PUBLISHER: IMARC | PRODUCT CODE: 1468309
PUBLISHER: IMARC | PRODUCT CODE: 1468309
Open Banking Market Report by Services, Deployment, Distribution Channel, and Region 2024-2032
The global open banking market size reached US$ 25.6 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 113.3 Billion by 2032, exhibiting a growth rate (CAGR) of 17.46% during 2024-2032.
Open banking involves the practice of sharing financial information electronically with third-party or independent financial service providers. The solution provides access to consumer banking information, such as transactions and payment history, from financial institutions using application programming interfaces (APIs). The technology delivers a secure network to share financial information between parties, making it easier for consumers to compare the details of accounts and other banking services. Open banking helps small businesses save time through online accounting and assists fraud detection companies in monitoring customer accounts and identifying problems. It also offers improved customer experience, new revenue streams, and a sustainable service model.
Open Banking Market Trends:
The increasing need for more flexible and worthy investment options across the globe is creating a positive outlook for the market. In line with this, the widespread utilization of new wave applications and services is acting as another growth-inducing factor. Open banking offers access to better banking services and innovative and personalized financial products. Additionally, the increasing adoption of new applications and services that help customers attain consolidated details of accounts from various financial service providers is favoring the market growth. Apart from this, the integration of big data analytics in open banking to collect, process, and analyze structured and unstructured data is providing a thrust to the market growth. Moreover, the utilization of artificial intelligence (AI) and the Internet of Things (IoT) to manage financial crime risk and control financial objectives, funds, and data, is propelling the market growth. Furthermore, the increasing demand for open banking across the value chain of the financial services industry, including consumers, businesses, Fintech companies, banks, and financial institutions, to provide more customized and relevant product offerings to customers is positively influencing the market growth. Other factors, including changing consumer preferences, the implementation of various government initiatives to mandatorily open APIs, and significant growth in the banking, financial services, and insurance (BFSI) industry, are supporting the market growth.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global open banking market report, along with forecasts at the global, regional and country level from 2024-2032. Our report has categorized the market based on services, deployment and distribution channel.
Breakup by Services:
Banking and Capital Markets
Payments
Digital Currencies
Value Added Services
Breakup by Deployment:
Cloud-based
On-premises
Breakup by Distribution Channel:
Bank Channels
App Markets
Distributors
Aggregators
Breakup by Region:
North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being Banco Bilbao Vizcaya Argentaria S.A., Clarity Group Inc., Credit Agricole (SAS Rue La Boetie), Finastra (Misys International Limited), Finleap connect, Jack Henry & Associates Inc, Mambu, NCR Corporation, Nordigen Solution, Revolut Ltd, Riskonnect Inc. and Societe Generale.
Key Questions Answered in This Report
- 1. What was the size of the global open banking market in 2023?
- 2. What is the expected growth rate of the global open banking market during 2024-2032?
- 3. What are the key factors driving the global open banking market?
- 4. What has been the impact of COVID-19 on the global open banking market?
- 5. What is the breakup of the global open banking market based on the services?
- 6. What is the breakup of the global open banking market based on deployment?
- 7. What is the breakup of the global open banking market based on the distribution channel?
- 8. What are the key regions in the global open banking market?
- 9. Who are the key players/companies in the global open banking market?
