Open Banking Market Size Forecasted To Achieve $94.14 Billion By 2029 With Steady Growth

The Open Banking Market Report by The Business Research Company delivers a detailed market assessment, covering size projections from 2025 to 2034. This report explores crucial market trends, major drivers and market segmentation by [key segment categories].

What Is the Open Banking Market Size and Projected Growth Rate?
The size of the open banking market has seen significant expansion over the recent years. It is set to escalate from $30.89 billion in 2024 and reach $38.86 billion in 2025, with a compound annual growth rate (CAGR) of 25.8%. The expansion during the historical period can be tied to the growing need for quick and real-time funds transfers, amplified use of online banking services, robust economic growth in the developing markets, and government-led policies.

The size of the open banking market is projected to experience a significant increase in the upcoming years, reaching a valuation of $94.14 billion in 2029, with a compound annual growth rate (CAGR) of 24.8%. The anticipated growth during the forecast period is linked to the expanding use of internet-based platforms, escalating urbanization, a growing younger population, an uptick in mergers and acquisitions, and the heightened use of fintech for transactions. Noteworthy trends for the forecast period include a shift towards utilizing big data, an emphasis on the banking as a service (baas) model, a focus on customization, a concentration on variable recurring payments, strategic alliances and investments, and a spotlight on novel initiatives and plans.

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What Are the Major Segments in the Open Banking Market?
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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What Are The Driving Open Banking Market Evolution?
The growth of the open banking market is being fueled by the increased use of online platforms for financial transactions. The evolution of the digital payment system, propelled by new payment methods, the rise of e-commerce, enhanced broadband accessibility, and the arrival of innovative technologies, is witnessing considerable expansion. Payment gateway APIs, utilised by online platforms like Phone Pay, Paytm, and Google Pay for managing recurring payments, are regularly implemented in open banking. As per the data provided by the National Informatics Centre, a government body based in India, by the close of 2022, the Unified Payments Interface (UPI) amassed a total transaction value of INR 125.95 trillion ($1.497 trillion). This marks an increase of 1.75 times from the previous year, and extraordinarily, this value equated to almost 86% of India's GDP for the 2022 fiscal year. Consequently, the growing trend of making payments through online platforms is set to drive the open banking market's expansion moving forward.

Which Firms Dominate The Open Banking Market Segments?
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

What Trends Are Driving Growth in The Open Banking Market?
The introduction of new and technologically superior platforms and services is emerging as a prevalent trend within the open banking market. There is a growing demand from businesses for more streamlined admittance to banking and payment services. In response, market companies are consistently putting funds into the continuous digital transformation of cash and treasury management services. They aim to cater to the progressively digital requirements of global business banking clients by rolling out new products. For instance, Scotia TranXact, a digital payments platform, was launched in August 2022 by Scotiabank, a prominent bank in the Americas. This innovation affords business banking clients on-demand accessibility to Scotiabank's payment and cash management Application Programming Interfaces (APIs). Scotia TranXact users will be privy to real-time payments, request-to-pay, and account information services via APIs.

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Which Is The Largest Region 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.

Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Open Banking Market?
2. What is the CAGR expected in the Open Banking Market?
3. What Are the Key Innovations Transforming the Open Banking Industry?
4. Which Region Is Leading the Open Banking Market?

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