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2023 Open Banking Global Market | Insights, Industry Outlook, Growing Trends And Top Key Players Include Capital One, HSBC Bank plc, Banco Bilbao Vizcaya Argentaria S.A, NatWest Group plc, DBS Bank
Open Banking Global Market
Open Banking Market Size, Growth Rate, And Forecast
The global open banking market size grew from $19.24 billion in 2022 to $24.26 billion in 2023 at a compound annual growth rate (CAGR) of 26.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The open banking market size is expected to grow to $62.37 billion in 2027 at a CAGR of 26.6%.
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Open Banking Market Drivers
The surge in the use of online platforms for making payments is contributing to the growth of 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.
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Open Banking Market Segments
• By Service Type: Transactional Services, Communicative Services, Information Services
• By Financial Services: Bank And Capital Markets, Payments, Digital Currencies, Value Added Services
• By Deployment Type: Cloud, On-Premises, Hybrid
• By Distribution Channel: Bank Channels, App Market, Distributors, Aggregators
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the Open Banking market.
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Open Banking Market Key Players
Major competitors in the Open Banking market include 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
The Business Research Company's "Global Open Banking Market Report 2023" is a comprehensive report of the market, covering over 60 geographies and high level market segmentation per geography. The section on regional and country breakdowns examines the market in each geography as well as market size by region and country. Furthermore, it evaluates the market's historical and projected growth and identifies significant trends and strategies that businesses can use to expand their operations.
The Table Of Content For The Open Banking Market 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
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