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Open Banking Market Report by Services (Banking and Capital Markets, Payments, Digital Currencies, Value Added Services), Deployment (Cloud-based, On-premises), Distribution Channel (Bank Channels, App Markets, Distributors, Aggregators), and Region 2024-2032

April 2024 | 138 pages | ID: ODFD96A9CEA1EN
IMARC Group

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The global open banking market size reached US$ 25.6 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 113.3 Billion by 2032, exhibiting a growth rate (CAGR) of 17.46% during 2024-2032.

Open banking involves the practice of sharing financial information electronically with third-party or independent financial service providers. The solution provides access to consumer banking information, such as transactions and payment history, from financial institutions using application programming interfaces (APIs). The technology delivers a secure network to share financial information between parties, making it easier for consumers to compare the details of accounts and other banking services. Open banking helps small businesses save time through online accounting and assists fraud detection companies in monitoring customer accounts and identifying problems. It also offers improved customer experience, new revenue streams, and a sustainable service model.

Open Banking Market Trends:
The increasing need for more flexible and worthy investment options across the globe is creating a positive outlook for the market. In line with this, the widespread utilization of new wave applications and services is acting as another growth-inducing factor. Open banking offers access to better banking services and innovative and personalized financial products. Additionally, the increasing adoption of new applications and services that help customers attain consolidated details of accounts from various financial service providers is favoring the market growth. Apart from this, the integration of big data analytics in open banking to collect, process, and analyze structured and unstructured data is providing a thrust to the market growth. Moreover, the utilization of artificial intelligence (AI) and the Internet of Things (IoT) to manage financial crime risk and control financial objectives, funds, and data, is propelling the market growth. Furthermore, the increasing demand for open banking across the value chain of the financial services industry, including consumers, businesses, Fintech companies, banks, and financial institutions, to provide more customized and relevant product offerings to customers is positively influencing the market growth. Other factors, including changing consumer preferences, the implementation of various government initiatives to mandatorily open APIs, and significant growth in the banking, financial services, and insurance (BFSI) industry, are supporting the market growth.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global open banking market report, along with forecasts at the global, regional and country level from 2024-2032. Our report has categorized the market based on services, deployment and distribution channel.

Breakup by Services:

Banking and Capital Markets
Payments
Digital Currencies
Value Added Services

Breakup by Deployment:

Cloud-based
On-premises

Breakup by Distribution Channel:

Bank Channels
App Markets
Distributors
Aggregators

Breakup by Region:

North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa

Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being Banco Bilbao Vizcaya Argentaria S.A., Clarity Group Inc., Credit Agricole (SAS Rue La Boйtie), Finastra (Misys International Limited), Finleap connect, Jack Henry & Associates Inc, Mambu, NCR Corporation, Nordigen Solution, Revolut Ltd, Riskonnect Inc. and Societe Generale.

Key Questions Answered in This Report

1. What was the size of the global open banking market in 2023?
2. What is the expected growth rate of the global open banking market during 2024-2032?
3. What are the key factors driving the global open banking market?
4. What has been the impact of COVID-19 on the global open banking market?
5. What is the breakup of the global open banking market based on the services?
6. What is the breakup of the global open banking market based on deployment?
7. What is the breakup of the global open banking market based on the distribution channel?
8. What are the key regions in the global open banking market?
9. Who are the key players/companies in the global open banking market?
1 PREFACE

2 SCOPE AND METHODOLOGY

2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
  2.3.1 Primary Sources
  2.3.2 Secondary Sources
2.4 Market Estimation
  2.4.1 Bottom-Up Approach
  2.4.2 Top-Down Approach
2.5 Forecasting Methodology

3 EXECUTIVE SUMMARY

4 INTRODUCTION

4.1 Overview
4.2 Key Industry Trends

5 GLOBAL OPEN BANKING MARKET

5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast

6 MARKET BREAKUP BY SERVICES

6.1 Banking and Capital Markets
  6.1.1 Market Trends
  6.1.2 Market Forecast
6.2 Payments
  6.2.1 Market Trends
  6.2.2 Market Forecast
6.3 Digital Currencies
  6.3.1 Market Trends
  6.3.2 Market Forecast
6.4 Value Added Services
  6.4.1 Market Trends
  6.4.2 Market Forecast

