Open Banking Market: By Financial Services, By Distribution Channel (Bank Channel, App market, Distributors, and Aggregators and Geography
Open Banking Market: By Financial Services, By Distribution Channel (Bank Channel, App market, Distributors, and Aggregators and Geography
Open Banking Market size was valued at US$ 26.16 billion in 2023 and is poised to grow at a CAGR of 23.6% from 2024 to 2030. The comprises sales of open banking services by units (organizations, sole traders, and partnerships) that unite banks, third parties, and technology suppliers, allowing them to exchange data easily with safety for the benefit of their consumers. The increasing usage of online payment platforms, shifting towards new environment of the payment system, rising application of e-commerce platforms, enhancing broadband connectivity, and the increasing acceptance of application programming interfaces (APIs).
Furthermore, online services such as Zelle, Venmo, and PayPal provide services regarding online payment, and APIs to manage recurring billing, and these APIs are regularly used in open banking payments. These are some other factors to propel the market growth over the forecast period. The increasing incidences of cyber-attacks and online frauds are anticipated to hindered the growth of the market during the forecast period.
Moreover, a considerable increase in alliances of banks and service providers with fintech workers is expected to eliminate some challenges by implementing technologies such as AI and machine learning to detect suspicious activities effectively and also to improve the offered services. Furthermore, the huge investment in digital banking is anticipated to offer attractive growth opportunities. For instance, to promote the development of digital banking and open finance, the Arab National Bank (ANB), a financial institution in Saudi Arabia, integrated the open hybrid cloud platforms of Red Hat in December 2021.
Study Period
2024-2030Base Year
2023CAGR
23.6%Largest Market
North AmericaFastest Growing Market
Europe
Increasing technological advancements and the subsequent increase in the usage of big data analytics and Artificial Intelligence (AI) are anticipated to increase the implementation of open banking systems. Big data analytics are utilized in the open banking sector to modify the services and augment the user experience that is expected to draw more customers. Furthermore, open banking profits from the financial services industry's whole value chain, including customers, enterprises, fintech firms, banks, and financial institutions. With the adoption of open banking across the various sector, a customer in the financial services acquires access to superior banking services, cutting-edge, and individualized financial products due to they offer a variety of options or service providers to pick from for their financial needs.
The open banking market in Europe is likely to hold a significant revenue share in 2021, and, in the following years, it is predicted to increase rapidly due to the increasing necessity for improving and easily accessible online payment in the region. Moreover, governmental bodies’ instruction for banks to induce the opening of APIs, is further fuelling the market expansion in this region. Also, the presence of numerous key players in the region is further anticipated to propel the regional market growth.
Latin America
Europe
Asia Pacific
Middle East
North America
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Report Benchmarks |
Details |
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Report Study Period |
2024-2030 |
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Market Size in 2023 |
US$ 26.16 billion |
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Market CAGR |
23.6% |
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By Financial Services |
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By Distribution Channel |
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By Region |
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The open banking market size was valued at US$ 26.16 billion in 2023 and is poised to grow at a CAGR of 23.6% from 2024 to 2030.
Capital One, NatWest Group plc., HSBC Bank plc., Banco Bilbao Vizcaya Argentaria S.A, DBS Bank, Barclays, Lloyds Banking Group, NCR Corporation, Citigroup, Banco Santander S.A., Credit Agricole, DemystData, Figo GmbH, Finastra, Jack Henry & Associates Inc., MineralTree Inc.