Table of Contents
1 Preface
2 Scope and Methodology
- 2.1 Objectives of the Study
- 2.2 Stakeholders
- 2.3 Data Sources
- 2.3.1 Primary Sources
- 2.3.2 Secondary Sources
- 2.4 Market Estimation
- 2.4.1 Bottom-Up Approach
- 2.4.2 Top-Down Approach
- 2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
- 4.1 Overview
- 4.2 Key Industry Trends
5 Global Open Banking Market
- 5.1 Market Overview
- 5.2 Market Performance
- 5.3 Impact of COVID-19
- 5.4 Market Forecast
6 Market Breakup by Services
- 6.1 Banking and Capital Markets
- 6.1.1 Market Trends
- 6.1.2 Market Forecast
- 6.2 Payments
- 6.2.1 Market Trends
- 6.2.2 Market Forecast
- 6.3 Digital Currencies
- 6.3.1 Market Trends
- 6.3.2 Market Forecast
- 6.4 Value Added Services
- 6.4.1 Market Trends
- 6.4.2 Market Forecast
7 Market Breakup by Deployment
- 7.1 Cloud-based
- 7.1.1 Market Trends
- 7.1.2 Market Forecast
- 7.2 On-premises
- 7.2.1 Market Trends
- 7.2.2 Market Forecast
8 Market Breakup by Distribution Channel
- 8.1 Bank Channels
- 8.1.1 Market Trends
- 8.1.2 Market Forecast
- 8.2 App Markets
- 8.2.1 Market Trends
- 8.2.2 Market Forecast
- 8.3 Distributors
- 8.3.1 Market Trends
- 8.3.2 Market Forecast
- 8.4 Aggregators
- 8.4.1 Market Trends
- 8.4.2 Market Forecast
9 Market Breakup by Region
- 9.1 North America
- 9.1.1 United States
- 9.1.1.1 Market Trends
- 9.1.1.2 Market Forecast
- 9.1.2 Canada
- 9.1.2.1 Market Trends
- 9.1.2.2 Market Forecast
- 9.1.1 United States
- 9.2 Asia-Pacific
- 9.2.1 China
- 9.2.1.1 Market Trends
- 9.2.1.2 Market Forecast
- 9.2.2 Japan
- 9.2.2.1 Market Trends
- 9.2.2.2 Market Forecast
- 9.2.3 India
- 9.2.3.1 Market Trends
- 9.2.3.2 Market Forecast
- 9.2.4 South Korea
- 9.2.4.1 Market Trends
- 9.2.4.2 Market Forecast
- 9.2.5 Australia
- 9.2.5.1 Market Trends
- 9.2.5.2 Market Forecast
- 9.2.6 Indonesia
- 9.2.6.1 Market Trends
- 9.2.6.2 Market Forecast
- 9.2.7 Others
- 9.2.7.1 Market Trends
- 9.2.7.2 Market Forecast
- 9.2.1 China
- 9.3 Europe
- 9.3.1 Germany
- 9.3.1.1 Market Trends
- 9.3.1.2 Market Forecast
- 9.3.2 France
- 9.3.2.1 Market Trends
- 9.3.2.2 Market Forecast
- 9.3.3 United Kingdom
- 9.3.3.1 Market Trends
- 9.3.3.2 Market Forecast
- 9.3.4 Italy
- 9.3.4.1 Market Trends
- 9.3.4.2 Market Forecast
- 9.3.5 Spain
- 9.3.5.1 Market Trends
- 9.3.5.2 Market Forecast
- 9.3.6 Russia
- 9.3.6.1 Market Trends
- 9.3.6.2 Market Forecast
- 9.3.7 Others
- 9.3.7.1 Market Trends
- 9.3.7.2 Market Forecast
- 9.3.1 Germany
- 9.4 Latin America
- 9.4.1 Brazil
- 9.4.1.1 Market Trends
- 9.4.1.2 Market Forecast
- 9.4.2 Mexico
- 9.4.2.1 Market Trends
- 9.4.2.2 Market Forecast
- 9.4.3 Others
- 9.4.3.1 Market Trends
- 9.4.3.2 Market Forecast
- 9.4.1 Brazil
- 9.5 Middle East and Africa
- 9.5.1 Market Trends
- 9.5.2 Market Breakup by Country
- 9.5.3 Market Forecast
10 SWOT Analysis
- 10.1 Overview
- 10.2 Strengths
- 10.3 Weaknesses
- 10.4 Opportunities
- 10.5 Threats
11 Value Chain Analysis
12 Porters Five Forces Analysis
- 12.1 Overview
- 12.2 Bargaining Power of Buyers
- 12.3 Bargaining Power of Suppliers
- 12.4 Degree of Competition
- 12.5 Threat of New Entrants
- 12.6 Threat of Substitutes
13 Price Analysis
14 Competitive Landscape
- 14.1 Market Structure
- 14.2 Key Players
- 14.3 Profiles of Key Players
- 14.3.1 Banco Bilbao Vizcaya Argentaria S.A.