7 MARKET BREAKUP BY DEPLOYMENT

7.1 Cloud-based
  7.1.1 Market Trends
  7.1.2 Market Forecast
7.2 On-premises
  7.2.1 Market Trends
  7.2.2 Market Forecast

8 MARKET BREAKUP BY DISTRIBUTION CHANNEL

8.1 Bank Channels
  8.1.1 Market Trends
  8.1.2 Market Forecast
8.2 App Markets
  8.2.1 Market Trends
  8.2.2 Market Forecast
8.3 Distributors
  8.3.1 Market Trends
  8.3.2 Market Forecast
8.4 Aggregators
  8.4.1 Market Trends
  8.4.2 Market Forecast

9 MARKET BREAKUP BY REGION

9.1 North America
  9.1.1 United States
    9.1.1.1 Market Trends
    9.1.1.2 Market Forecast
  9.1.2 Canada
    9.1.2.1 Market Trends
    9.1.2.2 Market Forecast
9.2 Asia-Pacific
  9.2.1 China
    9.2.1.1 Market Trends
    9.2.1.2 Market Forecast
  9.2.2 Japan
    9.2.2.1 Market Trends
    9.2.2.2 Market Forecast
  9.2.3 India
    9.2.3.1 Market Trends
    9.2.3.2 Market Forecast
  9.2.4 South Korea
    9.2.4.1 Market Trends
    9.2.4.2 Market Forecast
  9.2.5 Australia
    9.2.5.1 Market Trends
    9.2.5.2 Market Forecast
  9.2.6 Indonesia
    9.2.6.1 Market Trends
    9.2.6.2 Market Forecast
  9.2.7 Others
    9.2.7.1 Market Trends
    9.2.7.2 Market Forecast
9.3 Europe
  9.3.1 Germany
    9.3.1.1 Market Trends
    9.3.1.2 Market Forecast
  9.3.2 France
    9.3.2.1 Market Trends
    9.3.2.2 Market Forecast
  9.3.3 United Kingdom
    9.3.3.1 Market Trends
    9.3.3.2 Market Forecast
  9.3.4 Italy
    9.3.4.1 Market Trends
    9.3.4.2 Market Forecast
  9.3.5 Spain
    9.3.5.1 Market Trends
    9.3.5.2 Market Forecast
  9.3.6 Russia
    9.3.6.1 Market Trends
    9.3.6.2 Market Forecast
  9.3.7 Others
    9.3.7.1 Market Trends
    9.3.7.2 Market Forecast
9.4 Latin America
  9.4.1 Brazil
    9.4.1.1 Market Trends
    9.4.1.2 Market Forecast
  9.4.2 Mexico
    9.4.2.1 Market Trends
    9.4.2.2 Market Forecast
  9.4.3 Others
    9.4.3.1 Market Trends
    9.4.3.2 Market Forecast
9.5 Middle East and Africa
  9.5.1 Market Trends
  9.5.2 Market Breakup by Country
  9.5.3 Market Forecast

10 SWOT ANALYSIS

10.1 Overview
10.2 Strengths
10.3 Weaknesses
10.4 Opportunities
10.5 Threats

11 VALUE CHAIN ANALYSIS

12 PORTERS FIVE FORCES ANALYSIS

12.1 Overview
12.2 Bargaining Power of Buyers
12.3 Bargaining Power of Suppliers
12.4 Degree of Competition
12.5 Threat of New Entrants
12.6 Threat of Substitutes

