces (APIs). It will allow the networking of accounts and data across institutions for use by consumers, third-party service providers and financial institutions. It is becoming a major source of innovation that poised to reshape the banking industry. These third-party providers APIs can use the customer’s shared data and data about the customer’s financial counterparties.

Global Open Banking Market is segmented on the basis of type, application and region & country level. On the basis of type, the market is segmented into cloud, on-premises and hybrid. On the basis of application, the market is segmented into banks, fintechs, retailers and financial institutions.

The regions covered in this Open Banking Market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, market of Open Banking is sub divided into U.S., Mexico, Canada, UK, France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.

Key Players for Open Banking:

Globally Manufacturers such as Barclays, Royal Bank of Scotland Group, Wells Fargo, Nationwide Building Society, Capital One Citigroup, Banco Santander, Lloyds Banking Group, DBS Bank, BBVA, HSBC Bank plc and many others are contributing in the market growth.

News-

Klarna Launched Open Banking Platform

On March 28^th, 2019; Klarna, one of Europe’s leading payment providers and the global market leader in payment initiation services, announced the launch of its own Open Banking Platform. This platform will enable access to more than 4,300 European banks through a single Access to Account (XS2A) API in line with Payment Services Directive (PSD2). Klarna’s XS2A API is the most established and proven solution that has been developed at scale across markets for almost 15 years through the Klarna Group company Sofort.   

Better Overall Customer Engagement with Open Banking APIs and Growing Number of People Using New Wave Apps and Services are Some of the Major Factors Driving Market Growth.

Users of open banking-enabled products now exceeds due to the uptake of products powered by open banking that give users more bespoke, personalized tailored financial services products than ever before According to Fintech in India-Powering mobile payments, Digital payment transaction turnover as a percentage of the Gross Domestic Product (GDP) increased from 7.14% in 2016 to 8.42% in 2018. Payments segment is driving the open banking market growth this is due to surge in use of online platforms for making payments and this is one of the key factors for driving the market growth. In addition, rising customer’s engagement and attending banking customers need are also fueling the market growth. Furthermore, growing number of advantages of a banking platforms which makes it more beneficial to all stakeholders in the financial services industry are also supplementing the market growth. However, rising number of cases of online fraud and data insecurity may hamper market growth within the forecast period. In spite of that, significant increasing number of more innovative service offerings may provide an opportunity for the further growth of the market.  

North America is Expected to Dominate the Global Open Banking Market.

Geographically, North America region is expected to dominate the global open banking market due to the region has banking institutions making aggressive investments in developing APIs. Also the region has quick adoption of advanced technologies and presence of majority key players. Asia Pacific region is expected to witness a fastest growth in the global open banking market owing to the surge in number of banks investing in open application programming interface (APIs) management platforms in this region.

Key Benefits for Global Open Banking Market Report–

• Global open banking market report covers in depth historical and forecast analysis.
• Global open banking market research report provides detail information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market opportunities, Competitive Analysis, Regional and Country Level.
• Global open banking market report helps to identify opportunities in market place.
• Global open banking market report covers extensive analysis of emerging trends and competitive landscape.

 

Open Banking Market Report Coverage

Report Analysis

Details

Years :	2019	Market Size in 2019:	US$ 7,294.1 Billion
Market Historical Analysis:	2015-2019	Forecast Analysis:	2020-2026
Forecast Period CAGR %:	24.4%	Market Size Expected to reach in 2026:	US$ 33,629.0 Billion
Pages:	200	Tables, Charts & Figures:	170
Top Companies:	Barclays, Royal Bank of Scotland Group, Wells Fargo, Nationwide Building Society, Capital One Citigroup, Banco Santander, Lloyds Banking Group, DBS Bank, BBVA, HSBC Bank
Market Segmentation:	Type, Application
Regional Analysis:	North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa

 

Global Open Banking Market Segmentation:–

By Type:

• Cloud
• On-premises
• Hybrid

By Application:

• Banks
• Fintechs
• Retailers
• Financial Institutions

By Regional & Country Analysis:

North America

• U.S.
• Canada

Europe

• Germany
• France
• U.K.
• Italy
• Spain
• Sweden
• Netherland
• Turkey
• Switzerland
• Belgium
• Rest of Europe

Asia-Pacific

• South Korea
• Japan
• China
• India
• Australia
• Philippines
• Singapore
• Malaysia
• Thailand
• Indonesia
• Rest Of APAC

Latin America

• Mexico
• Colombia
• Brazil
• Argentina
• Peru
• Rest of South America

Middle East and Africa

• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest Of MEA