Open Banking Global Market Report: Key Developments and Market Outlook | 2024 To 2033 Key Players Banco Santander S.A, BBVA SA, Credit Agricole, HSBC Bank plc., Citigroup, Capital One, NatWest Group plc.

The Business Research Company recently released a comprehensive report on the Global Open Banking Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, 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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Market Drivers and Trends:

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.

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.

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Major Key Players of the Market:

LyondellBasell Industries NV, Mitsubishi Chemical Group Corporation, BASF SE, Eastman Chemical Company, Ashland, Inc.,Balaji Amines Limited, Binzhou Yuneng Chemical Co Ltd, Zhejiang Realsun Chemical Industry Co Ltd, Hefei TNJ Chemical Industry Co., Ltd., Tokyo Chemical Industry Co., Ltd, RX Chemicals, Manas Petro Chem, Jaewon Industrial Co., Ltd, Shanghai Poochun Industry Co., Ltd, Shandong Hualu Hengsheng Group Co., Ltd, Hefei Tengchao Chemical Material Co., Ltd., Shandong Qingyun Changxin Chemical Science-tech Co., Ltd., Hammond Chemicals, VWR International, Dow Inc, Abtonsmart Chemicals Co., Ltd, Saudi Arabian Oil Group, Sharjah Chemical, Wego Chemical Group

Open Banking Market 2024 Key Insights:

• 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%.
• Rapid Growth In Digital Payments Drives Expansion Of The Open Banking Market
• Scotiabank Drives Open Banking Innovation With Scotia Tranxacttm Digital Payments Platform
• North America was the largest region in the open banking market in 2023

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