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Open Banking Market 2023 - By Size, Share, Growth Drivers And Future Outlook By 2032
Open Banking Market
The Business Research Company's Open Banking Global Market Report 2023 identifies surge in the use of online platforms for making payments as the major driver for the Open Banking market's growth in the forecast period. 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.
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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Major competitors 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.
A key trend in the Open Banking market includes big data analytics. Big data analytics collects, processes, and analyzes structured, and unstructured data. The major use of big data analytics is to get business insights into the data. In the open banking market, big data analytics is used to personalize the services for improving the customer experience. For instance, in 2020, HSBC Bank plc, a UK-based investment banking company increased its investment in the use of artificial intelligence (AI) and big data analytics techniques to manage financial crime risk.
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The Open Banking market is segmented -
• 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.
The Business Research Company's "Global Open Banking Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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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
……………………………
26. Africa Open Banking Market
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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