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PUBLISHER: Grand View Research | PRODUCT CODE: 1301113
PUBLISHER: Grand View Research | PRODUCT CODE: 1301113
Open Banking Market Size, Share & Trends Analysis Report By Services (Banking & Capital Markets, Payments), By Deployment, By Distribution Channel, By Region, And Segment Forecasts, 2023 - 2030
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PAGES: 120 Pages
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Open Banking Market Growth & Trends
The global open banking market size is expected to reach USD 135.17 billion by 2030, expanding at a CAGR of 27.2% from 2023 to 2030, according to a new study conducted by Grand View Research, Inc. The market growth can be attributed to several factors, including enhanced customer involvement made possible by open banking APIs, favorable government regulations, and increased adoption of innovative services and applications. In addition, the changed focus of retail banks toward consolidated technological enhancements also bodes well for the market's growth.
Key industry players are aggressively investing in offering enhanced services to their customers. For instance, in June 2022, Mastercard announced its latest open banking feature, named Pay by link, through its banking pioneer in Europe, Aiia. This feature is expected to eliminate needless payment stages for companies from any sector by developing a straightforward link that enables clients to pay instantaneously in any situation. It is closely related to Mastercard's open banking agenda, which seeks to usher in a new era of choice, convenience, and personalization in a secure manner.
Increased strategic initiatives in the open banking space by prominent players are expected to drive market growth over the forecast period. For instance, in October 2022, Visa Inc., a financial services company, announced the completion of the acquisition of an open banking platform named Tink. As a result of this acquisition, Visa, Inc., and Tink enabled their clients to offer substantial benefits to consumers allowing them better control over their financial experiences, including managing their financial data, money, and financial goals.
The outbreak of the COVID-19 pandemic is expected to play a vital role in driving the growth of the open banking industry over the forecast period. Since the pandemic, the banking industry has been continuously evolving to improve the customer experience and ease the process of banking for consumers. In addition, the rapid adoption of digitalization is expected to create a positive outlook for the market.
Open Banking Market Report Highlights
- The banking & capital markets segment dominated the market in 2022. The change in the investment need of the new age population is expected to propel segment growth. People are looking for more flexible and worthy investment options offered through advanced platforms
- The cloud segment is anticipated to witness the fastest growth owing to the increased adoption of cloud technology across the banking sector. Banks are leveraging the benefits of open banking by implementing strategic cloud solutions. As open banking evolves, the cloud is projected to become a critical technology in the banking sector
- The app market segment dominated the market in 2022. The segment growth can be attributed to the rising utilization of smartphones and applications for numerous purposes, such as mobile banking.Open banking applications leverage APIs to provide various services, such as rapid payments, a financial dashboard displaying accounts from several banks, proof of income, credit status verification, and money-saving advice to customers
- The Asia Pacific regional market is anticipated to witness the fastest growth over the forecast period. The growing technological awareness in developing countries of the region is expected to play a decisive role in driving the growth of the regional market. Moreover, the Asia Pacific region is portraying an increased willingness of customers to share personal data in exchange for more customer-tailored services
Product Code: GVR-4-68039-973-7
Table of Contents
Chapter 1. Methodology and Scope
- 1.1. Market Segmentation & Scope
- 1.2. Market Definitions
- 1.3. Information Procurement
- 1.4. Information Analysis
- 1.4.1. Market Formulation & Data Visualization
- 1.4.2. Data Validation & Publishing
- 1.5. Research Scope and Assumptions
- 1.6. List of Data Sources
Chapter 2. Executive Summary
- 2.1. Market Outlook
- 2.2. Segmental Outlook
- 2.3. Competitive Landscape Snapshot
Chapter 3. Market Variables, Trends, and Scope
- 3.1. Market Lineage Outlook
- 3.2. Industry Value Chain Analysis
- 3.3. Market Dynamics
- 3.3.1. Market Driver Impact Analysis
- 3.3.1.1. Open banking APIs improving customer experience
- 3.3.1.2. Growing preference for new applications and services to obtain consolidated account information
- 3.3.2. Market Challenge Impact Analysis
- 3.3.2.1. Increasing instances of online fraud and growing concerns over data security and privacy protection
- 3.3.3. Market Opportunity Impact Analysis
- 3.3.3.1. Advances in technology benefiting open banking ecosystem
- 3.3.1. Market Driver Impact Analysis
- 3.4. Impact of COVID-19 Pandemic
- 3.5. Industry Analysis Tools
- 3.5.1. Porter's Analysis
- 3.5.2. PESTEL Analysis
Chapter 4. Investment Landscape Analysis
- 4.1. Investor Strategies
- 4.2. Investor Vision & Goal Analysis
- 4.3. Funding Raised By Open Banking Providers
Chapter 5. Open Banking Market: Services Estimates & Trend Analysis
- 5.1. Services Movement Analysis & Market Share, 2022 & 2030
- 5.2. Open Banking Market Estimates & Forecast, By Services
- 5.2.1. Banking & Capital Markets
- 5.2.2. Payments
- 5.2.3. Digital Currencies
- 5.2.4. Value Added Services
Chapter 6. Open Banking Market: Deployment Estimates & Trend Analysis
- 6.1. Deployment Movement Analysis & Market Share, 2022 & 2030
- 6.2. Open Banking Market Estimates & Forecast, By Deployment
- 6.2.1. Cloud
- 6.2.2. On-Premise
Chapter 7. Open Banking Market: Distribution Channel Estimates & Trend Analysis
- 7.1. Distribution Channel Movement Analysis & Market Share, 2022 & 2030
- 7.2. Open Banking Market Estimates & Forecast, By Distribution Channel
- 7.2.1. Bank Channels
- 7.2.2. App Markets
- 7.2.3. Distributors
- 7.2.4. Aggregators
Chapter 8. Open Banking Market: Regional Estimates & Trend Analysis
- 8.1. Open Banking Market: Regional Outlook
- 8.2. North America
- 8.2.1. North America open banking market estimates & forecasts, 2017 - 2030 (USD Million)
- 8.2.2. The U.S.
