A Quick Overview of Open Banking Market

The key object of this report on the Open Banking Market is to offer worthy data and a geographical perspective for predictions of market growth in the future. The recommendations added in this detailed report are insightful, and actionable offering a deep understanding of the industry. Moreover, it includes a comprehensive importance of aspects that have impacted the industry.

MarkNtel Advisors has recently studied an extensive market intelligence evaluation on the Open Banking Market. Also, the newly released report exhibits an engaging format that comprises compelling graphs, tables, charts, and figures as well. These seamlessly combined visual aids are designed to support the clarity and accuracy of the details presented, offering analysts a deep knowledge of the topic at hand.

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Open Banking Market Scenario:

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. The banking industry is undergoing a digital revolution, with emerging digital banking innovators earning consumers' trust. At the same time, established institutions are intensifying their digital transformation efforts, positioning themselves to preserve & expand their customer base. As per the Global Digital Banking Index 2021, across the 28 countries surveyed, the number of consumers with a digital bank account represented 23% of the population and an estimated 450 million customers.

Open Banking Market - Industry Dynamics, Size, And Opportunity Forecast To 2030:

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.

Open Banking Market Segmentation Analysis:

Open Banking Industry, analyzes, identifies, and highlights the main trends and drivers which are affecting each segment of the market. The market has been further divided into the following categories:

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

By Region

• North America
• South America
• Europe
• The Middle East & Africa
• Asia-Pacific.

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Who are the Key Market Players in the Open Banking Market?

In the fast-changing Open Banking Market, understanding what our competitors are doing is crucial. By carefully analyzing things, we figured out some of the dominating players in the industry. So, the top companies of the Open Banking market ruling the industry are:

List of Key Companies Profiled:

• 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.
• Others.

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