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Open Banking Market 2022: In-Depth Research With Emerging Growth Trends, Driving Factors And Opportunities Forecast To 2031 || Capital One, HSBC Bank plc, Banco Bilbao Vizcaya Argentaria S.A, NatWest Group plc, DBS Bank
Open Banking Market
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The global open banking market report by the business research company identifies surge in the use of online platforms for making payments is contributing to be a major growth driver for the open banking market. The digital payment system is rapidly expanding with developing payment methods, increased e-commerce use, improved broadband access, and the advent of new technologies. Payment gateway APIs are used by online platforms such as phone pay, Paytm, and Google Pay to manage recurring billing, and these APIs are often used in open banking. For instance, in August 2021, Google Pay, a US-based digital wallet platform crossed 1 billion transactions. Additionally, in July 2021, PhonePe, a digital payments network, set a new milestone by processing 1.5 billion transactions through the unified payments interface (UPI).
The global open banking market is expected to grow from $15.13 billion in 2021 to $19.14 billion in 2022 at a compound annual growth rate (CAGR) of 26.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The open banking market is expected to grow to $48.13 billion in 2026 at a CAGR of 25.9%.
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North America was the largest region in the open banking market in 2020. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in open banking market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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.
The global open banking market is segmented -
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
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The Open Banking Market Report Contents Include
1. Executive Summary
2. Open Banking Market Characteristics
3. Open Banking Market Trends And Strategies
4. Open Banking Market - Macro Economic Scenario
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
This report covers the trends and market dynamics of the open banking market in major countries - Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA. The report also includes consumer surveys and various future opportunities for the market.
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