Open Banking Market Growth, Trends & Opportunities | Global Analysis 2025 | Top key players - Plaid Inc., TrueLayer Ltd, Finleap Connect.

The Global Open Banking Market reached US$ 20.9 billion in 2022 and is expected to reach US$ 129.8 billion by 2030, growing with a CAGR of 25.7% during the forecast period 2024-2031.

Open Banking Market report, published by DataM Intelligence, delivers detailed insights and analysis on major market trends, growth prospects, and emerging challenges. With a strong focus on providing actionable intelligence, DataM Intelligence enables businesses to make well-informed decisions and maintain a competitive edge. By blending both qualitative and quantitative research approaches, the company offers thorough reports that support clients in navigating complex market environments, driving strategic expansion, and capitalizing on new opportunities in today's rapidly evolving global landscape.

The Open Banking Market refers to a financial ecosystem where banks securely share customer data with authorized third-party providers through open APIs. This allows businesses to create innovative services like personalized financial products, payment solutions, and enhanced customer experiences. Open banking fosters competition, transparency, and accessibility, ultimately benefiting consumers by providing better financial services and improved convenience.

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Market Opportunities and Growth Drivers:

Rising Digital Payments Ecosystem

The rising demand for digital payments and the rapidly evolving open banking landscape are mutually reinforcing, as open banking provides the necessary framework and infrastructure for secure and seamless digital payment experiences.

The surge in digital payments-ranging from mobile payments and online shopping to peer-to-peer transfers-has led to a significant increase in transaction volume. Open banking plays a crucial role in this growth by enabling the smooth integration of payment services and facilitating direct bank transfers, which enhances the efficiency and accessibility of digital payment solutions.

To keep up with this demand, many companies are investing in digital payment technologies and adopting open banking solutions. A prime example is the Arab National Bank (ANB) in Saudi Arabia, which integrated Red Hat's open hybrid cloud platforms in December 2021 to support the development of digital banking and open finance. ANB aims to build stronger, more secure partnerships within the ecosystem.

By leveraging the Red Hat platform, ANB utilizes a microservices integration layer and APIs to develop cloud-native applications and Banking-as-a-Service (BaaS) offerings. This approach is designed to improve the bank's ability to collaborate with partners more efficiently and securely, further boosting the growth of digital payments and open banking in the region.

Open Banking Market Recent Development:

On February 21, 2023, NatWest and NAB jointly released a white paper that explores the similarities between the UK's Open Banking system and Australia's Consumer Data Right (CDR), offering valuable insights into the two nations' approaches to open banking and data sharing.

On April 6, 2023, at the Merchant Payment Ecosystem Awards in Berlin, Germany, Nuapay, the Open Banking business of EML Payments Limited, was honored with the prestigious Best Use of Open Banking for Payments award. This recognition was for their exceptional Authenticated Mandates solution, which has set a new standard in open banking payment solutions.

List of the Key Players in the Open Banking Market:

Banco Bilbao Vizcaya Argentaria S.A, Plaid Inc., TrueLayer Ltd, Finleap Connect, Finastra, Tink, Jack Henry & Associates, Inc, Mambu, MuleSoft and NCR Corporation.

Research Process:

Both primary and secondary data sources have been used in the global Open Banking Market research report. During the research process, a wide range of industry-affecting factors are examined, including governmental regulations, market conditions, competitive levels, historical data, market situation, technological advancements, upcoming developments, in related businesses, as well as market volatility, prospects, potential barriers, and challenges.

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Segment Covered in the Open Banking Market:

By Service: Digital Currencies, Banking & Capital Markets, Payments, Value Added Services.

By Deployment: Cloud, On-premise.

By Distribution Channel: Bank Channels, App Markets, Distributors, Aggregators.

Regional Analysis for Open Banking Market:

⇥ North America (U.S., Canada, Mexico)

⇥ Europe (U.K., Italy, Germany, Russia, France, Spain, The Netherlands and Rest of Europe)

⇥ Asia-Pacific (India, Japan, China, South Korea, Australia, Indonesia Rest of Asia Pacific)

⇥ South America (Colombia, Brazil, Argentina, Rest of South America)

⇥ Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)

People Also Ask:

Most Frequently Asked Questions in the Open Banking Market Research Industry:

➠ What are the global figures for sales, production, consumption, imports, and exports in the Open Banking market?

➠ Who are the top manufacturers in the global Open Banking industry, and what is their current status in terms of production capacity, output, sales performance, pricing structure, cost analysis, profit margins, and overall revenue?

➠ What key opportunities are available for vendors in the Open Banking market, and what challenges are they likely to encounter?

➠ Which application areas, end-user segments, or product types are projected to experience significant growth, and how is the market share distributed among them?

➠ What are the major drivers and barriers influencing the growth trajectory of the Open Banking market?

➠ What are the primary sales, marketing, and distribution strategies used across the global Open Banking industry landscape?

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