- 14.3.1.1 Company Overview
- 14.3.1.2 Product Portfolio
- 14.3.1.3 Financials
- 14.3.1.4 SWOT Analysis
- 14.3.2 Clarity Group Inc.
- 14.3.2.1 Company Overview
- 14.3.2.2 Product Portfolio
- 14.3.3 Credit Agricole (SAS Rue La Boetie)
- 14.3.3.1 Company Overview
- 14.3.3.2 Product Portfolio
- 14.3.4 Finastra (Misys International Limited)
- 14.3.4.1 Company Overview
- 14.3.4.2 Product Portfolio
- 14.3.4.3 SWOT Analysis
- 14.3.5 Finleap connect
- 14.3.5.1 Company Overview
- 14.3.5.2 Product Portfolio
- 14.3.6 Jack Henry & Associates Inc
- 14.3.6.1 Company Overview
- 14.3.6.2 Product Portfolio
- 14.3.6.3 Financials
- 14.3.6.4 SWOT Analysis
- 14.3.7 Mambu
- 14.3.7.1 Company Overview
- 14.3.7.2 Product Portfolio
- 14.3.8 NCR Corporation
- 14.3.8.1 Company Overview
- 14.3.8.2 Product Portfolio
- 14.3.9 Nordigen Solution
- 14.3.9.1 Company Overview
- 14.3.9.2 Product Portfolio
- 14.3.10 Revolut Ltd
- 14.3.10.1 Company Overview
- 14.3.10.2 Product Portfolio
- 14.3.11 Riskonnect Inc.
- 14.3.11.1 Company Overview
- 14.3.11.2 Product Portfolio
- 14.3.12 Societe Generale
- 14.3.12.1 Company Overview
- 14.3.12.2 Product Portfolio
- 14.3.1 Banco Bilbao Vizcaya Argentaria S.A.
List of Figures
- Figure 1: Global: Open Banking Market: Major Drivers and Challenges
- Figure 2: Global: Open Banking Market: Sales Value (in Billion US$), 2018-2023
- Figure 3: Global: Open Banking Market Forecast: Sales Value (in Billion US$), 2024-2032
- Figure 4: Global: Open Banking Market: Breakup by Services (in %), 2023
- Figure 5: Global: Open Banking Market: Breakup by Deployment (in %), 2023
- Figure 6: Global: Open Banking Market: Breakup by Distribution Channel (in %), 2023
- Figure 7: Global: Open Banking Market: Breakup by Region (in %), 2023
- Figure 8: Global: Open Banking (Banking and Capital Markets) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 9: Global: Open Banking (Banking and Capital Markets) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 10: Global: Open Banking (Payments) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 11: Global: Open Banking (Payments) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 12: Global: Open Banking (Digital Currencies) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 13: Global: Open Banking (Digital Currencies) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 14: Global: Open Banking (Value Added Services) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 15: Global: Open Banking (Value Added Services) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 16: Global: Open Banking (Cloud-based) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 17: Global: Open Banking (Cloud-based) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 18: Global: Open Banking (On-premises) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 19: Global: Open Banking (On-premises) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 20: Global: Open Banking (Bank Channels) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 21: Global: Open Banking (Bank Channels) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 22: Global: Open Banking (App Markets) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 23: Global: Open Banking (App Markets) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 24: Global: Open Banking (Distributors) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 25: Global: Open Banking (Distributors) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 26: Global: Open Banking (Aggregators) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 27: Global: Open Banking (Aggregators) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 28: North America: Open Banking Market: Sales Value (in Million US$), 2018 & 2023
- Figure 29: North America: Open Banking Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 30: United States: Open Banking Market: Sales Value (in Million US$), 2018 & 2023
- Figure 31: United States: Open Banking Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 32: Canada: Open Banking Market: Sales Value (in Million US$), 2018 & 2023
- Figure 33: Canada: Open Banking Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 34: Asia-Pacific: Open Banking Market: Sales Value (in Million US$), 2018 & 2023
