Open Banking Market Growth, Share, Trends Analysis under Segmentation, Business Challenges and Forecast 2030: MarkNtel A

Market Insights

As per recent research by MarkNtel Advisors, The Global Open Banking Market size was valued at around USD 22.31 billion in 2023 and is estimated to grow at a CAGR of about 25.47% during the forecast period, i.e., 2024-30.

Global Open Banking Market Driver:

Surging Government Support to Augment the Market Growth – In an era of globalization, governments worldwide recognize the significance of fostering connections between their financial institutions consumers and their international counterparts. This has led countries like the UK, Mexico, and the US to actively endorse the adoption of open banking services, simplifying cross-border financial transactions enriching global trade relationships. Moreover, over the past decade, North American and European nations have taken a proactive stance in democratizing access to financial products services.

Notably, the European Banking Authority introduced the Payment Services Directive Two (PSD2) in 2015, formally inaugurating the era of open banking. Subsequently, the UK's Competition and Markets Authority (CMA) issued progressive guidelines mandating banks to embrace open banking practices by 2018. These regulatory mandates compel banks to open up their closely held financial data to third-party providers, an initiative that has encouraged a growing number of entities to participate, further driving the Global Open Banking Market.

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Market Segmentation and Consumer Behavior:

By Service

Retail Banking
- Aggregation Financial Management - Market Size Forecast 2019-2030F, USD Million
- Credit Risk Decisioning- Market Size Forecast 2019-2030F, USD Million
- Payments- Market Size Forecast 2019-2030F, USD Million
- Origination Onboarding- Market Size Forecast 2019-2030F, USD Million
- Others
Corporate Banking
- Corporate Treasury- Market Size Forecast 2019-2030F, USD Million
- Financial Management- Market Size Forecast 2019-2030F, USD Million
- Credit Decisioning- Market Size Forecast 2019-2030F, USD Million
- Payments- Market Size Forecast 2019-2030F, USD Million
- Value Added Services- Market Size Forecast 2019-2030F, USD Million
- Others
Capital Markets
Others

By Distribution Channel

Bank Channel- Market Size Forecast 2019-2030F, USD Million
App Market- Market Size Forecast 2019-2030F, USD Million
Distributors- Market Size Forecast 2019-2030F, USD Million
Aggregators- Market Size Forecast 2019-2030F, USD Million

By Deployment

On-premise- Market Size Forecast 2019-2030F, USD Million
Cloud- Market Size Forecast 2019-2030F, USD Million
Hybrid- Market Size Forecast 2019-2030F, USD Million

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Open Banking Market Geographical Analysis:

By Region:

North America
South America
Europe
Middle East Africa
Asia Pacific

Key Players and Competitive Strategies in the Open Banking Market

Several prominent players dominate the Open Banking Market, including:

F5 Solutions
Finleap
Financial Details
Revolut Ltd
Tink AB
Salesforce, Inc.
Worldline S.A.
TATA Consultancy Services Limited
Capgemini
Oracle
Finicity (Mastercard)
Jack Henry Associates, Inc.
Finastra
Global Payments
Virtusa Corp.
Plaid Inc.

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Questions Addressed in this Study

1.What factors are driving the Open Banking Market growth?

2.How is the Open Banking Market expected to grow over the next five years?

3.What are the key insights into the current trends in the Open Banking Market?

4.What is the current size of the Open Banking Market, and how is it projected to change in the future?

6.What is the future outlook for the Open Banking Market in terms of technological advancements and market expansion?

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Why MarkNtel Advisors?

MarkNtel Advisors is a leading research, consulting, data analytics firm that provides an extensive range of strategic reports on diverse industry verticals. We deliver data to a substantial varied client base, including multinational corporations, financial institutions, governments, individuals, among others.

Our specialization in niche industries emerging geographies allows our clients to formulate their strategies in a much more informed way and entail parameters like Go-to-Market (GTM), product development, feasibility analysis, project scoping, market segmentation, competitive benchmarking, market sizing forecasting, trend analysis, among others, for 15 diverse industrial verticals.