Europe is the fastest-growing region for open banking market
| 1. Executive Summary |
| 2. Global Open Banking Market Introduction |
| 2.1. Global Open Banking Market – Taxonomy |
| 2.2. Global Open Banking Market – Definitions |
| 2.2.1. Financial Services |
| 2.2.2. Distribution Channel |
| 2.2.3. Region |
| 3. Global Open Banking Market Dynamics |
| 3.1. Drivers |
| 3.2. Restraints |
| 3.3. Opportunities/Unmet Needs of the Market |
| 3.4. Trends |
| 3.5. Global Open Banking Market Dynamic Factors - Impact Analysis |
| 3.6. Global Open Banking Market – Competition Landscape |
| 4. Global Open Banking Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 |
| 4.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) |
| 4.3. Market Opportunity Analysis |
| 5. Global Open Banking Market, By Financial Services, 2017–2021and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 5.1. Banking & Capital Markets |
| 5.1.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 5.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.1.3. Market Opportunity Analysis |
| 5.2. Payments |
| 5.2.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 5.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.2.3. Market Opportunity Analysis |
| 5.3. Digital Currencies |
| 5.3.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 5.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.3.3. Market Opportunity Analysis |
| 5.4. Value Added Services |
| 5.4.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 5.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.4.3. Market Opportunity Analysis |
| 6. Global Open Banking Market, By Distribution Channel, 2017 – 2021 and Forecast, 2022 – 2028 (Revenue, USD Mn) |
| 6.1. Bank Channel |
| 6.1.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 6.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.1.3. Market Opportunity Analysis |
| 6.2. App market |
| 6.2.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 6.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.2.3. Market Opportunity Analysis |
| 6.3. Distributors |
| 6.3.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 6.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.3.3. Market Opportunity Analysis |
| 6.4. Aggregators |
| 6.4.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 6.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.4.3. Market Opportunity Analysis |
| 7. Global Open Banking Market Forecast, By Region, 2017–2021and Forecast, 2023 - 2029(Revenue, USD Mn) |
| 7.1. North America |
| 7.1.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 7.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.1.3. Market Opportunity Analysis |
| 7.2. Europe |
| 7.2.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 7.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.2.3. Market Opportunity Analysis |
| 7.3. Asia-Pacific |
| 7.3.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 7.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.3.3. Market Opportunity Analysis |
| 7.4. Latin America |
| 7.4.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 7.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.4.3. Market Opportunity Analysis |
| 7.5. Middle East and Africa |
| 7.5.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 7.5.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.5.3. Market Opportunity Analysis |
| 7.6. Global Open Banking Market - Opportunity Analysis Index, By Financial Services, Distribution Channel, and Region, 2023 - 2029 |
| 8. North America Open Banking market analysis,2017–2021and Forecast, 2023 - 2029(Revenue, USD Mn) |
| 8.1. Financial Services Analysis 2017–2021and Forecast 2023 - 2029by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 8.1.1. Banking & Capital Markets |
| 8.1.2. Payments |
| 8.1.3. Digital Currencies |
| 8.1.4. Value Added Services |
| 8.2. Distribution Channel Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 8.2.1. Bank Channel |
| 8.2.2. App market |
| 8.2.3. Distributors |
| 8.2.4. Aggregators |
| 8.3. Country Analysis 2018 - 2022 and Forecast 2023 - 2029by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
| 8.3.1. USA |
| 8.3.2. Canada |
| 8.4. North America Open Banking Market - Opportunity Analysis Index, By Financial Services, Distribution Channel, and Country, 2023 - 2029 |
| 8.5. North America Open Banking Market Dynamics – Trends |
| 9. Europe Open Banking Market Analysis, 2017–2021and Forecast, 2023 - 2029(Revenue, USD Mn) |
