Open Banking Global Market Projected to Hit $75.4 Billion at a CAGR of 24.9% by 2028, Says The Business Research Company

"The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Open Banking Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $75.4 billion In 2028 At A CAGR Of 24.9% :

The open banking market size has grown exponentially in recent years. It will grow from $24.67 billion in 2023 to $31.01 billion in 2024 at a compound annual growth rate (CAGR) of 25.7%. The growth in the historic period can be attributed to increasing demand for fast and real-time fund transfer, rising use of digital banking services, strong economic growth in emerging markets and government initiatives..

The open banking market size is expected to see exponential growth in the next few years. It will grow to $75.4 billion in 2028 at a compound annual growth rate (CAGR) of 24.9%. The growth in the forecast period can be attributed to a surge in usage of online platforms, rising urbanization, an increase in younger generations, an increase in mergers and acquisitions and increasing adoption of financial technology for payment. Major trends in the forecast period include focus on use of big data, focus on banking as a service (baas) model, focus on personalization, focus on variable recurring payments, focus on strategic partnerships and investments and focus on new initiatives and programs..

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Open Banking Market Major Segments
The open banking market covered in this report is segmented -
1) By Service Type: Transactional Services, Communicative, Informative Services
2) By Distribution Channel: Bank Channels, App Market, Distributors, Aggregators
3) By Financial Services: Bank And Capital Markets, Payments, Digital Currencies, Value Added Services
4) By Deployment: Cloud, On-Premises, Hybrid

Key Driver - Rapid Growth In Digital Payments Drives Expansion Of The Open Banking Market

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. For instance, in August 2021, Google Pay, a US-based digital wallet platform crossed 1 billion transactions. Additionally, in July 2021, PhonePe, a digital payments network, set a new milestone by processing 1.5 billion transactions through the unified payments interface (UPI). Therefore, the rise in the use of online platforms for making payments is expected to propel the growth of the open banking market going forward.

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Prominent Trend - Scotiabank Drives Open Banking Innovation With Scotia Tranxacttm Digital Payments Platform

The launch of new, technologically advanced platforms and services is becoming a trend in the open banking market. Businesses are increasingly seeking more seamless access to banking and payment services. Thus, companies in the market are continuously investing in the ongoing digitization of cash and treasury management services to meet the increasingly digital needs of global business banking clients by launching new products. For instance, in August 2022, Scotiabank, a leading bank in the Americas launched Scotia TranXactTM, a digital payments platform that provides business banking clients with on-demand access to Scotiabank's payments and cash management Application Programming Interfaces (APIs). With Scotia TranXact business banking clients will have access to real-time payments, request-to-pay and account information services via APIs.

Open Banking Market Players
Major companies operating in the open banking market report are Banco Santander S.A, BBVA SA, Credit Agricole, HSBC Bank plc., Citigroup, Capital One, NatWest Group plc., DBS Bank, Lloyds Banking Group, Barclays, Axis Bank, Bank Of Baroda, BNL, FamPay, Federal Bank, Finin, HDFC Bank, Airwallex, American Express, ANZ, China Construction Bank (CCB), ICBC Bank, WeBank, ChiantiBanca, Ant Financial, Allied Irish Bank, Bank of Ireland, Danske, Nationwide, RBS Group, ING, Caixa Geral De Depositos, La Banque Postale, Cofidis, Hello bank, Bunq, BNP Paribas, Citi, OTP Bank, Ikano Bank, Oneggo Bank, Tinkoff Bank, Wise, Raiffeisen Bank, Microsoft Corporation, IBM, Amazon Web Services, Hewlett Packard Enterprise, Intel, Oracle Corporation, Deposit Solutions, Finestra, Jack Henry & Associates, Inc, Nordigen Solutions, AlphaPoint, Axway, Spire Technologies, Tarabut Gateway, Mono.

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Largest And Fastest Growing Region In The Market
North America was the largest region in the open banking market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the open banking market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Open Banking Market Report Structure
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 Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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