The global open banking market size is expected to reach USD 135.17 billion by 2030, growing at a CAGR of 26.9% from 2022 to 2030, according to a new study conducted by Grand View Research, Inc. The global open banking market is expanding as a result of favorable government legislation, improved overall customer involvement made possible by open banking APIs, and an increase in the adoption of innovative applications and services. In addition, the relocation in the focus of retail banks toward consolidated technological enhancements also bodes well with the market’s growth.
Key Industry Insights & Findings from the report:
- The banking & capital markets segment dominated the market in 2021. The changing investment needs of the new age population are expected to propel segment growth. People are looking for more flexible and worthy investment options offered through advanced platforms.
- The cloud segment is anticipated to witness the fastest growth owing to the increased adoption of cloud technology across the banking sector.
- The app markets segment dominated the market in 2021. The segment growth can be attributed to the rising utilization of smartphones and applications for numerous purposes, such as mobile banking.
- The Asia Pacific regional market is anticipated to witness the fastest growth over the forecast period. The growing technological awareness in developing countries of the region is expected to play a decisive role in driving the growth of the regional market.
Read 150 page full market research report for more Insights, “Open Banking Market Size, Share & Trends Analysis Report By Services (Banking & Capital Markets, Payments, Digital Currencies, Value Added Services), By Deployment, By Distribution Channel, By Region, And Segment Forecasts, 2022 – 2030“, published by Grand View Research.
Open Banking Market Growth & Trends
Key industry players are aggressively investing in offering enhanced services to their customers. For instance, in June 2022, Mastercard announced its latest open banking feature, named Pay by link, through its banking pioneer in Europe, Aiia. This feature is expected to eliminate needless payment stages for companies from any sector by developing a straightforward link that enables clients to pay instantaneously in any situation. It is closely related to Mastercard’s open banking agenda, which seeks to usher in a new era of choice, convenience, and personalization in a secure manner.
Increased investment in the open banking space by prominent players is expected to drive market growth over the forecast period. For instance, Visa, Inc. purchased Tink in June 2021 for USD 2.15 billion. The acquisition is anticipated to hasten the adoption of open banking in Europe through the provision of a reliable and secure platform for innovation. As a result, consumers have more control over their finances, including money management and financial goals.
The outbreak of the COVID-19 pandemic is expected to play a vital role in driving the growth of the open banking market over the forecast period. Since the pandemic, the banking industry has been continuously evolving to improve the customer experience and ease the process of banking for consumers. In addition, the rapid adoption of digitalization is expected to create a positive outlook for the market.
Open Banking Market Segmentation
Grand View Research has segmented the global open banking market based on services, deployment, distribution channel, and region.
Open Banking Market – Services Outlook (Revenue, USD Million, 2017 – 2030)
- Banking & Capital Markets
- Payments
- Digital Currencies
- Value Added Devices
Open Banking Market – Deployment Outlook (Revenue, USD Million, 2017 – 2030)
- Cloud
- On-premise
Open Banking Market – Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
- Bank Channels
- Apps Markets
- Distributors
- Aggregators
Open Banking Market – Regional Outlook (Revenue, USD Million, 2017 – 2030)
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- Asia Pacific
- China
- India
- Japan
- Latin America
- Brazil
- Middle East & Africa (MEA)
List of Key Players of Open Banking Market
- Banco Bilbao Vizcaya Argentaria, S.A.
- Crédit Agricole
- DemystData, Ltd.
- Finleap connect
- Finastra
- FormFree Holdings Corporation
- Jack Henry & Associates, Inc.
- Mambu
- MineralTree, Inc.
- NCR Corporation
Check out more related studies published by Grand View Research:
- Digital Banking Platform Market – The global digital banking platform market size is anticipated to reach USD 107.1 billion and to expand at a CAGR of 20.5% by 2030, according to a new report by Grand View Research, Inc. The rise in internet users and the customers’ shift from traditional to online banking are key drivers for market growth. Furthermore, an expansion in the use of cloud-based platforms is expected to boost the digital banking platform market by providing greater scalability. Additionally, the banking industry is anticipated to benefit from increased use of artificial intelligence and machine learning in digital banking platforms, as well as from an increase in creative banking services and corporate investors.
- Neobanking Market – The global neobanking market size is expected to reach USD 2,048.53 billion by 2030, growing at a CAGR of 53.4% from 2022 to 2030, according to a new report by Grand View Research, Inc. Factors, such as a faster process of loan approval and funding, compared to traditional banks, with low-interest rates via banking applications are driving the growth of the market. Increasing technological advancements, such as Artificial Intelligence (AI) and IoT, in online banking platforms, are also expected to boost the market growth over the forecast period. The rising popularity of mobile-based applications for making international fund transfers and online payments is also propelling the market growth. Governments in various countries are making efforts to promote internet services across rural areas.
- Digital Payment Market – The global digital payment market size is expected to reach USD 361.30 billion by 2030, expanding at a CAGR of 20.5% over the forecast period, according to a new report by Grand View Research, Inc. The market growth can be attributed to the growing volume of cashless transactions worldwide. According to PwC, a consulting company, the global volume of cashless payments is expected to increase by more than 80% between 2020 and 2025, to nearly 1.9 trillion by 2025 from nearly 1 trillion transactions in 2020. The rising demand for digital payments has encouraged several smartwatch providers to introduce enhanced smartwatches capable of making contactless payments.
Browse through Grand View Research’s Next Generation Technologies Industry Research Reports.
