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The global open banking market size reached US$ 16.35 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 56.36 Billion by 2027, exhibiting a growth rate (CAGR) of 21.50% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sectors. These insights are included in the report as a major market contributor.
Open banking involves the practice of sharing financial information electronically with third-party or independent financial service providers. The solution provides access to consumer banking information, such as transactions and payment history, from financial institutions using application programming interfaces (APIs). The technology delivers a secure network to share financial information between parties, making it easier for consumers to compare the details of accounts and other banking services. Open banking helps small businesses save time through online accounting and assists fraud detection companies in monitoring customer accounts and identifying problems. It also offers improved customer experience, new revenue streams, and a sustainable service model.
The increasing need for more flexible and worthy investment options across the globe is creating a positive outlook for the market. In line with this, the widespread utilization of new wave applications and services is acting as another growth-inducing factor. Open banking offers access to better banking services and innovative and personalized financial products. Additionally, the increasing adoption of new applications and services that help customers attain consolidated details of accounts from various financial service providers is favoring the market growth. Apart from this, the integration of big data analytics in open banking to collect, process, and analyze structured and unstructured data is providing a thrust to the market growth. Moreover, the utilization of artificial intelligence (AI) and the Internet of Things (IoT) to manage financial crime risk and control financial objectives, funds, and data, is propelling the market growth. Furthermore, the increasing demand for open banking across the value chain of the financial services industry, including consumers, businesses, Fintech companies, banks, and financial institutions, to provide more customized and relevant product offerings to customers is positively influencing the market growth. Other factors, including changing consumer preferences, the implementation of various government initiatives to mandatorily open APIs, and significant growth in the banking, financial services, and insurance (BFSI) industry, are supporting the market growth.
IMARC Group provides an analysis of the key trends in each sub-segment of the global open banking market report, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on services, deployment and distribution channel.
Breakup by Services:
Breakup by Deployment:
Breakup by Distribution Channel:
Breakup by Region:
The competitive landscape of the industry has also been examined along with the profiles of the key players being 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.
|Base Year of the Analysis||2021|
|Segment Coverage||Services, Deployment, Distribution Channel, Region|
|Region Covered||Asia Pacific, Europe, North America, Latin America, Middle East and Africa|
|Countries Covered||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico|
|Companies Covered||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.|
|Customization Scope||10% Free Customization|
|Report Price and Purchase Option||Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
|Post-Sale Analyst Support||10-12 Weeks|
|Delivery Format||PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)|
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