Global Open Banking Market
The global Open Banking market was valued at USD 21.07 billion in 2021 which expected to reach USD 130.17 billion by 2027 at a CAGR 8.45% from 2021-2027.
Open banking is a financial service that involves the electronic sharing of financial information. In addition, open banking services use application programming interfaces (APIs) to protect the movement of financial data. Furthermore, financial information is shared between banks and third-party service providers. An open API protects customers' private data by allowing third-party service providers to acquire user transaction history and trends, allowing easy access to publicly available data such as a bank's product offerings.
Market Drivers
Increased use of innovative applications and services
Open banking-related third-party providers and banks created applications that allow clients to obtain consolidated account information from multiple financial service providers. Furthermore, the utilization of these applications and services aids in the management of client data and funds. Furthermore, these programmes provide customers with advice on how to better manage their wealth. Customers benefit from digital services provided by open banking and other banking industries.
Market Restraints
Rising rates of cyber-attacks and online fraud are expected to restrict market growth over the forecast period.
Impact of COVID-19
The outbreak of the COVID-19 pandemic is projected to play a significant role in driving market growth over the forecast period. The epidemic raised demand for contactless payments, which extended the global market for open banking. Numerous fintech firms collaborated with market leaders to develop cutting-edge digital solutions, resulting in market expansion. For example, in June 2022, Mastercard's Start Path Open Banking initiative enabled entrepreneurs to grow and expand their user base by allowing them to use resources, tools, and knowledge.
Market Segmentation
The Global Open Banking Market is segmented into Services, Deployment, Distribution Channel and Growing System. By Services such as Banking & Capital Markets, Payments, Digital Currencies, Value Added Services. Further, market is segmented into By Deployment such as Cloud, On-premise. By Distribution Channel such as Bank Channels, App Markets, Distributors, Aggregators.
Regional Analysis
Global Open Banking Market is segmented into five regions such as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Europe has the largest market share and is expected to dominate the market during the forecast period. The growing need for improved online payment security in the region might be attributed to the regional market expansion. Another factor encouraging industry expansion in this region is the government's orders for banks to open APIs. The presence of numerous important companies in the region is projected to propel regional market growth even further.
Asia Pacific is expected to develop at the fastest CAGR. The expansion of the regional market can be due to increased knowledge of the benefits of open financial systems in countries such as China, India, and Japan. Rapid advances in digital payment services in Asia Pacific are also likely to contribute to regional market growth. For example, in August 2021, Google Pay, an online payment platform, successfully completed 1 billion transactions in India.
Key Players
Various key players are listed in this report such as Banco Bilbao Vizcaya Argentaria; S.A.; Crédit Agricole; DemystData, Ltd.; finleap connect; Finastra; FormFree Holdings Corporation; Jack Henry & Associates, Inc.; Mambu.; Mineral Tree, Inc.; NCR Corporation
