Open Banking Market was valued at $13.9 billion in 2020, and is projected to reach $123.7 billion by 2031, growing at a CAGR of 22.3% from 2022 to 2031.

The global open banking market was valued at $13.9 billion in 2020, and is projected to reach $123.7 billion by 2031, growing at a CAGR of 22.3% from 2022 to 2031.

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Open banking is a financial service which includes sharing of financial information electronically. Furthermore, open banking services make use of application programming interface (APIs) to carry out a secure transfer of financial data. In addition, the financial information is exchanged between banks and third-parties service providers. An open API offers security to private data of customers, such as a third party's service providers collect user's transaction history and patterns, which provides easy access to openly available data such as a bank's product offerings.

Thus, the financial information collected for a customer is utilized in developing advanced applications which are aimed at improving consumer experience associated with the use of financial services.

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The report focuses on growth prospects, restraints, and trends of the open banking market outlook. The study provides Porter's Five Forces analysis to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the data analytics in banking market outlook.

The open banking market is studied on the basis of financial services, distribution channel, and region. By financial service, the market is divided into bank & capital market, payments, digital currencies, and others. As per distribution channel, it is classified into bank channels, app market, distributors, and aggregators. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

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Top Impacting Factors

Potential benefits of open banking
Increase in adoption of new applications and services
Improved overall customer engagement with open banking API's

KEY BENEFITS FOR STAKEHOLDERS
• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the open banking market analysis from 2020 to 2031 to identify the prevailing open banking market opportunity.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the open banking market segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as open banking market trends, key players, market segments, application areas, and market growth strategies.

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Open Banking Market Report Highlights

Aspects Details
Financial Services
• Banking & Capital Markets
• Payments
• Digital Currencies
• Value Added Services
Distribution Channel
• Bank Channel
• App market
• Distributors
• Aggregators
By Region
• North America (U.S., Canada)
• Europe (United Kingdom, Germany, France, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)
• LAMEA (Latin Amercia, Middle East, Africa)
Key Market Players BBVA SA, Credit Agricole, Deposit Solutions, Finestra, Jack Henry & Associates, Inc., Nordigen Solutions, Revolut Ltd., Societe Generale, Tink, Yapily Ltd.

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