Open Banking Market Hits USD 22.31 billion in 2022, Targets 25.47% CAGR Soar Until 2030

Global Open Banking Market Size, Share, Analysis, Trends Future & Forecast 2030

MarkNtel Advisors has published a research report on the Global Open Banking Market for the forecast years, 2024-30. This research is a dependable reference for assessing historical and future data, developmental trends, and prevailing industry catalysts. Recognizing the growing demand for market research across various sectors, a comprehensive study has been formulated addressing diverse topics. Through qualitative and quantitative data, this report effectively covers key alterations, gap analyses, emerging opportunities, trends, industry dynamics, and competitive challenges.

Open Banking Market Overview:

According to the latest report from MarkNtel Advisors, the Global Open Banking Market is valued at USD 22.31 billion in 2022 and is estimated to grow at a CAGR of around 25.47% during the forecast period, i.e., 2024-30. This comprehensive analysis contains key insights into market trends, size, projections, growth catalysts, challenges, and competitor assessments.

The report offers an in-depth evaluation of the Open Banking Market, presenting the latest developments and providing an overview of the current market scenario. With markets gradually recovering from the impact of the pandemic, there is a notable stabilization or even an increase in disposable income in developing nations, driving the market's momentum.

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Open Banking Market Segmentation Analysis:

This thorough analysis of the Open Banking Market facilitates the identification of significant market factors. The report delves into key market segments and the regional analysis outlined within this research, which will significantly aid industry players in refining their consumer targeting, strategic positioning, and overall business expansion efforts.

-By Service

-Retail Banking

-Aggregation & Financial Management - Market Size & Forecast 2019-2030F, USD Million

-Credit Risk Decisioning- Market Size & Forecast 2019-2030F, USD Million

-Payments- Market Size & Forecast 2019-2030F, USD Million

-Origination & Onboarding- Market Size & Forecast 2019-2030F, USD Million

-Others

-Corporate Banking

-Corporate Treasury- Market Size & Forecast 2019-2030F, USD Million

-Financial Management- Market Size & Forecast 2019-2030F, USD Million

-Credit Decisioning- Market Size & Forecast 2019-2030F, USD Million

-Payments- Market Size & Forecast 2019-2030F, USD Million

-Value Added Services- Market Size & Forecast 2019-2030F, USD Million

-Others

-Capital Markets

-Others

-By Distribution Channel

-Bank Channel- Market Size & Forecast 2019-2030F, USD Million

-App Market- Market Size & Forecast 2019-2030F, USD Million

-Distributors- Market Size & Forecast 2019-2030F, USD Million

-Aggregators- Market Size & Forecast 2019-2030F, USD Million

-By Deployment

-On-premise- Market Size & Forecast 2019-2030F, USD Million

-Cloud- Market Size & Forecast 2019-2030F, USD Million

-Hybrid- Market Size & Forecast 2019-2030F, USD Million

-By Region

-North America

-South America

-Europe

-The Middle East & Africa

-Asia-Pacific

Growth Drivers of the Open Banking Market

Key drivers, such as escalating demand, diminishing costs, and emerging market opportunities, propel the global market forward. Concurrently, challenges inherent in the market landscape are also crucial in steering its course. The market environment, further intertwined with these influential elements, is governed by a regulatory framework that dictates the rules of engagement.

Technological developments act as a catalyst, propelling innovation and transforming industries. However, amidst the promising prospects lie market risks, posing potential obstacles that businesses must navigate. Within these dynamics of global market drivers and the encompassing market environment, companies strategically position themselves to thrive in an ever-evolving economic landscape.

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Market Driver: Surging Government Support to Augment the Market Growth

In an era of globalization, governments worldwide recognize the significance of fostering connections between their financial institutions & consumers and their international counterparts. This has led countries like the UK, Mexico, and the US to actively endorse the adoption of open banking services, simplifying cross-border financial transactions & enriching global trade relationships. Moreover, over the past decade, North American and European nations have taken a proactive stance in democratizing access to financial products & services.

Notably, the European Banking Authority introduced the Payment Services Directive Two (PSD2) in 2015, formally inaugurating the era of open banking. Subsequently, the UK's Competition and Markets Authority (CMA) issued progressive guidelines mandating banks to embrace open banking practices by 2018. These regulatory mandates compel banks to open up their closely held financial data to third-party providers, an initiative that has encouraged a growing number of entities to participate, further driving the Global Open Banking Market.

Analysis of Open Banking Market Share:

The competitive landscape of the Open Banking Market is dissected through a thorough competitor analysis. This includes detailed insights into each company's profile, financial performance, market share, potential, Research and Development (R&D) investments, recent market initiatives, global reach, strengths and weaknesses, as well as product/service launches and dominance. The information outlined above offers a comprehensive overview of the prominent market players, including, Finleap, Revolut Ltd., Tink AB, Salesforce Inc., Worldline S.A., Tata Consultancy Services Limited, Capgemini, Oracle, Finicity (Mastercard), Jack Henry & Associates, Inc., Finastra, Global Payments, Virtusa Corp, Plaid Inc, etc.,

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Frequently Asked Questions (FAQs)

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About us:

MarkNtel Advisors is a leading research, consulting, & data analytics firm that provides an extensive range of strategic reports on diverse industry verticals. We deliver data to a substantial & varied client base, including multinational corporations, financial institutions, governments, & individuals, among others.

Our specialization in niche industries & emerging geographies allows our clients to formulate their strategies in a much more informed way and entail parameters like Go-to-Market (GTM), product development, feasibility analysis, project scoping, market segmentation, competitive benchmarking, market sizing & forecasting, & trend analysis, among others, for 15 diverse industrial verticals.

Using such information, our clients can identify attractive investment opportunities & strategize their moves to yield higher ROI (Return of Interest) through an early mover advantage with top-management approaches.

We understand the mounting & diverse needs of our clients. Hence, our analysts focus on emerging industries to provide services that fulfil their assessment of the current & future industry potential, identify white spaces & hotspots, & venture into new geographies or business segments in the future.