Global Open Banking Market to Reach $94.14 Billion by 2029, Growing at 24.8% CAGR

What market dynamics are playing a key role in accelerating the growth of the open banking market?
The increase in online payment usage is fueling the expansion of the open banking market. With the advent of new technology, better internet connectivity, an exponential rise in e-commerce, and the emergence of various payment methods, the digital payment system is experiencing rapid growth. Online payment portals such as Phone Pay, Paytm, and Google Pay utilize payment gateway APIs for managing recurring invoices - a frequent practice in open banking. As an example, in April 2023, the India-based government department, the National Informatics Centre, reported that the Unified Payments Interface (UPI) had recorded a total transaction worth INR 125.95 trillion ($1.497 trillion) by the end of 2022. That's a 1.75 times growth compared to the previous year, amounting to about 86% of India's GDP for the fiscal year 2022. Hence, the swelling use of online platforms for payment is predicted to boost the open banking market's growth in the future.

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How will the growth rate of the open banking market shape industry trends by 2034?
The scale of the open banking market has been expanding rapidly over recent years. It is projected to rise from $30.89 billion in 2024 to $38.86 billion in 2025, with a compound annual growth rate (CAGR) of 25.8%. Factors such as the escalating demand for quick and instantaneous fund transfers, an increase in the utilization of digital banking solutions, robust economic expansion in developing markets, and governmental initiatives are believed to have fuelled growth during this historical period.

Anticipation is high for the open banking market size to undergo significant expansion in the coming years, with projections stating it could reach a value of $94.14 billion in 2029, fueled by a compound annual growth rate (CAGR) of 24.8%. Factors that are likely to spur the growth during this forecasting period include an uptick in online platform usage, rapidly growing urban populations, a rising younger demographic, an uptick in mergers and acquisitions, and a greater adoption of fintech or financial technology for transactions. Key trends that are set to drive the forecast period include a greater emphasis on harnessing big data, adopting the banking as a service (baas) model, personalizing services, the introduction of variable recurring payments, strategizing partnerships and investments, and the launch of fresh initiatives and developments.

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How are the latest trends influencing the growth of the open banking market?
The emergence of innovative, high-tech platforms and solutions is setting a trend in the open banking market. There's a growing demand from businesses for smoother access to banking and transaction services. Consequently, market players are consistently investing in the perpetual digitization of cash and treasury management services. They intend to meet the ever-evolving digital demands of global business banking clients by introducing new products. For example, in August 2022, Scotiabank, an esteemed bank in the Americas, unveiled Scotia TranXact. This digital transactions platform offers on-demand access to Scotiabank's payments and cash management Application Programming Interfaces (APIs) for business banking clients. The Scotia TranXact platform allows these clients to access real-time payments, request-to-pay, and account information services via APIs.

Which primary segments of the open banking market are driving growth and industry transformations?
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

Subsegments:
1) By Transactional Services: Payment Initiation Services, Account Aggregation Services, Fund Transfer Services
2) By Communicative Services: Notifications And Alerts, Messaging Services Between Banks And Customers, Customer Support Services
3) By Informative Services: Financial Data Insights And Analytics, Credit Scoring And Reporting, Financial Health Reports

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Which geographical regions are pioneering growth in the open banking market?
North America was the largest region in the open banking market in 2024. 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.

Who are the influential players reshaping the open banking market landscape?
Major companies operating in the open banking market include 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, 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

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What Is Covered In The Open Banking Global Market Report?

• Market Size Forecast: Examine the open banking market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the open banking market for a structured understanding.
• Key Players Overview: Analyze major players in the open banking market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the open banking market.
• Segment Contributions: Evaluate how different segments drive overall growth in the open banking market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the open banking market.
• Industry Challenges: Identify potential risks and obstacles affecting the open banking market.
• Competitive Landscape: Review strategic developments in the open banking market, including expansions, agreements, and new product launches.

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