Press release
Open Banking Market Explodes: $94.14 Billion Projection For 2029 Based On Strong Market Drivers And Emerging Trends
Open Banking Market Size
What Is The Projected Market Size Of The Global Open Banking Market And Its Growth Rate?
The open banking market has been on a meteoric rise in recent years. Captivating statistics underline its impressive growth trajectory:
• The market stood at a solid $30.89 billion in 2024.
• It will leap to $38.86 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 25.8%.
• The growth from 2024 to 2025 is attributed to the surge in demand for quick, real-time fund transfers and digital banking services.
• Looking ahead to 2029, the market is set to reach an astounding $94.14 billion, with a CAGR of 24.8%.
• The forecast period growth is fueled by the increasing use of online platforms, thriving urban centers, and the adoption of fintech for payments.
What Is Driving The Growth In The Open Banking Market?
The boom in online platforms for payments is a key driver of the open banking market's growth. As digital payment systems expand alongside the broader e-commerce landscape, APIs associated with open banking are increasingly being adopted by platforms such as Phone Pay, Paytm, and Google Pay. This growth is reflected in the Unified Payments Interface (UPI), which recorded a total transaction value of INR 125.95 trillion ($1.497 trillion) by the end of 2022, a 1.75 times increase compared to the previous year. This surge in online payment usage is poised to continue propelling the open banking market.
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Who Are The Key Players Driving Open Banking Market Growth?
The market's growth is fueled by numerous influential companies, including:
• Banco Santander S.A
• BBVA SA
• Citigroup
• Credit Agricole
• Capital One
• NatWest Group plc.
• Lloyds Banking Group
• Barclays
• Microsoft Corporation
• Amazon Web Services
• IBM
• And more.
What Are The Key Trends In The Open Banking Market?
Key trends shaping the market:
• Increased use of big data.
• Widespread adoption of the banking as a service (baas) model.
• Personalization initiatives.
• Growing use of variable recurring payments.
• Strategic partnerships and investments.
• New initiatives and programs.
What Are The Segments Of The Global Open Banking Market?
The open banking market is segmented by:
• Service Type: Transactional Services, Communicative Services, Informative Services.
• Distribution Channel: Bank Channels, App Market, Distributors, Aggregators.
• Financial Services: Bank And Capital Markets, Payments, Digital Currencies, Value Added Services.
• Deployment: Cloud, On-Premises, Hybrid.
Which Region Leads The Open Banking Market?
North America ruled the roost in the open banking market in 2024. However, it's Asia-Pacific that is set to clock the fastest growth in the forecast period.
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What Is Covered In The Open Banking Market Global Market Report?
- Market Size Analysis: Analyze the Open Banking Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Open Banking Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Open Banking Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Open Banking Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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