13 PRICE ANALYSIS

14 COMPETITIVE LANDSCAPE

14.1 Market Structure
14.2 Key Players
14.3 Profiles of Key Players
  14.3.1 Banco Bilbao Vizcaya Argentaria S.A.
    14.3.1.1 Company Overview
    14.3.1.2 Product Portfolio
    14.3.1.3 Financials
    14.3.1.4 SWOT Analysis
  14.3.2 Clarity Group Inc.
    14.3.2.1 Company Overview
    14.3.2.2 Product Portfolio
  14.3.3 Credit Agricole (SAS Rue La Boйtie)
    14.3.3.1 Company Overview
    14.3.3.2 Product Portfolio
  14.3.4 Finastra (Misys International Limited)
    14.3.4.1 Company Overview
    14.3.4.2 Product Portfolio
    14.3.4.3 SWOT Analysis
  14.3.5 Finleap connect
    14.3.5.1 Company Overview
    14.3.5.2 Product Portfolio
  14.3.6 Jack Henry & Associates Inc
    14.3.6.1 Company Overview
    14.3.6.2 Product Portfolio
    14.3.6.3 Financials
    14.3.6.4 SWOT Analysis
  14.3.7 Mambu
    14.3.7.1 Company Overview
    14.3.7.2 Product Portfolio
  14.3.8 NCR Corporation
    14.3.8.1 Company Overview
    14.3.8.2 Product Portfolio
  14.3.9 Nordigen Solution
    14.3.9.1 Company Overview
    14.3.9.2 Product Portfolio
  14.3.10 Revolut Ltd
    14.3.10.1 Company Overview
    14.3.10.2 Product Portfolio
  14.3.11 Riskonnect Inc.
    14.3.11.1 Company Overview
    14.3.11.2 Product Portfolio
  14.3.12 Societe Generale
    14.3.12.1 Company Overview
    14.3.12.2 Product Portfolio

LIST OF TABLES

Table 1: Global: Open Banking Market: Key Industry Highlights, 2023 and 2032
Table 2: Global: Open Banking Market Forecast: Breakup by Services (in Million US$), 2024-2032
Table 3: Global: Open Banking Market Forecast: Breakup by Deployment (in Million US$), 2024-2032
Table 4: Global: Open Banking Market Forecast: Breakup by Distribution Channel (in Million US$), 2024-2032
Table 5: Global: Open Banking Market Forecast: Breakup by Region (in Million US$), 2024-2032
Table 6: Global: Open Banking Market: Competitive Structure
Table 7: Global: Open Banking Market: Key Players