| 9.1. Financial Services Analysis 2017–2021and Forecast 2023 - 2029by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 9.1.1. Banking & Capital Markets |
| 9.1.2. Payments |
| 9.1.3. Digital Currencies |
| 9.1.4. Value Added Services |
| 9.2. Distribution Channel Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 9.2.1. Bank Channel |
| 9.2.2. App market |
| 9.2.3. Distributors |
| 9.2.4. Aggregators |
| 9.3. Country Analysis 2017–2021and Forecast 2023 - 2029 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
| 9.3.1. Germany |
| 9.3.2. UK |
| 9.3.3. France |
| 9.3.4. Spain |
| 9.3.5. Italy |
| 9.3.6. Russia |
| 9.3.7. Poland |
| 9.3.8. Rest of Europe |
| 9.4. Europe Open Banking Market - Opportunity Analysis Index, By Financial Services, Distribution Channel, and Country, 2023 - 2029 |
| 9.5. Europe Open Banking Market Dynamics – Trends |
| 10. Asia-Pacific Open Banking Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 10.1. Financial Services Analysis 2017–2021and Forecast 2023 - 2029by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 10.1.1. Banking & Capital Markets |
| 10.1.2. Payments |
| 10.1.3. Digital Currencies |
| 10.1.4. Value Added Services |
| 10.2. Distribution Channel Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 10.2.1. Bank Channel |
| 10.2.2. App market |
| 10.2.3. Distributors |
| 10.2.4. Aggregators |
| 10.3. Country Analysis2017–2021and Forecast 2023 - 2029 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
| 10.3.1. Japan |
| 10.3.2. China |
| 10.3.3. India |
| 10.3.4. ASEAN |
| 10.3.5. Australia & New Zealand |
| 10.3.6. Rest of Asia-Pacific |
| 10.4. Asia-Pacific Open Banking Market - Opportunity Analysis Index, By Financial Services, Distribution Channel, and Country,2023 - 2029 |
| 10.5. Asia-Pacific Open Banking Market Dynamics – Trends |
| 11. Latin America Open Banking Market Analysis,2018 - 2022 and Forecast, 2023 - 2029(Revenue, USD Mn) |
| 11.1. Financial Services Analysis 2017–2021and Forecast 2023 - 2029by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 11.1.1. Banking & Capital Markets |
| 11.1.2. Payments |
| 11.1.3. Digital Currencies |
| 11.1.4. Value Added Services |
| 11.2. Distribution Channel Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 11.2.1. Bank Channel |
| 11.2.2. App market |
| 11.2.3. Distributors |
| 11.2.4. Aggregators |
| 11.3. Country Analysis 2017–2021and Forecast 2023 - 2029 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
| 11.3.1. Brazil |
| 11.3.2. Mexico |
| 11.3.3. Argentina |
| 11.3.4. Rest of Latin America |
| 11.4. Latin America Open Banking Market - Opportunity Analysis Index, By Financial Services, Distribution Channel, and Country, 2023 - 2029 |
| 11.5. Latin America Open Banking Market Dynamics – Trends |
| 12. Middle East and Africa Open Banking Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 12.1. Financial Services Analysis 2017–2021and Forecast 2023 - 2029by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 12.1.1. Banking & Capital Markets |
| 12.1.2. Payments |
| 12.1.3. Digital Currencies |
| 12.1.4. Value Added Services |
| 12.2. Distribution Channel Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 12.2.1. Bank Channel |
| 12.2.2. App market |
| 12.2.3. Distributors |
| 12.2.4. Aggregators |
| 12.3. Country Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
| 12.3.1. Gulf Cooperation Council (GCC) Countries |
| 12.3.2. Israel |
| 12.3.3. South Africa |
| 12.3.4. Rest of MEA |
| 12.4. MEA Open Banking Market - Opportunity Analysis Index, By Financial Services, Distribution Channel, and Country, 2023 - 2029 |
| 12.5. MEA Open Banking Market Dynamics – Trends |
| 13. Competition Landscape |
| 13.1. Strategic Dashboard of Top Market Players |
| 13.2. Company Profiles (Introduction, Financial Analysis, Product Type& Service Testing Types, Key Developments, Strategies, and SWOT Analysis) |
| 13.2.1. Capital One |
| 13.2.2. NatWest Group plc. |
| 13.2.3. HSBC Bank plc. |
| 13.2.4. Banco Bilbao Vizcaya Argentaria S.A |
| 13.2.5. DBS Bank |
| 13.2.6. Barclays |
| 13.2.7. Lloyds Banking Group |
| 13.2.8. NCR Corporation |
| 13.2.9. Citigroup |
| 13.2.10. Banco Santander S.A. |
| 13.2.11. Credit Agricole |
| 13.2.12. DemystData |
| 13.2.13. Figo GmbH |
| 13.2.14. Finastra |
| 13.2.15. Jack Henry & Associates Inc. |
| 13.2.16. MineralTree Inc. |
| 14. Research Methodology |
| 15. Key Assumptions and Acronyms |
Key Market Players
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