The global Open Banking Market is presently worth USD 9074.98 million and is anticipated to garner a valuation of USD 52048.58 million by 2030, registering a CAGR of 24.4% over the forecast period.
Open banking refers to a system that facilitates the digital transfer of a customer’s account related information. In other words, it allows third party access to the financial details of a bank account holder by using application programming interfaces (APIs). This system offers higher financial transparency for customers as it provides them with easy access to consumer banking, transaction details, and complete financial data.
Major growth propellants and restraints of this marketplace
The increasing technological advancements in the field, rising adoption of smart banking services, and surging number of FinTech firms across the globe are positively swaying the dynamics of this market sphere.
Furthermore, rising disposable income of the masses, wide array of benefits offered by open banking systems, and favorable government initiatives to promote open banking solutions are augmenting the overall industry outlook.
Also, the COVID-19 pandemic outbreak had a positive impact on the growth of global open banking market. The restrictive measures such as lockdowns and social distancing protocols shifted the operations of financial institutions into the online mode. This escalated the demand for open banking to enable customers to make transactions and get their financial data right from the comfort of their homes.
Moreover, enhanced digital literacy, rising internet penetration, and growing use of smart devices across the world are creating lucrative opportunities for the market to prosper.
On the contrary, rising concerns regarding financial data security and dearth of skilled professionals in the field are hindering the remuneration scope of this business sphere.
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Segmental assessment of this industry vertical
Based on financial services
- Banking & capital markets
- Payments
- digital currencies
- value added services
The banking & capital markets segment is poised to amass notable gains over 2022-2030 owing to the rising use of online platforms like GooglePay to make payments.
By distribution channel
- Bank channel
- App market
- Aggregators
- Distributors
The app market segment is slated to capture a substantial revenue share over the stipulated timeline. This is ascribed to the emergence of advanced applications in the field and their rapid adoption worldwide.
Expounding the geographical terrain and competitive landscape of the worldwide open banking market
The primary regions influencing the geographical trends of this business vertical are Middle East & Africa, North America, Europe, Asia Pacific, and Latin America. Among these, North America is projected to showcase lucrative progression trends over the estimated timeline. This is attributable to the widespread adoption of innovative technologies, presence of potential vendors, and increase in the number of banks.
Similarly, Asia Pacific is predicted to expand with a significant CAGR over the estimated timeline due to rising number of FinTechs, increasing per capita income of the masses, and growing digital literacy.
The prominent players operating in the marketplace are NCR Corporation, BBVA Open Platform, Inc., Jack Henry & Associates, Inc., finAPI, Credit Agricole, Figo GmbH, Mambu GmbH, Finastra, MineralTree, Inc., FormFree, Cross River Bank, American Express, Zeta, Azlo, and DemystData.
Notably, in May 2022 Yapily announced the acquisition of finAPI to enhance its customer base and emerge as one of the largest open banking firm in Europe.
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