Open Banking Market Forecast for Explosive Growth to USD 129.8 Billion by 2030 at 25.7% CAGR, Anchored by Europe's Leadership | DataM Intelligence

The Open Banking Market reached USD 20.9 billion in 2022 and is expected to reach USD 129.8 billion by 2030, growing with a CAGR of 25.7% during the forecast period 2023-2030.

Market growth is driven by increasing demand for personalized financial services, regulatory mandates like PSD2 in Europe and similar frameworks globally, and the rise of fintech innovations enabling seamless data sharing. Advancements in APIs, growing adoption of embedded finance, expanding partnerships between banks and tech firms, and heightened consumer expectations for real-time financial insights are further accelerating market expansion.

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Europe: Key Industry Developments
✅ October 2025: Eurozone banks became mandated to send SEPA Instant Credit Transfers, enhancing open banking interoperability for real-time A2A payments and boosting adoption of payment initiation services across the EU.​

✅ July 2025: The European Commission advanced PSD3 negotiations with a compromise text, refining open banking APIs for better security, standardized Verification of Payee, and smoother third-party data access.​

✅ January 2025: EU banks were required to receive SEPA Instant payments at no extra cost, accelerating open banking use cases like embedded finance and fraud prevention via instant account verification.​

United States: Key Industry Developments
✅ December 2025: Plaid expanded its open banking API platform with enhanced data aggregation features for fintech apps, enabling real-time transaction insights and improved fraud detection amid rising CFPB regulatory support for consumer data access.​

✅ October 2025: Visa launched its Visa Open Banking Network initiative, partnering with major US banks to standardize account-to-account payments and accelerate A2A adoption for e-commerce and P2P transfers.​

✅ August 2025: The CFPB finalized new rules mandating banks to share customer data via secure APIs upon request, boosting interoperability and spurring fintech innovation in lending and wealth management services.​

Key Mergers and Acquisitions(2025 - 26):
✅ Global Payments solidified payments leadership with its $24.25 billion proposed acquisition of Worldpay, enhancing open banking integration capabilities and transaction processing scale.​

✅ FIS advanced its fintech portfolio through the proposed $13.5 billion acquisition of Global Payments' Issuer Solutions business, targeting open banking payment infrastructures.​

✅ Capital One completed its $35.3 billion acquisition of Discover in May 2025, expanding open banking-enabled credit and digital payment ecosystems.​

Market Segmentation Analysis:
-By Service: Payment Initiation Services Dominate Transaction Volumes
Payment initiation services lead with 45% share in 2024, enabling seamless P2P transfers and bill payments via APIs for fintech apps.
Account information services hold 30%, powering aggregation of financial data for budgeting and credit scoring.
Open data services claim 25%, supporting personalized insights and analytics for banks and third-party providers.

-By Deployment: Cloud-Based Leads for Scalability
Cloud deployment captures 55% market share, offering flexible, cost-effective integration and rapid scaling for global banks.
On-premises follows at 30%, preferred by large institutions prioritizing data security and regulatory compliance.
Hybrid models take 15%, blending cloud agility with on-site control for balanced operations.

-By Distribution Channel: Mobile Apps Drive User Adoption
Mobile apps command 50% share, leveraging smartphone ubiquity for instant banking access and high engagement.
Web portals hold 35%, favored for desktop-based comprehensive services in corporate banking.
APIs account for 15%, fueling B2B integrations for embedded finance solutions.

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Growth Drivers:
-Regulatory Support
Government regulations like PSD2 in Europe mandate API openness, spurring competition and innovation among banks and fintechs.​

-Customer Engagement
Open banking APIs enhance user experiences through personalized services, boosting adoption via seamless app integrations.​

-Fintech Collaborations
Partnerships between banks and fintechs accelerate new product launches, such as embedded finance solutions.​

-Digital Payment Demand
Rising need for instant, low-cost payments drives the payments segment, with open APIs enabling direct transfers.​

-Consumer Demand
Increasing preference for digital financial services and transparency propels market penetration globally.​

Regional Insights:
-Europe leads the global Open Banking market with the largest revenue share of 36.4% in 2024, driven by mandatory PSD2 regulations and widespread API adoption across major financial institutions. The U.K. dominates within the region, supported by strong fintech ecosystems and regulatory mandates fostering innovation in payment initiation and account aggregation.​

-North America holds a significant share of approximately 28% of the global market, propelled by major banks like JPMorgan Chase and Bank of America embracing open APIs and platform models. The United States leads regional growth through partnerships with fintechs and developer portals enhancing customer experiences.​

-Asia Pacific accounts for around 20% of the market and emerges as the fastest-growing region due to rapid fintech expansion and supportive policies in countries like China, India, and Japan. Rising digital payment demands and local regulatory frameworks fuel adoption amid increasing smartphone penetration.​

-Latin America and Middle East & Africa together represent roughly 13% of the global share, with steady growth potential from fintech booms in Brazil and emerging frameworks promoting financial inclusion. Brazil drives South American demand, while the Middle East benefits from new regulations enhancing competition and transparency.​

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

Key Highlights (Top 5 Key Players) for Open Banking Market:
-Plaid Inc. provides a data connectivity platform that enables secure aggregation of consumer bank account data for fintech apps, powering payments, lending, and personal finance tools across thousands of financial institutions.

-TrueLayer Ltd. offers an open banking API gateway for real-time payments, account information services, and payouts, supporting developers in building compliant financial experiences in Europe and beyond.

-Tink delivers a unified open banking platform that connects apps to over 6,000 European banks, facilitating account verification, transaction insights, and payment initiation for e-commerce and fintechs.

-Finastra develops open banking solutions including APIs and orchestration layers that help banks expose data and services securely, enabling partnerships with third-party providers for enriched customer experiences.

-Mambu provides a cloud-native core banking platform with composable open banking APIs, allowing financial institutions to integrate payment initiation, account aggregation, and embedded finance capabilities rapidly.

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