Growth Trajectory of the Global Open Banking Market: From $13.9 Billion in 2020 to Projected $123.7 Billion by 2031

NEW CASTLE, WILMINGTON, UNITED STATES, March 20, 2024 /EINPresswire.com/ — According to the report published by Allied Market Research, the global open banking market amassed revenue of $13.9 billion in 2020, and is expected to hit $123.7 billion by 2031, registering a CAGR of 22.3% from 2022 to 2031. The market research study provides a detailed analysis of changing industry trends, top-most segments, value chain analysis, key investment business scenarios, regional space, and competitive space.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 & 𝐓𝐎𝐂 : https://www.alliedmarketresearch.com/request-sample/3840

Open banking is a financial tool that securely shares or openly publishes customers’ data through an application programming interface (APIs) with third-party service providers. APIs are used as a secure method of communication between online banking systems and third-parties service providers.

The study is a key information source for giant players, entrepreneurs, shareholders, and owners in generating new strategies for the future and taking steps to enhance their market position. The report displays an in-depth quantitative analysis of the market from 2022 to 2031 and guides investors in allocating funds to the rapidly evolving industry.

Covid-19 Scenario

The Covid-19 pandemic created new growth avenues for the global open banking market due to customers’ use and acceptance of open banking application programming interfaces (APIs) for performing payment processes.
Open banking services received a boost during the COVID-19 pandemic as a result of technological breakthroughs.
Banks and fintech firms offered their customers useful and new features in APIs for promoting the use of open banking platforms during the COVID-19 pandemic.

An open banking API offers security for the private data of bank customers which third party’s service providers use. These APIs used by banks could be integrated with third-party technologies to carry out specific functions related to the banking data which promotes the growth of open banking market. Open banking platform is used for personal financial management that helps view snapshots of customer financial history. It is also used for an affordability check that helps to ease loan processes by allowing lenders one-time access to a user’s bank data.

The report offers detailed segmentation of the global open banking market based on financial services, distribution channel, and region. It provides an in-depth analysis of every segment and sub-segment in tables and figures through which consumers can derive a conclusion about market trends and insights. The market report analysis aids organizations, investors, and entrepreneurs in understanding which sub-segments are to be tapped for achieving huge growth in the years ahead.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐚𝐭𝐢𝐨𝐧 𝐖𝐞 𝐨𝐟𝐟𝐞𝐫 𝐜𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐞𝐝 𝐫𝐞𝐩𝐨𝐫𝐭 𝐚𝐬 𝐩𝐞𝐫 𝐲𝐨𝐮𝐫 𝐫𝐞𝐪𝐮𝐢𝐫𝐞𝐦𝐞𝐧𝐭 : https://www.alliedmarketresearch.com/request-for-customization/3840

In terms of financial services, the banking & capital markets segment was the largest in 2020, accounting for nearly half of the overall share of the global open banking market. Moreover, the Payments segment is predicted to dominate the overall market growth in 2031. However, the value-added services segment is set to record the highest CAGR of 27.2% from 2022 to 2031. The report also analysis other segments including Digital Currencies.

On basis of the distribution channel, the app market segment held the largest share in 2020, contributing to two-fifths of the overall open banking market share. Moreover, this segment is predicted to account for the highest market share in 2031. Furthermore, the Distributors segment is also anticipated to record the fastest CAGR of 25.9% during the forecast timeframe. The report also includes bank channel and aggregators.

Based on region, Europe contributed toward the highest market share in 2020, accounting for more than two-fifths of the global open banking market share. Furthermore, the Asia-Pacific region is set to contribute majorly toward the global market share in 2031. In addition, the region is predicted to register the fastest CAGR of 27.0% during the forecast timespan. The research also analyzes regions including LAMEA and North America.

Key participants in the global open banking market examined in the research include Banco Bilbao Vizcaya Argentaria, S.A., Crédit Agricole Group, Deposit Solutions, Finestra, Jack Henry & Associates, Inc., Nordigen Solutions, Revolut Ltd., Societe Generale S.A., Tink AB, and Yapily Ltd.

The report evaluates these major players in the global open banking industry. These players have executed a gamut of major business strategies such as the expansion of regional and customer bases, new product launches, strategic alliances, and joint ventures for expanding product lines across global markets. The market research report supports the performance monitoring of each segment, positioning of each product in respective segments, and the impact of new technology and product innovations on the overall market size.

KEY FINDINGS OF THE STUDY

By financial service, the banking & capital markets segment led the highest open banking market share, in terms of revenue in 2020.
By distribution channel, the distribution segment is expected to exhibit the fastest growth rate during the forecast period in open banking market.
By region, Europe generated the highest revenue of open banking market size in 2020.

𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠: https://www.alliedmarketresearch.com/purchase-enquiry/3840

Key Market Segments

Financial Services

Banking & Capital Markets
Payments
Digital Currencies
Value Added Services

Distribution Channel
Bank Channel
App market
Distributors
Aggregators

𝐁𝐮𝐲 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 𝐚𝐭 𝐃𝐢𝐬𝐜𝐨𝐮𝐧𝐭𝐞𝐝 𝐏𝐫𝐢𝐜𝐞 @ https://www.alliedmarketresearch.com/checkout-final/a1b27a5f982d8f7f06174a131a801832?utm_source=AMR&utm_medium=research&utm_campaign=P19623

By Region
North America (U.S., Canada)
Europe (United Kingdom, Germany, France, Italy, Spain, Rest of Europe)
Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)
LAMEA (Latin Amercia, Middle East, Africa)

𝐓𝐫𝐞𝐧𝐝𝐢𝐧𝐠 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐚𝐭 𝐃𝐢𝐬𝐜𝐨𝐮𝐧𝐭𝐞𝐝 𝐏𝐫𝐢𝐜𝐞:
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David Correa
Allied Market Research
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