Open Banking Market
Open Banking Market Size, Share & Trends Analysis Report by Type (Cloud, On-Premises, and Hybrid), by Services (Banking & Capital Markets, Payments, Digital Currencies, and Value-added Services), and by Distribution Channel (Bank Channel, App Market, Distributors, and Aggregators), Forecast Period (2023-2030)
Open banking market is anticipated to grow at a CAGR of 21.2% during the forecast period (2023-2030). Open banking is a banking practice that provides third-party financial service providers open access to consumer banking, transactions, and other financial data from banks and non-bank financial institutions through the use of application programming interfaces (APIs). The growth adoption of technologies such as artificial intelligence (AI), internet of things (IoT), and cloud. According to Open Banking, In October 2023, Through Impact reported 9.7 million payments made in June 2023, over 1 in 9 (11%) British consumers are active users of open banking, and 17% of small businesses. The average transaction value of open banking payments is around $574, meaning the total monthly value of open banking payments is around $6.16 billion. For instance, In October 2023, Mastercard provided open banking technology to support partners across the ecosystem with safe, flexible, and secure lending and payment experiences. Including WorldPay from FIS, the merchant solutions business of global financial services technology provider FIS, and Zip, a buy now, pay later firm, to scale new open banking-powered solutions that enable more payment choices, empower consumer lending, and modernize account-based payments.
Segmental Outlook
The global open banking market is segmented by type, services, and distribution channel. Based on the type, the market is sub-segmented into cloud, on-premises, and hybrid. Based on the services, the market is sub-segmented into banking & capital markets, payments, digital currencies, and value-added services. Further, based on distribution channels, the market is sub-segmented into bank channels, app markets, distributors, and aggregators. Among the services banking & capital markets sub-segment is anticipated to hold a considerable share of the market owing to the rising customer awareness regarding investments and banking.
The App market Sub-Segment is Anticipated to Hold a Considerable Share of the Global Open Market
Among the distribution channels, the app market sub-segment is expected to hold a considerable share of the global open market. Banks and third-party service providers related to open banking have developed applications that aid users in receiving consolidated account information from various financial service providers. Using these applications and services also enables the management of client information and funds. The segmental growth is attributed to the growing adoption of mobile applications for various purposes such as buying and selling products and services, and rising awareness regarding the utilization of banking services through mobile banking. for instance, in march 2023, Nordea built APIs to enable other companies to create services that our customers can use Some of them were built to comply with the PSD2 EU regulation and give our customers access to their accounts through third parties from other banks’ apps or shopping apps. Others were built as Premium APIs which offer corporate customers to help them streamline their finances, increase efficiency, build frictionless customer experiences, boost their e-commerce, and improve their financial security.
Regional Outlook
The global open banking market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America. Among these, North America is anticipated to hold a prominent share of the market across the globe, owing to the high concentration of the market solution vendors including Yapily Ltd, Mineral Tree, Inc., and more. For Instance, In March 2022, NCR acquired fintech intellectual property for open banking. with the acquisition, NCR has the software to embed financial services capabilities into every customer experience and build market-leading data intelligence for their clients.
Global Open Banking Market Growth, by Region 2023-2030
The Europe Region is Expected to Grow at a Significant CAGR in the Global Open banking Market
Among all regions, the Europe region is anticipated to grow at a considerable CAGR over the forecast period. Regional growth is attributed to increasing access to the services such as banking and finance. The UK now has more than 230 service providers and 6 million open banking users, which are dominated by consumer businesses and micro businesses. As a result, the UK has succeeded in increasing access to banking services, making it easier for people to obtain and improve credit scoring, and improving the experience of financial services (customer experience). for instance, in August 2021, Bank Indonesia established the Payment Open API National Standard (SNAP) as a benchmark for compliance and standards for implementing open banking. Open banking has now been implemented by several banks in Indonesia and refers to these standards.
Market Players Outlook
The major companies serving the open banking market include HSBC Bank plc, Jack Henry & Associates Inc., Lloyds Bank plc, Mambu and Mineral Tree, Inc., and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in 2021, Yapily Ltd. announced a partnership with American Express to provide open banking services to its customers in Europe.
