Open Banking Market Registering a CAGR of 24.4% | Top 10 Companies are BBVA Open Platform Inc., Credit Agricole, DemystData, Figo GmbH, Finastra, FormFree, Jack Henry & Associates

Allied Market Research recently published a report titled, “Open Banking Market by Financial Services (Banking and Capital Markets, Payments, Digital Currencies, and Value Added Services) and Distribution Channel (Bank Channel, App market, Distributors, and Aggregators): Global Opportunity Analysis and Industry Forecast, 2019–2027’’.

The market report presents the top factors and market trends that are real behind the growth of the Open Banking Market. It also offers an extensive study of evolving market dynamics, top investment pockets, key sections, competitive scenarios, value chain, and major investment prospects. These figures and data are helpful for startups, stakeholders, investors, and the key market players to obtain useful understandings and visions on the market and implement necessary strategies based on the same.

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Covid-19 scenario-

• The outbreak of the pandemic gave way to economic instability and dwindled business confidence. Apart from that, dearth of skilled workforce and distorted manufacturing activities impacted the market negatively, especially during the first phase of the lockdown.
• Several provinces across the world have again entered the lockdown phase, owing to the thrust by the second wave of the pandemic. This has affected the market growth yet again.

Key market players in the Open Banking Market:

The market report doles out the reference of the major player in the market including BBVA Open Platform Inc., Credit Agricole, DemystData, Figo GmbH, Finastra, FormFree, Jack Henry & Associates, Inc., Mambu GmbH, MineralTree Inc., and NCR Corporation.

These players have taken recourse to essential strategies including alliance, collaboration, development, joint ventures, and others to heighten their stance in the industry.

The study on the global Open Banking Market incorporates 250+ pages report that offers noteworthy information along with underscoring the drivers, restraints, and opportunities of the market. The study also aims to proffer a comprehensive information on the recent market leanings, movements, approaches, and stratagems espoused by the market players in the global Open Banking Market. The report encompasses both the projected as well as historical data throughout the forecast period along with other facets including product outline and growth opportunities.

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The report provides an extensive segmentation of the global Open Banking Market on the basis of type, applications, end users, and region. Thorough analysis of each section and sub-section is offered in the research with the help of horizontal and graphical depiction. This breakdown is helpful in assessing the fastest growing segments and establishing strategies to attain sustainable growth.

Open Banking Market Geographical Analysis:

The report also provides a regional analysis of the market along with the competitive setting in each region. The research report encompasses regions including North America (the United States, Canada, and Mexico), Europe (Germany, France, UK, Russia, and Italy), Asia-Pacific (China, Japan, Korea, India, and Southeast Asia), South America (Brazil, Argentina, and Colombia), Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, and South Africa). These segmentations aid the market players in framing respective tactics, thus leading way to lucrative opportunities to attain their objectives.

Our Report provides:

• Thorough inquiry of market assessments for all the segments
• Detailed market examination from the viewpoint of the frontrunners in the industry
• Tactical slants and approaches incorporated by new entrants
• Market forecasts on regional base for the next few years
• Competitive exploration of the present Open Banking Market trends
• Profiling of companies along with their exclusive strategies

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CHAPTER 3: MARKET OVERVIEW

3.1. Market definition and scope
3.2. Market evolution
3.3. Market dynamics
3.4.Drivers

3.4.1. Potential benefits of open banking
3.4.2. Increase in adoption of new applications and services
3.4.3. Improved overall customer engagement with open banking API’s
3.4.4. Favorable government regulations

3.5. Restraint

3.5.1. Lack of awareness around open banking, data security and managing threats related to security

3.6.Opportunity

3.6.1. Increase in collaborations between banks and Fintech firms

Key Market Segments:

By Financial Services

• Banking & Capital Markets
• Payments
• Digital Currencies
• Value Added Services

By Distribution Channel

• Bank Channel
• App market
• Distributors
• Aggregators

By Region

• North America

o U.S.
o Canada
o Mexico

• Europe

o UK
o Germany
o Netherlands
o Spain
o Rest of Europe

• Asia-Pacific

o China
o Singapore
o Australia
o Hong Kong
o Rest of Asia-Pacific and LATAM

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