Open Banking Market worth $74.66 billion by 2030, growing at a CAGR of 18.63% - Exclusive Report by 360iResearch

The "Open Banking Market by Services (Banking & Capital Markets, Digital Currencies, Payments), Deployment (Cloud, On-Premise), Distribution Channel - Global Forecast 2024-2030" report has been added to 360iResearch.com's offering.

The Global Open Banking Market to grow from USD 22.57 billion in 2023 to USD 74.66 billion by 2030, at a CAGR of 18.63%.

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Open banking is a novel banking practice that involves the provision of open access to consumer banking, transactions, and other important financial data from banks and non-bank financial institutions through the utilization of application programming interfaces (APIs) to third-party financial service providers. The primary aim of open banking is to increase innovation in the realm of the financial services industry, thereby offering consumers more options, enhanced service quality, and better rates. The increasing need for financial transparency and tailored banking services, regulatory mandates promoting financial data sharing, and global efforts to enhance customer experiences have led to significant demand for open banking services and solutions. Additionally, the growing adoption of mobile banking and payment platforms fosters further market expansion. However, the lack of standardization across banking APIs and varying degrees of regulatory support for open banking across diverse geographical locations hampered the growth of the industry. Additionally, concerns and issues related to data privacy and security can also pose significant hurdles to achieving customer trust and satisfaction. However, key players are exploring cybersecurity measures in API integration, developing uniform API standards, and investigating blockchain's role in open banking to improve the security and privacy features of open banking. The advent of A.I. and machine learning can be harnessed for insights into customer behavior, risk management, and personalized product recommendations, thereby creating new revenue streams.

The Americas region, particularly the U.S. and Canada, is characterized by the presence of a robust banking, financial services, and insurance(BFSI) sector, which has driven several advancements in the realm of open banking. Consumer's need for seamless financial experiences has propelled banks and fintech companies to create partnerships voluntarily. Customer purchasing behavior indicates a trend toward mobile banking solutions and personalized financial products. The E.U. is a pioneer in regulating open banking, with Payment Services Directive Two (PSD2) being a significant legislative framework promoting banking data portability and innovation. It has led to the rise of numerous third-party providers (TPPs), creating a competitive environment that caters well to consumer needs for transparency and diversified financial services. E.U. consumers are increasingly adopting digital wallets and peer-to-peer payment systems, pushing the market towards more collaborative banking practices. Additionally, the presence of several established regulations pertaining to digital privacy and financial security has created a highly standardized and robust environment for the growth of open banking. The APAC region supports several government initiatives and supports to improve the BFSI sector, which creates growth opportunities for open banking services or solutions. The Unified Payments Interface (UPI) by the Indian government has advanced the payment space. Investments and research are primarily directed towards scalability to manage the massive volume of transactions while ensuring system stability. Many nations such as Singapore, China, and Japan are publishing guidelines for open banking and outlining plans to make bank data available through APIs, thereby signaling new avenues for the growth of the industry.

Market Segmentation & Coverage:

This research report categorizes the Open Banking Market in order to forecast the revenues and analyze trends in each of following sub-markets:

Based on Services, market is studied across Banking & Capital Markets, Digital Currencies, Payments, and Value Added Services. The Payments is projected to witness significant market share during forecast period.

Based on Deployment, market is studied across Cloud and On-Premise. The On-Premise is projected to witness significant market share during forecast period.

Based on Distribution Channel, market is studied across Aggregators, App Market, and Bank Channel. The Aggregators is projected to witness significant market share during forecast period.

Based on Region, market is studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The Americas is further studied across Argentina, Brazil, Canada, Mexico, and United States. The United States is further studied across California, Florida, Illinois, New York, Ohio, Pennsylvania, and Texas. The Asia-Pacific is further studied across Australia, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam. The Europe, Middle East & Africa is further studied across Denmark, Egypt, Finland, France, Germany, Israel, Italy, Netherlands, Nigeria, Norway, Poland, Qatar, Russia, Saudi Arabia, South Africa, Spain, Sweden, Switzerland, Turkey, United Arab Emirates, and United Kingdom. The Europe, Middle East & Africa commanded largest market share of 37.21% in 2023, followed by Americas.

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FPNV Positioning Matrix:

The FPNV Positioning Matrix is essential for assessing the Open Banking Market. It provides a comprehensive evaluation of vendors by examining key metrics within Business Strategy and Product Satisfaction, allowing users to make informed decisions based on their specific needs. This advanced analysis then organizes these vendors into four distinct quadrants, which represent varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital(V).

Market Share Analysis:

The Market Share Analysis offers an insightful look at the current state of vendors in the Open Banking Market. By comparing vendor contributions to overall revenue, customer base, and other key metrics, we can give companies a greater understanding of their performance and what they are up against when competing for market share. The analysis also sheds light on just how competitive any given sector is about accumulation, fragmentation dominance, and amalgamation traits over the base year period studied.

Key Company Profiles:

The report delves into recent significant developments in the Open Banking Market, highlighting leading vendors and their innovative profiles. These include Alkami Technology Inc., Amplify Platform. by TrillerNet, Banco Bilbao Vizcaya Argentaria, S.A. by PNC Financial Services, Bud Financial, Cashfree Payments India Private Limited, Codat Limited, Cross River Bank, Crédit Agricole CIB, DirectID, Finastra, Fincity by Mastercard, Flinks, GoCardless Ltd., Jack Henry & Associates, Inc., M2P Solutions Private Limited, Minna Technologies AB, Nubank, Plaid Inc. by Visa, Railsbank Technology Ltd., Salt Edge, Stitch, Stripe, Inc., Token.io Ltd., TrueLayer Ltd., and Yodlee by Envestnet.

Key Topics Covered:

1. Preface
2. Research Methodology
3. Executive Summary
4. Market Overview
5. Market Insights
6. Open Banking Market, by Services
7. Open Banking Market, by Deployment
8. Open Banking Market, by Distribution Channel
9. Americas Open Banking Market
10. Asia-Pacific Open Banking Market
11. Europe, Middle East & Africa Open Banking Market
12. Competitive Landscape
13. Competitive Portfolio

The report provides insights on the following pointers:
1. Market Penetration: Provides comprehensive information on the market offered by the key players
2. Market Development: Provides in-depth information about lucrative emerging markets and analyzes penetration across mature segments of the markets
3. Market Diversification: Provides detailed information about new product launches, untapped geographies, recent developments, and investments
4. Competitive Assessment & Intelligence: Provides an exhaustive assessment of market shares, strategies, products, certification, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players
5. Product Development & Innovation: Provides intelligent insights on future technologies, R&D activities, and breakthrough product developments

The report answers questions such as:
1. What is the market size and forecast of the Open Banking Market?
2. Which are the products/segments/applications/areas to invest in over the forecast period in the Open Banking Market?
3. What is the competitive strategic window for opportunities in the Open Banking Market?
4. What are the technology trends and regulatory frameworks in the Open Banking Market?
5. What is the market share of the leading vendors in the Open Banking Market?
6. What modes and strategic moves are considered suitable for entering the Open Banking Market?

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