Open Banking Market Rise in the Usage Of Online Payment Platforms

According to Precision Business Insights (PBI), the latest report, the open banking market is expected to be valued at USD 16,673.4 million in 2022, growing at a 22.1% CAGR from 2022 to 2028. The primary driver of the expansion of the global Open Banking market rises in the usage of online payment platforms, the changing payment environment, the increasing utilization of e-commerce platforms, cultivating broadband connectivity, and the growing acceptance of Application Programming Interfaces (APIs) across the world.

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App Market Segment to Dominate the Open Banking Market:
On the basis of distribution channel, the app market segment led the market in past years and accounted for a significant market over the forecasted period owing to the increasing demand of smartphones globally. The rising adoption of mobile applications for various purposes such as buying and selling products and services is further expected to push the segment's growth. Furthermore, increasing awareness regarding the utilization of banking services through mobile banking also supports to boosting the segment's growth.

Europe Open Banking Market:
Europe is expected to dominate the open banking market in the historic period and registered for a maximum share of the global open banking market owing to the increasing requirement for refining online payment security in the region. Furthermore, promoting market expansion in this region is the governmental bodies' directive for banks to compel the opening of APIs. The presence of several key players in the region is further anticipated to fuel the regional market growth.

Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players:
The global open banking market further reveals that the key players are increasingly adopting strategies such as the launch of newer products, product launches, and long-term alliances to improve market revenue share and gain significant geographic presence across the region.

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The open banking market is segmented based on financial services, distribution channels, and geography.
Based on the financial services, the market is segmented into the following:
• Banking & Capital Markets
• Payments
• Digital Currencies
• Value Added Services

Based on the distribution channel, the market is segmented into the following:
• Bank Channel
• App market
• Distributors
• Aggregators

Based on geography, the market is segmented into the following:
• North America
• Europe
• The Asia Pacific
• Latin America
• MEA

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Key players' profiles in the open banking market report are Capital One, NatWest Group plc., HSBC Bank plc., Banco Bilbao Vizcaya Argentaria S.A, DBS Bank, Barclays, Lloyds Banking Group, NCR Corporation, Citigroup, Banco Santander S.A., Credit Agricole, DemystData, Figo GmbH, Finastra, Jack Henry & Associates Inc., and MineralTree Inc.

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