LIST OF FIGURES

Figure 1: Global: Open Banking Market: Major Drivers and Challenges
Figure 2: Global: Open Banking Market: Sales Value (in Billion US$), 2018-2023
Figure 3: Global: Open Banking Market Forecast: Sales Value (in Billion US$), 2024-2032
Figure 4: Global: Open Banking Market: Breakup by Services (in %), 2023
Figure 5: Global: Open Banking Market: Breakup by Deployment (in %), 2023
Figure 6: Global: Open Banking Market: Breakup by Distribution Channel (in %), 2023
Figure 7: Global: Open Banking Market: Breakup by Region (in %), 2023
Figure 8: Global: Open Banking (Banking and Capital Markets) Market: Sales Value (in Million US$), 2018 & 2023
Figure 9: Global: Open Banking (Banking and Capital Markets) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 10: Global: Open Banking (Payments) Market: Sales Value (in Million US$), 2018 & 2023
Figure 11: Global: Open Banking (Payments) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 12: Global: Open Banking (Digital Currencies) Market: Sales Value (in Million US$), 2018 & 2023
Figure 13: Global: Open Banking (Digital Currencies) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 14: Global: Open Banking (Value Added Services) Market: Sales Value (in Million US$), 2018 & 2023
Figure 15: Global: Open Banking (Value Added Services) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 16: Global: Open Banking (Cloud-based) Market: Sales Value (in Million US$), 2018 & 2023
Figure 17: Global: Open Banking (Cloud-based) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 18: Global: Open Banking (On-premises) Market: Sales Value (in Million US$), 2018 & 2023
Figure 19: Global: Open Banking (On-premises) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 20: Global: Open Banking (Bank Channels) Market: Sales Value (in Million US$), 2018 & 2023
Figure 21: Global: Open Banking (Bank Channels) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 22: Global: Open Banking (App Markets) Market: Sales Value (in Million US$), 2018 & 2023
Figure 23: Global: Open Banking (App Markets) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 24: Global: Open Banking (Distributors) Market: Sales Value (in Million US$), 2018 & 2023
Figure 25: Global: Open Banking (Distributors) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 26: Global: Open Banking (Aggregators) Market: Sales Value (in Million US$), 2018 & 2023
Figure 27: Global: Open Banking (Aggregators) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 28: North America: Open Banking Market: Sales Value (in Million US$), 2018 & 2023
Figure 29: North America: Open Banking Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 30: United States: Open Banking Market: Sales Value (in Million US$), 2018 & 2023
Figure 31: United States: Open Banking Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 32: Canada: Open Banking Market: Sales Value (in Million US$), 2018 & 2023
Figure 33: Canada: Open Banking Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 34: Asia-Pacific: Open Banking Market: Sales Value (in Million US$), 2018 & 2023
Figure 35: Asia-Pacific: Open Banking Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 36: China: Open Banking Market: Sales Value (in Million US$), 2018 & 2023
Figure 37: China: Open Banking Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 38: Japan: Open Banking Market: Sales Value (in Million US$), 2018 & 2023
Figure 39: Japan: Open Banking Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 40: India: Open Banking Market: Sales Value (in Million US$), 2018 & 2023
Figure 41: India: Open Banking Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 42: South Korea: Open Banking Market: Sales Value (in Million US$), 2018 & 2023
Figure 43: South Korea: Open Banking Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 44: Australia: Open Banking Market: Sales Value (in Million US$), 2018 & 2023
Figure 45: Australia: Open Banking Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 46: Indonesia: Open Banking Market: Sales Value (in Million US$), 2018 & 2023
Figure 47: Indonesia: Open Banking Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 48: Others: Open Banking Market: Sales Value (in Million US$), 2018 & 2023
Figure 49: Others: Open Banking Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 50: Europe: Open Banking Market: Sales Value (in Million US$), 2018 & 2023
Figure 51: Europe: Open Banking Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 52: Germany: Open Banking Market: Sales Value (in Million US$), 2018 & 2023
Figure 53: Germany: Open Banking Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 54: France: Open Banking Market: Sales Value (in Million US$), 2018 & 2023
Figure 55: France: Open Banking Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 56: United Kingdom: Open Banking Market: Sales Value (in Million US$), 2018 & 2023
Figure 57: United Kingdom: Open Banking Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 58: Italy: Open Banking Market: Sales Value (in Million US$), 2018 & 2023
Figure 59: Italy: Open Banking Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 60: Spain: Open Banking Market: Sales Value (in Million US$), 2018 & 2023
Figure 61: Spain: Open Banking Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 62: Russia: Open Banking Market: Sales Value (in Million US$), 2018 & 2023
Figure 63: Russia: Open Banking Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 64: Others: Open Banking Market: Sales Value (in Million US$), 2018 & 2023
Figure 65: Others: Open Banking Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 66: Latin America: Open Banking Market: Sales Value (in Million US$), 2018 & 2023
Figure 67: Latin America: Open Banking Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 68: Brazil: Open Banking Market: Sales Value (in Million US$), 2018 & 2023
Figure 69: Brazil: Open Banking Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 70: Mexico: Open Banking Market: Sales Value (in Million US$), 2018 & 2023
Figure 71: Mexico: Open Banking Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 72: Others: Open Banking Market: Sales Value (in Million US$), 2018 & 2023
Figure 73: Others: Open Banking Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 74: Middle East and Africa: Open Banking Market: Sales Value (in Million US$), 2018 & 2023
Figure 75: Middle East and Africa: Open Banking Market: Breakup by Country (in %), 2023
Figure 76: Middle East and Africa: Open Banking Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 77: Global: Open Banking Industry: SWOT Analysis
Figure 78: Global: Open Banking Industry: Value Chain Analysis
Figure 79: Global: Open Banking Industry: Porter's Five Forces Analysis


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