Global Open Banking Market Outlook, Opportunities And Strategies
Learn about the global open banking market through The Business Research Company, which provides information on open banking market size, open banking market drivers and restraints, open banking market players, the COVID-19 impact on the open banking market, and more.
The global open banking market is expected to grow from $11.79 billion in 2020 to $15.13 billion in 2021 at a compound annual growth rate (CAGR) of 28.4%. The change in the growth trend of the open banking market is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2020. The open banking market is expected to reach $37.77 billion in 2025 at a CAGR of 25.7%
The surge in usage of online platforms for making payments is expected to drive innovation in open banking manufacturing, thus driving the market during the forecast period.
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The open banking market consists of sales of open banking services by entities (organizations, sole traders, and partnerships) that unites banks, third parties, and technology providers, allowing them to exchange data easily and securely for the benefit of their consumers. Open banking is a banking practice in which third-party financial service providers can use application programming interfaces (APIs) to gain access to consumer banking, transactions, and other data from banks and NBFCs. These APIs deliver a secure way to share financial information between two parties and makes it easier for consumers to compare the details of current accounts and other banking services.
Global open banking market segments include:
By Service Type: Transactional Services, Communicative Services, Information Services
By Financial Services: Bank And Capital Markets, Payments, Digital Currencies, Value Added Services
By Deployment Type: Cloud, On-Premises, Hybrid
By Distribution Channel: Bank Channels, App Market, Distributors, Aggregators
By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America was the largest region in the open banking market in 2020.
Big data analytics is an emerging trend in the open banking market. Big data analytics collects, processes, and analyzes structured, and unstructured data. The major use of big data analytics is to get business insights into the data. In the open banking market, big data analytics is used to personalize the services for improving the customer experience.
TBRC’s open banking market report covers:
Major Market Players: Capital One, HSBC Bank plc, Banco Bilbao Vizcaya Argentaria S.A, NatWest Group plc, DBS Bank, Barclays, Lloyds Banking Group, Citigroup, Banco Santander S.A., Credit Agricole, NCR Corporation, DemystData, Figo GmbH, Finastra, Jack Henry & Associates Inc., and MineralTree Inc.
Regions: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
Countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Time Series: Five years historic (2015-20) and ten years forecast (2021-2025-2030)
The Open Banking Global Market Report 2021: COVID-19 Implications And Growth to 2030 is one of a series of new reports from The Business Research Company that provides open banking market overviews, analyzes and forecasts market size, share, open banking market players, open banking market segments and geographies, leading competitor revenues, profiles and market shares.
TBRC’s open banking market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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