With 27.1% CAGR, Open Banking Market Size to Reach US$ 135.14 Billion by 2023-2030

The global open banking market size is expected to reach USD 135.14 billion by 2030, expanding at a CAGR of 27.1% from 2023 to 2030, according to a new study conducted by Global Market Vision. The market growth can be attributed to several factors, including enhanced customer involvement made possible by open banking APIs, favorable government regulations, and increased adoption of innovative services and applications. In addition, the changed focus of retail banks toward consolidated technological enhancements also bodes well for the market's growth.

Key industry players are aggressively investing in offering enhanced services to their customers. For instance, in June 2022, Mastercard announced its latest open banking feature, named Pay by link, through its banking pioneer in Europe, Aiia. This feature is expected to eliminate needless payment stages for companies from any sector by developing a straightforward link that enables clients to pay instantaneously in any situation. It is closely related to Mastercard's open banking agenda, which seeks to usher in a new era of choice, convenience, and personalization in a secure manner.

Increased strategic initiatives in the open banking space by prominent players are expected to drive market growth over the forecast period. For instance, in October 2022, Visa Inc., a financial services company, announced the completion of the acquisition of an open banking platform named Tink. As a result of this acquisition, Visa, Inc., and Tink enabled their clients to offer substantial benefits to consumers allowing them better control over their financial experiences, including managing their financial data, money, and financial goals.

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The objective of the report is to present a comprehensive analysis of the Open Banking Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers, and new entrants. POSTER, SWOT, and PESTEL analyses with the potential impact of macroeconomic factors on the market have been presented in the report.

Major Market Players Profiled in the Report include:
• Banco Bilbao Vizcaya Argentaria, S.A.
• Crédit Agricole
• DemystData, Ltd.
• Finleap connect
• Finastra
• FormFree Holdings Corporation
• Jack Henry & Associates, Inc.
• Mambu
• MineralTree, Inc.
• NCR Corporation

Global Open Banking Market Segmentation:
The global market is segmented on the basis of type, application and region. Growth between market segments can help the user/investor analyze niche market growth points, go-to market strategies, and differentiate between core application areas and target markets.

Open Banking Services Outlook

• Banking & Capital Markets
• Payments
• Digital Currencies
• Value Added Services

Open Banking Deployment Outlook

• Cloud
• On-premise

Open Banking Distribution Channel Outlook

• Bank Channels
• App Markets
• Distributors
• Aggregators

The report provides precise information about each Open Banking market's key players and upcoming competitors. Their global standing, economic activity, plans, product launches, R&D activities, as well as SWOT analysis, revenue share, and contact information are shared in this analysis report. The business strategies of important players and recent market entrants, such as collaborations, mergers and acquisitions, joint ventures, and partnerships, are thoroughly examined.

The report reveals a growing opportunity for manufacturers who are ready to spend on developing new and innovative goods. Businesses can position themselves for success in this dynamic and ever-changing market by keeping up with the most recent trends and innovations in the sector. For better understanding, the insights in the report are presented through a graphical representation of the figures in the form of bar graphs, statistics, and pie charts.

Important Features that are under Offering Open Banking Market Highlights of the Reports:
⋆ Detailed Overview of this Market
⋆ Changes in industry market dynamics
⋆ Detailed market segmentation by type, application, etc.
⋆ The historical, current, and projected market size in terms of quantity and value
⋆ Recent industry trends and developments
⋆ Competition situation of this Market
⋆ Key companies and product strategies
⋆ Potential niche segment/region showing promising growth.

The Primary Objectives in This Report Are:
• To determine the size of the total market opportunity of global and key countries
• To assess the growth potential for Open Banking
• To forecast future growth in each product and end-use market
• To assess competitive factors affecting the marketplace
• This report profiles key players in the global Open Banking market based on the following parameters - company overview, production, value, price, gross margin, product portfolio, geographical presence, and key developments.
• This report also provides key insights about market drivers, restraints, opportunities, new product launches or approvals, COVID-19 and Russia-Ukraine War Influence.

Scope of the Open Banking Market Report:

The research examines the key players in the global Open Banking market in detail, focusing on their market share, gross margin, net profit, sales, product portfolio, new applications, recent developments, and other factors. This study estimates the market size in terms of both values (millions of dollars) and volume (millions of units / K Units). Both top-down and bottom-up techniques were used to estimate and validate the market size of the Open Banking market, as well as the size of various other dependent submarkets in the overall market. To identify important market participants, secondary research was utilized, and primary and secondary research was employed to determine their market shares. All percentage share splits and breakdowns were calculated using secondary sources and verified sources.

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The final report will add the analysis of the Impact of Covid-19 in this report Open Banking Market.
Adapting to the recent novel COVID-19 pandemic, the impact of the COVID-19 pandemic on the global Open Banking Market is included in the present report. The influence of the novel coronavirus pandemic on the growth of the Open Banking Market is analyzed and depicted in the report.

Read More- https://globalmarketvision.com/reports/2018-2025-open-banking-report-on-global-and-united-states-market/128155

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