A Quick Overview of Open Banking Market
The key object of this report on the Open Banking Market is to offer worthy data and a geographical perspective for predictions of market growth in the future. The recommendations added in this detailed report are insightful, and actionable offering a deep understanding of the industry. Moreover, it includes a comprehensive importance of aspects that have impacted the industry.
MarkNtel Advisors has recently studied an extensive market intelligence evaluation on the market. Also, the newly released report exhibits an engaging format that comprises compelling graphs, tables, charts, and figures as well. These seamlessly combined visual aids are designed to support the clarity and accuracy of the details presented, offering analysts a deep knowledge of the topic at hand.
According to the latest report, the Global Open Banking Market size was valued at around USD 22.31 billion in 2023 and is estimated to grow at a CAGR of about 25.47% from 2024 to 2030. The report significantly addressed considerable changes, gap analyses, and competitive studies using qualitative and quantitative data.
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Market Dynamics:
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.
Open Banking Market Report Segmentation:
The report by MarkNtel Advisors on Open Banking Industry, analyzes, identifies, and highlights the main trends and drivers which are affecting each segment of the market. The market has been further divided into the following categories:
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
Payments, a segment under Corporate Banking & Retail Banking, is gaining momentum across the Open Banking Market, seizing a substantial share in the years to come. Though, they are relatively new, however, their rapid growth over the past year has been noticeable. A range of players backed by technology giants, like Google, Amazon, Facebook, Apple, etc., have come into the fray of financial services offering.
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
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Some of the Top Open Banking Companies in the Market
In the fast-changing Open Banking Market, understanding what our competitors are doing is crucial. By carefully analyzing things, we figured out some of the dominating players in the industry. So, the top players of the industry ruling the industry are:
- F5 Solutions
- Finleap
- Financial Details
- 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.
- Others
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