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2021 Open Banking Market Report: Business Outlook, CAGR Status, Upcoming Trends, Recent Changes, And Forecast
Open Banking Market
The countries covered in the global open banking market are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, Vietnam.
The regions covered in the global open banking market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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The open banking market consists of sales of open banking services by entities (organizations, sole traders, and partnerships) that unites banks, third parties, and technology providers, allowing them to exchange data easily and securely for the benefit of their consumers. Open banking is a banking practice in which third-party financial service providers can use application programming interfaces (APIs) to gain access to consumer banking, transactions, and other data from banks and NBFCs. These APIs deliver a secure way to share financial information between two parties and makes it easier for consumers to compare the details of current accounts and other banking services.
The global open banking market is expected to grow from $11.79 billion in 2020 to $15.13 billion in 2021 at a compound annual growth rate (CAGR) of 28.4%. The change in the growth trend of the open banking market is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2020. The open banking market is expected to reach $37.77 billion in 2025 at a CAGR of 25.7%.
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Global open banking market segmentation in TBRC’s report is:
1) By Service Type: Transactional Services, Communicative Services, Information Services
2) By Financial Services: Bank And Capital Markets, Payments, Digital Currencies, Value Added Services
3) By Deployment Type: Cloud, On-Premises, Hybrid
4) By Distribution Channel: Bank Channels, App Market, Distributors, Aggregators
Major players in the open banking market are Capital One, HSBC Bank plc, Banco Bilbao Vizcaya Argentaria S.A, NatWest Group plc, DBS Bank, Barclays, Lloyds Banking Group, Citigroup, Banco Santander S.A., Credit Agricole, NCR Corporation, DemystData, Figo GmbH, Finastra, Jack Henry & Associates Inc., and MineralTree Inc.
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The Table of Contents includes:
1. Executive Summary
2. Open Banking Market Characteristics
3. Open Banking Market Trends And Strategies
4. Impact Of COVID-19 On Open Banking
5. Open Banking Market Size And Growth
.....
27. Open Banking Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Open Banking Market
29. Open Banking Market Future Outlook and Potential Analysis
30. Appendix
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