- 8.2.2.1. U.S. open banking market estimates & forecasts, 2017 - 2030 (USD Million)
- 8.2.3. Canada
- 8.2.3.1. Canada open banking market estimates & forecasts, 2017 - 2030 (USD Million)
- 8.3. Europe
- 8.3.1. Europe open banking market estimates & forecasts, 2017 - 2030 (USD Million)
- 8.3.2. UK
- 8.3.2.1. UK open banking market estimates & forecasts, 2017 - 2030 (USD Million)
- 8.3.3. Germany
- 8.3.3.1. Germany open banking market estimates & forecasts, 2017 - 2030 (USD Million)
- 8.3.4. France
- 8.3.4.1. France open banking market estimates & forecasts, 2017 - 2030 (USD Million)
- 8.4. Asia Pacific
- 8.4.1. Asia Pacific open banking market estimates & forecasts, 2017 - 2030 (USD Million)
- 8.4.2. China
- 8.4.2.1. China open banking market estimates & forecasts, 2017 - 2030 (USD Million)
- 8.4.3. India
- 8.4.3.1. India open banking market estimates & forecasts, 2017 - 2030 (USD Million)
- 8.4.4. Japan
- 8.4.4.1. Japan open banking market estimates & forecasts, 2017 - 2030 (USD Million)
- 8.4.5. South Korea
- 8.4.5.1. South Korea open banking market estimates & forecasts, 2017 - 2030 (USD Million)
- 8.4.6. Australia
- 8.4.6.1. Australia open banking market estimates & forecasts, 2017 - 2030 (USD Million)
- 8.5. Latin America
- 8.5.1. Latin America open banking market estimates & forecasts, 2017 - 2030 (USD Million)
- 8.5.2. Brazil
- 8.5.2.1. Brazil open banking market estimates & forecasts, 2017 - 2030 (USD Million)
- 8.5.3. Mexico
- 8.5.3.1. Mexico open banking market estimates & forecasts, 2017 - 2030 (USD Million)
- 8.6. Middle East & Africa
- 8.6.1. Middle East & Africa open banking market estimates & forecasts, 2017 - 2030 (USD Million)
- 8.6.2. The Kingdom of Saudi Arabia (KSA)
- 8.6.2.1. The Kingdom of Saudi Arabia (KSA) open banking market estimates & forecasts, 2017 - 2030 (USD Million)
- 8.6.3. Kingdom of Bahrain
- 8.6.3.1. Kingdom of Bahrain open banking market estimates & forecasts, 2017 - 2030 (USD Million)
- 8.6.4. South Arica
- 8.6.4.1. South Africa open banking market estimates & forecasts, 2017 - 2030 (USD Million)
Chapter 9. Competitive Landscape
- 9.1. Company Categorization
- 9.2. Participant's Overview
- 9.2.1. Banco Bilbao Vizcaya Argentaria, S.A.
- 9.2.2. Credit Agricole CIB
- 9.2.3. DemystData, Ltd.
- 9.2.4. finleap connect
- 9.2.5. Finastra
- 9.2.6. Formfree Holdings Corporation
- 9.2.7. Jack Henry & Associates, Inc.
