Open Banking Market: Global Market Estimation, Dynamics, Regional Share, Trends, Competitor Analysis 2017-2021 and Forecast 2022-2028

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Open Banking Market By Financial Services (Banking & Capital Markets, Payments, Digital Currencies, and Value Added Services), Distribution Channel (Bank Channel, App market, Distributors, and Aggregators and Geography

 

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Report

Description

Open Banking Market size is expected to be valued at USD 16,673.4 million in 2022, growing at a 22.1% CAGR from 2022 to 2028. The open banking market 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 open banking market is driving by 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 the global open banking market. 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 December2021.

Key Developments:

In Dec 2021, the Arab National Bank (ANB), a financial institution in Saudi Arabia, integrated the open hybrid cloud platforms of Red Hat to promote the development of digital banking and open finance.

Open Banking Market

MARKET SUMMARY
-
22.1%
  • Study Period– 2022 – 2028
  • Base Year– 2021
  • CAGR– 22.1%
  • Largest Market– North America
  • Fastest Growing Market– Europe

Open Banking Market

  • The open banking market report gives comprehensive outlook across the region with special emphasis on key regions such as North America, Europe, Asia Pacific, Latin America and Middle East and Africa.
  • The open banking market is segmented based on financial services, distribution channels and geography.
Key Players
  • Capital One
  • NatWest Group plc.
  • HSBC Bank plc.
  • Banco Bilbao Vizcaya Argentaria S.A
  • DBS Bank
  • Barclays
Open Banking Market Dynamics

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.


Europe Got Significant Share

Open Banking Market

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
Latin-America
North-America
North-America
Europe
Europe
Asia Pacific
Asia-Pacific
Middle East
Middle East

Key

Features of the Report

  • The report provides granular level information about the market size, regional market share, historic market (2017-2021), and forecast (2022-2028)
  • The report covers in-detail insights about the competitor’s overview, company share analysis, key market developments, and their key strategies
  • The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
  • The report tracks recent innovations, key developments, and start-up details that are actively working in the market
  • The report provides a plethora of information about market entry strategies, regulatory framework, and reimbursement scenario
Open Banking Market Segmentation


Location

GEOGRAPHY

Frequently Asked Questions

The open banking market is projected to expand at a CAGR of 22.1% during the forecast period

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


Report

Table Of Content

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,2017 – 2021 and Forecast, 2022 – 2028
4.1. Market Analysis, 2017 – 2021 and Forecast, 2022 – 2028 (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, 2022–2028 (Revenue, USD Mn)
5.1. Banking & Capital Markets
5.1.1. Market Analysis, 2017 – 2021 and Forecast, 2022 – 2028 (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, 2017 – 2021 and Forecast, 2022 – 2028 (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, 2017 – 2021 and Forecast, 2022 – 2028 (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, 2017 – 2021 and Forecast, 2022 – 2028 (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, 2017 – 2021 and Forecast, 2022 – 2028 (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, 2017 – 2021 and Forecast, 2022 – 2028 (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, 2017 – 2021 and Forecast, 2022 – 2028 (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, 2017 – 2021 and Forecast, 2022 – 2028 (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, 2022–2028(Revenue, USD Mn)
7.1. North America
7.1.1. Market Analysis, 2017 – 2021 and Forecast, 2022 – 2028 (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, 2017 – 2021 and Forecast, 2022 – 2028 (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, 2017 – 2021 and Forecast, 2022 – 2028 (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, 2017 – 2021 and Forecast, 2022 – 2028 (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, 2017 – 2021 and Forecast, 2022 – 2028 (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, 2022 – 2028
8. North America Open Banking market analysis,2017–2021and Forecast, 2022–2028(Revenue, USD Mn)
8.1. Financial Services Analysis 2017–2021and Forecast 2022 – 2028by 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 2017 – 2021 and Forecast 2022 – 2028 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 2017 – 2021 and Forecast 2022 – 2028by 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, 2022 – 2028
8.5. North America Open Banking Market Dynamics – Trends
9. Europe Open Banking Market Analysis, 2017–2021and Forecast, 2022–2028(Revenue, USD Mn)
9.1. Financial Services Analysis 2017–2021and Forecast 2022 – 2028by 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 2017 – 2021 and Forecast 2022 – 2028 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 2022 – 2028 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, 2022 – 2028
9.5. Europe Open Banking Market Dynamics – Trends
10. Asia-Pacific Open Banking Market Analysis, 2017 – 2021 and Forecast, 2022 – 2028 (Revenue, USD Mn)
10.1. Financial Services Analysis 2017–2021and Forecast 2022 – 2028by 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 2017 – 2021 and Forecast 2022 – 2028 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 2022 – 2028 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,2022 – 2028
10.5. Asia-Pacific Open Banking Market Dynamics – Trends
11. Latin America Open Banking Market Analysis,2017 – 2021 and Forecast, 2022–2028(Revenue, USD Mn)
11.1. Financial Services Analysis 2017–2021and Forecast 2022 – 2028by 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 2017 – 2021 and Forecast 2022 – 2028 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 2022 – 2028 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, 2022 – 2028
11.5. Latin America Open Banking Market Dynamics – Trends
12. Middle East and Africa Open Banking Market Analysis, 2017 – 2021 and Forecast, 2022 – 2028 (Revenue, USD Mn)
12.1. Financial Services Analysis 2017–2021and Forecast 2022 – 2028by 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 2017 – 2021 and Forecast 2022 – 2028 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 2017 – 2021 and Forecast 2022 – 2028 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, 2022 – 2028
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

Report

Company Profile

  • 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.

Description

Open Banking Market size is expected to be valued at USD 16,673.4 million in 2022, growing at a 22.1% CAGR from 2022 to 2028. The open banking market 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 open banking market is driving by 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 the global open banking market. 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 December2021.

Key Developments:

In Dec 2021, the Arab National Bank (ANB), a financial institution in Saudi Arabia, integrated the open hybrid cloud platforms of Red Hat to promote the development of digital banking and open finance.

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