The Report Covers
- Market value data analysis of 2022 and forecast to 2030.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global open banking market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
1. Report Summary
• Current Industry Analysis and Growth Potential Outlook
1.1. Research Methods and Tools
1.2. Market Breakdown
1.2.1. By Segments
1.2.2. By Region
2. Market Overview and Insights
2.1. Scope of the Report
2.2. Analyst Insight & Current Market Trends
2.2.1. Key Findings
2.2.2. Recommendations
2.2.3. Conclusion
3. Competitive Landscape
3.1. Key Company Analysis
3.2. Banco Bilbao Vizcaya Argentaria, S.A.
3.2.1. Overview
3.2.2. Financial Analysis
3.2.3. SWOT Analysis
3.2.4. Recent Developments
3.3. Credit Agricole
3.3.1. Overview
3.3.2. Financial Analysis
3.3.3. SWOT Analysis
3.3.4. Recent Developments
3.4. DBS Bank Ltd
3.4.1. Overview
3.4.2. Financial Analysis
3.4.3. SWOT Analysis
3.4.4. Recent Developments
3.5. Key Strategy Analysis
4. Market Segmentation
4.1. Global Open Banking Market by Type
4.1.1. Cloud
4.1.2. On-Premises
4.1.3. Hybrid
4.2. Global Open Banking Market by Services
4.2.1. Banking & Capital Markets
4.2.2. Payments
4.2.3. Digital Currencies
4.2.4. Value-Added Services
4.3. Global Open Banking Market by Distribution Channel
4.3.1. Bank Channel
4.3.2. App market
4.3.3. Distributors
4.3.4. Aggregators
5. Regional Analysis
5.1. North America
5.1.1. United States
5.1.2. Canada
5.2. Europe
5.2.1. UK
5.2.2. Germany
5.2.3. Italy
5.2.4. Spain
5.2.5. France
5.2.6. Rest of Europe
5.3. Asia-Pacific
5.3.1. China
5.3.2. India
5.3.3. Japan
5.3.4. South Korea
5.3.5. Rest of Asia-Pacific
5.4. Rest of the World
6. Company Profiles
6.1. Adform
6.2. Adroll.com
6.3. HSBC bank plc
6.4. Jack Henry & Associates Inc.
6.5. Lloyds Bank plc
6.6. Mambu
6.7. Mineral Tree, Inc
6.8. NCR corp.
6.9. Nordigen Solutions
6.10. Qwist GmbH
6.11. Revolut Ltd
6.12. Societe Generale Luxembourg
6.13. Tink AB
6.14. Wells Fargo
6.15. Yapily Ltd.
1. GLOBAL OPEN BANKING MARKET RESEARCH AND ANALYSIS BY TYPE, 2022-2030 ($ MILLION)
2. GLOBAL CLOUD OPEN BANKING MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
3. GLOBAL ON-PREMISES OPEN BANKING MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($MILLION)
4. GLOBAL HYBRID OPEN BANKING MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
5. GLOBAL OPEN BANKING MARKET RESEARCH AND ANALYSIS BY SERVICES, 2022-2030 ($ MILLION)
6. GLOBAL OPEN BANKING IN BANKING & CAPITAL MARKETS MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
7. GLOBAL OPEN BANKING IN PAYMENTS MARKETS RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
8. GLOBAL OPEN BANKING IN DIGITAL CURRENCIES MARKETS RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
9. GLOBAL OPEN BANKING IN VALUE ADDED SERVICES MARKETS RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
10. GLOBAL OPEN BANKING MARKET RESEARCH AND ANALYSIS BY DISTRIBUTION CHANNEL, 2022-2030 ($ MILLION)
11. GLOBAL OPEN BANKING FOR BANK CHANNEL MARKETS RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
12. GLOBAL OPEN BANKING FOR APP MARKETS RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
13. GLOBAL OPEN BANKING FOR DISTRIBUTORS MARKETS RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
14. GLOBAL OPEN BANKING FOR AGGREGATORS MARKETS RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
15. GLOBAL OPEN BANKING MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
16. NORTH AMERICAN OPEN BANKING MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2022-2030 ($ MILLION)
