The global Open Banking Market size reached US$ 16.35 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 56.36 Billion by 2027 exhibiting a CAGR of 21.50% during 2022-2027.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Industry Definition and Application:
Open banking usually involves the practice of sharing financial information electronically with third-party or independent financial service providers. The solution provides access to consumer banking information, including transactions and payment history, from financial institutions using application programming interfaces (APIs).
The technology delivers a secure network to share financial information between parties, thereby making it easier for consumers to compare the details of accounts and other banking services. In addition to this, open banking aids small businesses in saving time via online accounting and assists fraud detection companies in monitoring customer accounts and identifying problems. It also offers improved customer experience, new revenue streams, a sustainable service model, etc.
Open Banking Market Trends and Drivers:
The increasing need for more flexible and worthy investment options is primarily augmenting the open banking market. Furthermore, the widespread adoption of new-wave applications and services is acting as another significant growth-inducing factor. Apart from this, they help consumers to attain consolidated details of accounts from various financial service providers, which is positively influencing the global market.
Moreover, the rising utilization of artificial intelligence (AI) and the Internet of Things (IoT) to manage financial crime risk and control financial objectives, funds, data, etc., and the implementation of stringent regulations by government bodies to mandatorily open APIs, are also bolstering the market growth. Besides this, the escalating demand for these solutions across the value chain of the financial services sector, such as consumers, businesses, Fintech companies, banks, financial institutions, etc., to provide more customized and relevant product offerings to customers is expected to fuel the open banking market in the coming years.
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The report has been segmented the market into following categories:
Breakup by Services:
Breakup by Deployment:
Breakup by Distribution Channel:
List of Major Key Players:
The major players in the market are 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.
Key highlights of the report:
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