The global open banking market size is expected to grow from $15.13 billion in 2021 to $19.14 billion in 2022 at a compound annual growth rate (CAGR) of 26.5%. The global open banking market size is expected to grow to $48.13 billion in 2026 at a CAGR of 25.9%.
What is the Global Open Banking Market?
The open banking market consists of sales of open banking services by entities (organizations, sole traders, and partnerships) that unites banks, third parties, and technology providers, allowing them to exchange data easily and securely for the benefit of their consumers. Open banking is a banking practice in which third-party financial service providers can use application programming interfaces (APIs) to gain access to consumer banking, transactions, and other data from banks and NBFCs. These APIs deliver a secure way to share financial information between two parties and makes it easier for consumers to compare the details of current accounts and other banking services.
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What drives the Global Open Banking Market?
The surge in the use of online platforms for making payments is contributing to the growth of the open banking market. The digital payment system is rapidly expanding with developing payment methods, increased e-commerce use, improved broadband access, and the advent of new technologies. Payment gateway APIs are used by online platforms such as phone pay, Paytm, and Google Pay to manage recurring billing, and these APIs are often used in open banking. For instance, in August 2021, Google Pay, a US-based digital wallet platform crossed 1 billion transactions. Additionally, in July 2021, PhonePe, a digital payments network, set a new milestone by processing 1.5 billion transactions through the unified payments interface (UPI). Therefore, the rise in the use of online platforms for making payments is expected to propel the growth of the open banking market going forward.
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Global Open Banking Market Segments
The global open banking market is segmented:
By Service Type: Transactional Services, Communicative Services, Information Services
By Financial Services: Bank and Capital Markets, Payments, Digital Currencies, Value Added Services
By Deployment Type: Cloud, On-Premises, Hybrid
By Distribution Channel: Bank Channels, App Market, Distributors, Aggregators
By Geography: The regions covered in the open banking market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Open Banking Global Market Report 2022provides market size and growth forecasts for the global open banking market, global open banking market share, open banking market segments and geographies, open banking market competitive landscape including leading competitors’ revenues, profiles and market shares. The open banking market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Global Open Banking Industry Playersinclude Capital One, HSBC Bank plc, Banco Bilbao Vizcaya Argentaria S.A, NatWest Group plc, DBS Bank, Barclays, Lloyds Banking Group, Citigroup, Banco Santander S.A., Credit Agricole, NCR Corporation, DemystData, Figo GmbH, Finastra, Jack Henry & Associates Inc., and MineralTree Inc. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.
