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The global open banking market size was US$ 15.1 billion in 2021. The global open banking market is expected to grow to US$ 111.8 billion by 2030 by registering a compound annual growth rate (CAGR) of 25.1% during the forecast period from 2022 to 2030.
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COVID-19 Impact Analysis
The COVID-19 pandemic has positively influenced the open banking market as the demand for contactless payments increased. People were more inclined towards contactless options as it reduces the risk of virus spread. Various prominent e-commerce channels banned offering cash-on-delivery options, which, in turn, upsurged the growth of the open banking market.
Additionally, banks and fintech companies started deploying novel digital solutions in order to drive customer satisfaction and enable low operational costs. Therefore, all of these factors have contributed to the growth of the open banking market.
Factors Influencing the Market
The global open banking market is expected to be driven by the factors like the growing adoption of the open banking system and the rising emphasis on the use of big data analytics in the open banking sector. Big data analytics allow users to customize services and improve user experience.
Additionally, the rising demand for innovative products and services will drive the market ahead. Consumers are also steadily inclining towards online payment methods due to ease and convenience. Open banking platform offers significant advantages, such as better accessibility of financial operations and centralization of services. Additionally, other factors like the growing rate of people using new wave apps and services, and rising collaboration between traditional banking with FinTech, will all drive the open banking market during the study period.
Open banking allows banks to maintain control over services like advice, loans, transfers, financing, etc. It also allows easy access to the operations to obtain the required information in a consolidated form. Therefore, it will contribute to the growth of the open banking market.
Regional Analysis
The Asia-Pacific open banking market will record potential growth due to the growing implementation and expansion of online payments. Additionally, the high adoption of digital technologies and growing awareness about the same in emerging economies like India, China, and Japan, will all contribute to the growth of the open banking market during the analysis period.
Europe garnered the largest share in the open banking market in 2021 and is expected to grow at a significant growth rate due to the growing requirement for security in online transactions and government directives forcing banks to develop their APIs. As a result, it will bring potential opportunities for the open banking market.
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Competitors in the Market
Banco Bibao Vizcaya Argentaria S.A.
Barclays
BBVA Open platform Inc.
Capital One
Clarity Group Inc.
Citigroup
Conduct Inc
Credit Agricole
DBS Bank
DBS Bank
Demystdat
Figo GmbH
Finastra
Formfree
HSBC Bank plc
Jack Henry & Associate Inc
Mambu GmbH
MineralTree Inc.
NCR Corporation
Prista Corporation
Quantros Inc.
RL Datix
Smart gate Solutions Ltd.
Verge Health
Other Prominent Players
Market Segmentation
The global open banking market segmentation focuses on Financial Services, Distribution channels, Deployment Type, and Region.
By Financial services
Bank and capital markets
Payments
Digital currencies
Value added services
By Distribution channels
Bank channels
App markets
Distributors
Aggregators
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By Deployment type
Cloud
On-premise
Hybrid
By Region
North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
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Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America
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