- 9.2.8. Mambu
- 9.2.9. MineralTree (Global Payments)
- 9.2.10. NCR Corporation
- 9.3. Financial Performance
- 9.4. Product Benchmarking
- 9.5. Company Market Positioning
- 9.6. Company Market Share Analysis, 2022
- 9.7. Company Heat Map Analysis
- 9.8. Strategy Mapping
- 9.8.1. Expansion
- 9.8.2. Collaborations
- 9.8.3. Mergers & Acquisitions
- 9.8.4. New Product Launches
- 9.8.5. Partnerships
- 9.8.6. Others
Product Code: GVR-4-68039-973-7
List of Tables
- Table 1. Global Open Banking Market, by Services, 2017 - 2030 (USD Million)
- Table 2. Global Open Banking Market, by Deployment, 2017 - 2030 (USD Million)
- Table 3. Global Open Banking Market, by Distribution Channel, 2017 - 2030 (USD Million)
- Table 4. Company Market Share, 2022
- Table 5. Company Heat Map Analysis
- Table 6. Key companies undergoing expansion
- Table 7. Key companies undergoing collaborations
- Table 8. Key companies undergoing new product launch
- Table 9. Key companies undergoing mergers & acquisitions
- Table 10. Key companies undergoing other strategies
List of Figures
- Fig. 1 Open banking market segmentation
- Fig. 2 Information procurement
- Fig. 3 Data analysis models
- Fig. 4 Market formulation and validation
- Fig. 5 Data validating & publishing
- Fig. 6 Market snapshot
- Fig. 7 Segment snapshot
- Fig. 8 Competitive landscape snapshot
- Fig. 9 Parent Market Value, 2022 (USD Million)
- Fig. 10 Open banking market - Industry value chain analysis
- Fig. 11 Open banking market dynamics
- Fig. 12 Open banking market: Porters's analysis
- Fig. 13 Open banking market: PESTEL analysis
- Fig. 14 Open Banking Market, by Services: key takeaways
- Fig. 15 Open Banking Market, by Services: market share, 2022 & 2030
- Fig. 16 Open banking market estimates & forecasts, by banking & capital markets, 2017 - 2030 (USD Million)
- Fig. 17 Open banking market estimates & forecasts, by payments, 2017 - 2030 (USD Million)
- Fig. 18 Open banking market estimates & forecasts, by digital currencies, 2017 - 2030 (USD Million)
- Fig. 19 Open banking market estimates & forecasts, by value-added services, 2017 - 2030 (USD Million)
- Fig. 20 Open Banking Market, by Deployment: key takeaways
- Fig. 21 Open Banking Market, by Deployment: market share, 2022 & 2030
- Fig. 22 Open banking market estimates & forecasts, by cloud, 2017 - 2030 (USD Million)
- Fig. 23 Open banking market estimates & forecasts, by on-premise, 2017 - 2030 (USD Million)
- Fig. 24 Open Banking Market, by Distribution Channel: key takeaways
- Fig. 25 Open Banking Market, by Distribution Channel: market share, 2022 & 2030
- Fig. 26 Open banking market estimates & forecasts, by bank channels, 2017 - 2030 (USD Million)
- Fig. 27 Open banking market estimates & forecasts, by app markets, 2017 - 2030 (USD Million)
- Fig. 28 Open banking market estimates & forecasts, by distributors, 2017 - 2030 (USD Million)
- Fig. 29 Open banking market estimates & forecasts, by aggregators, 2017 - 2030 (USD Million)
- Fig. 30 Open banking market revenue, by region, 2022 & 2030 (USD Million)
- Fig. 31 Regional marketplace: key takeaways
- Fig. 32 North America open banking market estimates & forecasts, 2017 - 2030 (USD Million)
- Fig. 33 U.S. open banking market estimates & forecasts, 2017 - 2030 (USD Million)
- Fig. 34 Canada open banking market estimates & forecasts, 2017 - 2030 (USD Million)
- Fig. 35 Europe open banking market estimates & forecasts, 2017 - 2030 (USD Million)
- Fig. 36 UK Open banking market estimates & forecasts, 2017 - 2030 (USD Million)
- Fig. 37 Germany open banking market estimates & forecasts, 2017 - 2030 (USD Million)
- Fig. 38 France open banking market estimates & forecasts, 2017 - 2030 (USD Million)
- Fig. 39 Asia Pacific open banking market estimates & forecasts, 2017 - 2030 (USD Million)
- Fig. 40 China open banking market estimates & forecasts, 2017 - 2030 (USD Million)
- Fig. 41 India open banking market estimates & forecasts, 2017 - 2030 (USD Million)
- Fig. 42 Japan open banking market estimates & forecasts, 2017 - 2030 (USD Million)
- Fig. 43 South Korea open banking market estimates & forecasts, 2017 - 2030 (USD Million)
- Fig. 44 Australia open banking market estimates & forecasts, 2017 - 2030 (USD Million)
- Fig. 45 Latin America open banking market estimates & forecasts, 2017 - 2030 (USD Million)
- Fig. 46 Brazil open banking market estimates & forecasts, 2017 - 2030 (USD Million)
- Fig. 47 Mexico open banking market estimates & forecasts, 2017 - 2030 (USD Million)
- Fig. 48 Middle East & Africa open banking market estimates & forecasts, 2017 - 2030 (USD Million)
- Fig. 49 The Kingdom of Saudi Arabia (KSA) open banking market estimates & forecasts, 2017 - 2030 (USD Million)
- Fig. 50 Kingdom of Bahrain open banking market estimates & forecasts, 2017 - 2030 (USD Million)
- Fig. 51 South Africa open banking market estimates & forecasts, 2017 - 2030 (USD Million)
- Fig. 52 Key company categorization
- Fig. 53 Company market positioning
- Fig. 54 Company market share analysis, 2022
- Fig. 55 Strategic framework
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