17. NORTH AMERICAN OPEN BANKING MARKET RESEARCH AND ANALYSIS BY TYPE, 2022-2030 ($ MILLION)
18. NORTH AMERICAN OPEN BANKING MARKET RESEARCH AND ANALYSIS BY SERVICES, 2022-2030 ($ MILLION)
19. NORTH AMERICAN OPEN BANKING MARKET RESEARCH AND ANALYSIS BY DISTRIBUTION CHANNEL, 2022-2030 ($ MILLION)
20. EUROPEAN OPEN BANKING MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2022-2030 ($ MILLION)
21. EUROPEAN OPEN BANKING MARKET RESEARCH AND ANALYSIS BY TYPE, 2022-2030 ($ MILLION)
22. EUROPEAN OPEN BANKING MARKET RESEARCH AND ANALYSIS BY SERVICES, 2022-2030 ($ MILLION)
23. EUROPEAN OPEN BANKING MARKET RESEARCH AND ANALYSIS BY DISTRIBUTION CHANNEL, 2022-2030 ($ MILLION)
24. ASIA- PACIFIC OPEN BANKING MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2022-2030 ($ MILLION)
25. ASIA- PACIFIC OPEN BANKING MARKET RESEARCH AND ANALYSIS BY TYPE, 2022-2030 ($ MILLION)
26. ASIA- PACIFIC OPEN BANKING MARKET RESEARCH AND ANALYSIS BY SERVICES, 2022-2030 ($ MILLION)
27. ASIA- PACIFIC OPEN BANKING MARKET RESEARCH AND ANALYSIS BY DISTRIBUTION CHANNEL, 2022-2030 ($ MILLION)
28. REST OF THE WORLD OPEN BANKING MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
29. REST OF THE WORLD OPEN BANKING MARKET RESEARCH AND ANALYSIS BY TYPE, 2022-2030 ($ MILLION)
30. REST OF THE WORLD OPEN BANKING MARKET RESEARCH AND ANALYSIS BY SERVICES, 2022-2030 ($ MILLION)
31. REST OF THE WORLD OPEN BANKING MARKET RESEARCH AND ANALYSIS BY DISTRIBUTION CHANNEL, 2022-2030 ($ MILLION)
1. GLOBAL OPEN BANKING MARKET SHARE BY TYPE, 2022 VS 2030 (%)
2. GLOBAL CLOUD OPEN BANKING MARKET SHARE BY REGION, 2022 VS 2030 (%)
3. GLOBAL ON-PREMISES OPEN BANKING MARKET SHARE BY REGION, 2022 VS 2030 (%)
4. GLOBAL HYBRID OPEN BANKING MARKET SHARE BY REGION, 2022 VS 2030 (%)
5. GLOBAL OPEN BANKING MARKET SHARE BY SERVICES, 2022 VS 2030 ($ MILLION)
6. GLOBAL OPEN BANKING IN BANKING & CAPITAL MARKETS SHARE BY REGION, 2022 VS 2030 (%)
7. GLOBAL OPEN BANKING IN PAYMENTS MARKETS SHARE BY REGION, 2022 VS 2030 (%)
8. GLOBAL OPEN BANKING IN DIGITAL CURRENCIES MARKETS SHARE BY REGION, 2022 VS 2030 (%)
9. GLOBAL OPEN BANKING IN VALUE ADDED SERVICES MARKETS SHARE BY REGION, 2022 VS 2030 (%)
10. GLOBAL OPEN BANKING MARKET SHARE ANALYSIS BY DISTRIBUTION CHANNEL, 2022-2030 ($ MILLION)
11. GLOBAL OPEN BANKING FOR BANK CHANNEL MARKETS SHARE BY REGION, 2022 VS 2030 (%)
12. GLOBAL OPEN BANKING FOR APP MARKETS SHARE BY REGION, 2022 VS 2030 (%)
13. GLOBAL OPEN BANKING FOR DISTRIBUTORS MARKETS SHARE BY REGION, 2022 VS 2030 (%)
14. GLOBAL OPEN BANKING FOR AGGREGATORS MARKETS SHARE BY REGION, 2022 VS 2030 (%)
15. GLOBAL OPEN BANKING MARKET SHARE BY REGION, 2022 VS 2030 (%)
16. US OPEN BANKING MARKET SIZE, 2022-2030 ($ MILLION)
17. CANADA OPEN BANKING MARKET SIZE, 2022-2030 ($ MILLION)
18. UK OPEN BANKING MARKET SIZE, 2022-2030 ($ MILLION)
19. FRANCE OPEN BANKING MARKET SIZE, 2022-2030 ($ MILLION)
20. GERMANY OPEN BANKING MARKET SIZE, 2022-2030 ($ MILLION)
21. ITALY OPEN BANKING MARKET SIZE, 2022-2030 ($ MILLION)
22. SPAIN OPEN BANKING MARKET SIZE, 2022-2030 ($ MILLION)
23. REST OF EUROPE OPEN BANKING MARKET SIZE, 2022-2030 ($ MILLION)
24. INDIA OPEN BANKING MARKET SIZE, 2022-2030 ($ MILLION)
25. CHINA OPEN BANKING MARKET SIZE, 2022-2030 ($ MILLION)
26. JAPAN OPEN BANKING MARKET SIZE, 2022-2030 ($ MILLION)
27. SOUTH KOREA OPEN BANKING MARKET SIZE, 2022-2030 ($ MILLION)
28. REST OF ASIA-PACIFIC OPEN BANKING MARKET SIZE, 2022-2030 ($ MILLION)
29. REST OF THE WORLD OPEN BANKING MARKET SIZE, 2022-2030 ($ MILLION)
