IMARC Group, a leading market research company, has recently releases report titled “Open Banking Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global open banking market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights
How big is the open banking market?
The global open banking market size reached US$ 21.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 67.8 Billion by 2028, exhibiting a growth rate (CAGR) of 20% during 2023-2028.
What is open banking?
Open banking is a financial concept that comprises sharing customer financial data between banks and authorized third-party providers through secure application programming interfaces (APIs). It enables customers to grant these third-party providers access to their banking information and allows for enhanced financial management and personalized services. It assists in providing a comprehensive view of the financial accounts across various institutions in a single platform to individuals. As it aids in streamlining the management of finances and facilitating more informed decision-making, the demand for open banking is rising across the globe.
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What are the growth prospects and trends in the open banking industry?
At present, the increasing demand for innovative financial solutions and customer-centric services represents one of the major factors contributing to the growth of the market. Apart from this, the rising adoption of open banking, as it allows fintech companies to develop and offer a wide range of innovative products, such as personalized budgeting apps, wealth management tools, and real-time payment services, is propelling the growth of the market.
Moreover, the increasing advent of advanced data analytics and artificial intelligence (AI) technologies in open banking that assist in collecting huge amounts of financial data and gaining valuable insights into customer behavior, preferences, and financial patterns is bolstering the growth of the market.
Additionally, the growing demand for open banking to enhance customer experience and build loyalty is positively influencing the market.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Services:
- Banking and Capital Markets
- Payments
- Digital Currencies
- Value Added Services
Breakup by Deployment:
- Cloud-based
- On-premises
Breakup by Distribution Channel:
- Bank Channels
- App Markets
- Distributors
- Aggregators
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
Banco Bilbao Vizcaya Argentaria S.A., Clarity Group Inc., Credit Agricole (SAS Rue La Boétie), Finastra (Misys International Limited), Finleap connect, Jack Henry & Associates Inc, Mambu, NCR Corporation, Nordigen Solution, Revolut Ltd, Riskonnect Inc. and Societe Generale.
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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