Press release
Open Banking Market 2023 Driving Factors Forecast Research 2029
Open banking market is anticipated to grow at a CAGR of 21.2% during the forecast period (2023-2030). Open banking is a banking practice that provides third-party financial service providers open access to consumer banking, transactions, and other financial data from banks and non-bank financial institutions through the use of application programming interfaces (APIs). The growth adoption of technologies such as artificial intelligence (AI), internet of things (IoT), and cloud. According to Open Banking, In October 2023, Through Impact reported 9.7 million payments made in June 2023, over 1 in 9 (11%) British consumers are active users of open banking, and 17% of small businesses. The average transaction value of open banking payments is around $574, meaning the total monthly value of open banking payments is around $6.16 billion. For instance, In October 2023, Mastercard provided open banking technology to support partners across the ecosystem with safe, flexible, and secure lending and payment experiences. Including WorldPay from FIS, the merchant solutions business of global financial services technology provider FIS, and Zip, a buy now, pay later firm, to scale new open banking-powered solutions that enable more payment choices, empower consumer lending, and modernize account-based payments.Get Free Sample link @ https://www.omrglobal.com/request-sample/open-banking-market
The global open banking market is segmented by type, services, and distribution channel. Based on the type, the market is sub-segmented into cloud, on-premises, and hybrid. Based on the services, the market is sub-segmented into banking & capital markets, payments, digital currencies, and value-added services. Further, based on distribution channels, the market is sub-segmented into bank channels, app markets, distributors, and aggregators. Among the services banking & capital markets sub-segment is anticipated to hold a considerable share of the market owing to the rising customer awareness regarding investments and banking.
full report of Open Banking Market available @ https://www.omrglobal.com/industry-reports/open-banking-market
• Market Coverage
• Market number available for - 2023-2029
• Base year- 2022
• Forecast period- 2023-2029
• Segment Covered- By Source, By Product Type, By Applications
• Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
• Inc., and others
Market Segmentation
Global Open Banking Market by Type
o Cloud
o On-Premises
o Hybrid
Global Open Banking Market by Services
o Banking & Capital Markets
o Payments
o Digital Currencies
o Value-Added Services
Global Open Banking Market by Distribution Channel
o Bank Channel
o App market
o Distributors
o Aggregators
Regional Analysis
o North America
o United States
o Canada
o Europe
o UK
o Germany
o Italy
o Spain
o France
o Rest of Europe
o Asia-Pacific
o China
o India
o Japan
o South Korea
o Rest of Asia-Pacific
o Rest of the World
Company Profiles
o Adform
o Adroll.com
o HSBC bank plc
o Jack Henry & Associates Inc.
o Lloyds Bank plc
o Mambu
o Mineral Tree, Inc
o NCR corp.
o Nordigen Solutions
o Qwist GmbH
o Revolut Ltd
o Societe Generale Luxembourg
o Tink AB
o Wells Fargo
o Yapily Ltd.
The Report Covers
• Market value data analysis of 2022 and forecast to 2030.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global open banking market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying 'who-stands-where' in the market.
For More Customized Data, Request for Report Customization @ https://www.omrglobal.com/report-customization/open-banking-market
About Orion Market Research
Orion Market Research (OMR) is a market research and consulting company known for its crisp and concise reports. The company is equipped with an experienced team of analysts and consultants. OMR offers quality syndicated research reports, customized research reports, consulting and other research-based services. The company also offer Digital Marketing services through its subsidiary OMR Digital and Software development and Consulting Services through another subsidiary Encanto Technologies.
Media Contact:
Company Name: Orion Market Research
Contact Person: Mr. Anurag Tiwari
Email: info@omrglobal.com
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