Market Taxonomy
By Services
By Deployment
By Distribution Channel
By Region
Key Questions Addressed by the Report
Global Open Banking Market TOC
1 Introduction
1.1 Objective of the Study
1.2 Market definition
1.3 Market Scope
2 Research Methodology
2.1 Data Mining
2.2 Validation
2.3 Primary Interviews
2.4 List of Data Sources
3 Executive Summary
4 Global Open Banking Market Outlook
4.1 Overview
4.2 Market Dynamics
4.2.1 Drivers
4.2.2 Restraints
4.2.3 Opportunities
4.3 Porters Five Force Model
4.4 Value Chain Analysis
5 Global Open Banking Market, By Services
5.1 Y-o-Y Growth Comparison, By Services
5.2 Global Open Banking Market Share Analysis, By Services
5.3 Global Open Banking Market Size and Forecast, By Services
5.3.1 Banking & Capital Markets
5.3.2 Payments
5.3.3Digital Currencies
5.3.4 Value Added Services
6 Global Open Banking Market, By Deployment
6.1 Y-o-Y Growth Comparison, By Deployment
6.2 Global Open Banking Market Share Analysis, By Deployment
6.3 Global Open Banking Market Size and Forecast, By Deployment
6.3.1 Cloud
6.3.1 On-premise
7 Global Open Banking Market, By Distribution Channel
7.1 Y-o-Y Growth Comparison, By Distribution Channel
7.2 Global Open Banking Market Share Analysis, By Distribution Channel
7.3 Global Open Banking Market Size and Forecast, By Distribution Channel
7.3.1 Bank Channels
7.3.2 App Markets
7.3.3 Distributors
7.3.4 Aggregators
8 Global Open Banking Market, By Region
8.1 Global Open Banking Market Share Analysis, By Region
8.2 Global Open Banking Market Share Analysis, By Region
8.3 Global Open Banking Market Size and Forecast, By Region
9 North America Open Banking Market Analysis and Forecast (2021-2027)
9.1 Introduction
9.2 North America Open Banking Market Share Analysis, By Services
9.3 North America Open Banking Market Size and Forecast, By Deployment
9.4 North America Open Banking Market Size and Forecast, By Distribution Channel
9.6 North America Open Banking Market Size and Forecast, By Country
9.7.1 U.S.
9.7.2 Canada
9.7.3 Mexico
10 Europe Open Banking Market Analysis and Forecast (2021-2027)
10.1 Introduction
10.2 Europe Open Banking Market Share Analysis, By Services
10.3 Europe Open Banking Market Size and Forecast, By Deployment
10.4 Europe Open Banking Market Size and Forecast, By Distribution Channel
10.6 Europe Open Banking Market Size and Forecast, By Country
10.6.1 Germany
10.6.2 France
10.6.3 UK
10.6.4. Rest of Europe
11 Asia Pacific Open Banking Market Analysis and Forecast (2021-2027)
11.1 Introduction
11.2 Asia Pacific Open Banking Market Share Analysis, By Services
11.3 Asia Pacific Open Banking Market Size and Forecast, By Deployment
11.4 Asia Pacific Open Banking Market Size and Forecast, By Distribution Channel
11.6 Asia Pacific Open Banking Market Size and Forecast, By Country
11.6.1 China
11.7.2 Japan
11.8.3 India
11.8.4. Rest of Asia Pacific
12 Latin America Open Banking Market Analysis and Forecast (2021-2027)
12.1 Introduction
12.2 Latin America Open Banking Market Share Analysis, By Services
12.3 Latin America Open Banking Market Size and Forecast, By Deployment
12.4 Latin America Open Banking Market Size and Forecast, By Distribution Channel
12.6 Latin America Open Banking Market Size and Forecast, Country
12.7.1. Brazil
12.8.2. Rest of Latin America
13 Middle East Open Banking Market Analysis and Forecast (2021-2027)
13.1 Introduction
13.2 Middle East Open Banking Market Share Analysis, By Services
13.3 Middle East Open Banking Market Size and Forecast, By Deployment
13.4 Middle East Open Banking Market Size and Forecast, By Distribution Channel
13.6 Middle East Open Banking Market Size and Forecast, By Country
13.7.1. Saudi Arabia
13.8.2. UAE
13.8.3. Egypt
13.9.4. Kuwait
13.10.5. South Africa
14 Competitive Analysis
14.1 Competition Dashboard
14.2 Market share Analysis of Top Vendors
14.3 Key Development Strategies
15 Company Profiles
15.1 Banco Bilbao Vizcaya Argentaria; S.A
15.1.1 Overview
15.1.2 Offerings
15.1.3 Key Financials
15.1.4 Business Segment & Geographic Overview
15.1.5 Key Market Developments
15.1.6 Key Strategies
15.2. Crédit Agricole
15.2.1 Overview
15.2.2 Offerings
15.2.3 Key Financials
15.2.4 Business Segment & Geographic Overview
15.2.5 Key Market Developments
15.2.6 Key Strategies
15.3. DemystData, Ltd
15.3.1 Overview
15.3.2 Offerings
15.3.3 Key Financials
15.3.4 Business Segment & Geographic Overview
15.3.5 Key Market Developments
15.3.6 Key Strategies
15.4 finleap connect
15.4.1 Overview
15.4.2 Offerings
15.4.3 Key Financials
15.4.4 Business Segment & Geographic Overview
15.4.5 Key Market Developments
15.4.6 Key Strategies
15.5 Finastra
15.5.1 Overview
15.5.2 Offerings
15.5.3 Key Financials
15.5.4 Business Segment & Geographic Overview
15.5.5 Key Market Developments
15.5.6 Key Strategies
15.6 FormFree Holdings Corporation
15.6.1 Overview
15.6.2 Offerings
15.6.3 Key Financials
15.6.4 Business Segment & Geographic Overview
15.6.5 Key Market Developments
15.6.6 Key Strategies
15.7 Jack Henry & Associates, Inc
15.7.1 Overview
15.7.2 Offerings
15.7.3 Key Financials
15.7.4 Business Segment & Geographic Overview
15.7.5 Key Market Developments
15.7.6 Key Strategies
15.8 Mambu
15.8.1 Overview
15.8.2 Offerings
15.8.3 Key Financials
15.8.4 Business Segment & Geographic Overview
15.8.5 Key Market Developments
15.8.6 Key Strategies
15.9 Mineral Tree, Inc
15.9.1 Overview
15.9.2 Offerings
15.9.3 Key Financials
15.9.4 Business Segment & Geographic Overview
15.9.5 Key Market Developments
15.9.6 Key Strategies
15.10 NCR Corporation
15.10.1 Overview
15.10.2 Offerings
15.10.3 Key Financials
15.10.4 Business Segment & Geographic Overview
15.10.5 Key Market Developments
15.10.6 Key Strategies