- Figure 35: Asia-Pacific: Open Banking Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 36: China: Open Banking Market: Sales Value (in Million US$), 2018 & 2023
- Figure 37: China: Open Banking Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 38: Japan: Open Banking Market: Sales Value (in Million US$), 2018 & 2023
- Figure 39: Japan: Open Banking Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 40: India: Open Banking Market: Sales Value (in Million US$), 2018 & 2023
- Figure 41: India: Open Banking Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 42: South Korea: Open Banking Market: Sales Value (in Million US$), 2018 & 2023
- Figure 43: South Korea: Open Banking Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 44: Australia: Open Banking Market: Sales Value (in Million US$), 2018 & 2023
- Figure 45: Australia: Open Banking Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 46: Indonesia: Open Banking Market: Sales Value (in Million US$), 2018 & 2023
- Figure 47: Indonesia: Open Banking Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 48: Others: Open Banking Market: Sales Value (in Million US$), 2018 & 2023
- Figure 49: Others: Open Banking Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 50: Europe: Open Banking Market: Sales Value (in Million US$), 2018 & 2023
- Figure 51: Europe: Open Banking Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 52: Germany: Open Banking Market: Sales Value (in Million US$), 2018 & 2023
- Figure 53: Germany: Open Banking Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 54: France: Open Banking Market: Sales Value (in Million US$), 2018 & 2023
- Figure 55: France: Open Banking Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 56: United Kingdom: Open Banking Market: Sales Value (in Million US$), 2018 & 2023
- Figure 57: United Kingdom: Open Banking Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 58: Italy: Open Banking Market: Sales Value (in Million US$), 2018 & 2023
- Figure 59: Italy: Open Banking Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 60: Spain: Open Banking Market: Sales Value (in Million US$), 2018 & 2023
- Figure 61: Spain: Open Banking Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 62: Russia: Open Banking Market: Sales Value (in Million US$), 2018 & 2023
- Figure 63: Russia: Open Banking Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 64: Others: Open Banking Market: Sales Value (in Million US$), 2018 & 2023
- Figure 65: Others: Open Banking Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 66: Latin America: Open Banking Market: Sales Value (in Million US$), 2018 & 2023
- Figure 67: Latin America: Open Banking Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 68: Brazil: Open Banking Market: Sales Value (in Million US$), 2018 & 2023
- Figure 69: Brazil: Open Banking Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 70: Mexico: Open Banking Market: Sales Value (in Million US$), 2018 & 2023
- Figure 71: Mexico: Open Banking Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 72: Others: Open Banking Market: Sales Value (in Million US$), 2018 & 2023
- Figure 73: Others: Open Banking Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 74: Middle East and Africa: Open Banking Market: Sales Value (in Million US$), 2018 & 2023
- Figure 75: Middle East and Africa: Open Banking Market: Breakup by Country (in %), 2023
- Figure 76: Middle East and Africa: Open Banking Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 77: Global: Open Banking Industry: SWOT Analysis
- Figure 78: Global: Open Banking Industry: Value Chain Analysis
- Figure 79: Global: Open Banking Industry: Porter's Five Forces Analysis
List of Tables
- Table 1: Global: Open Banking Market: Key Industry Highlights, 2023 and 2032
- Table 2: Global: Open Banking Market Forecast: Breakup by Services (in Million US$), 2024-2032
- Table 3: Global: Open Banking Market Forecast: Breakup by Deployment (in Million US$), 2024-2032
- Table 4: Global: Open Banking Market Forecast: Breakup by Distribution Channel (in Million US$), 2024-2032
- Table 5: Global: Open Banking Market Forecast: Breakup by Region (in Million US$), 2024-2032
- Table 6: Global: Open Banking Market: Competitive Structure
- Table 7: Global: Open Banking Market: Key Players
