Open Banking Market Size, Share, and Analysis, By Financial Services (Banking & Capital Markets, Payments, Digital Currencies, Value-Added Services, Others), By Distribution Channels (Bank Channel, App Market, Distributors, Aggregators, Others), By Deployment (Cloud and On-premise) and By Region (North America, Europe, Asia-Pacific, And Rest of the World) And Regional Forecast 2024-2034
Open Banking Market Size, Share, and Analysis, By Financial Services (Banking & Capital Markets, Payments, Digital Currencies, Value-Added Services, Others), By Distribution Channels (Bank Channel, App Market, Distributors, Aggregators, Others), By Deployment (Cloud and On-premise) and By Region (North America, Europe, Asia-Pacific, And Rest of the World) And Regional Forecast 2024-2034
PRODUCT OVERVIEW
Open Banking Market is expected t%li%expand at a compound annual growth rate (CAGR) of 24.9% from 2024 t%li%2034. Initially valued at USD 25.3 billion in 2023, it is forecasted t%li%soar t%li%USD 292.1 billion by the end of 2034.
Open Banking is a financial model that allows banks, third-party providers, and clients t%li%share financial data through a variety of mobile/computer applications and interfaces. Open Banking's primary goal is t%li%promote innovation, collaboration, and competition within the financial services industry by enabling the easier exchange of financial information. With the help of open banking, customers can allow third-party service providers t%li%access their financial data for the development of various financial products and services. It is often implemented within regulatory frameworks such as the Revised Payment Services Directive (PSD2), which mandates that financial institutions must provide these third parties access t%li%their systems, making sure of proper data and privacy. Overall, Open Banking aims t%li%change the traditional banking landscape by making it more competitive, comprehensive, and customer-centric.
MARKET HIGHLIGHTS
Open Banking Market is anticipated t%li%reach USD 292.1 billion, growing at a CAGR of 24.9% during the forecast period due t%li%the growing demand for more personalized and convenient financial services. Consumers are actively working towards gaining a better control over their financial data, open banking offers a better platform for better innovation by allowing third-party developers t%li%create personalized financial solutions. This creates a more competitive environment, encouraging traditional banks t%li%innovate and improve their offers. Regulatory support, especially in places such as the EU with PSD2, helps t%li%increase Open Banking adoption by providing data security and customer safety. Future technological developments and increasing financial awareness with a shift towards digital-first banking solutions will continue t%li%drive the growth of the Open Banking industry.
Open Banking Market Segments:
Growth Drivers
Rising Demand for Digital Banking and Personalized Financial Services t%li%Facilitate Market Growth
Increased Focus on Financial Inclusion and Access t%li%credit are improving with the help of Open Banking
Restraint
Data Security and Privacy are acting as a major concerns hindering the wider adoption for Open Banking.
Key Players
PRODUCT OVERVIEW
Open Banking Market is expected t%li%expand at a compound annual growth rate (CAGR) of 24.9% from 2024 t%li%2034. Initially valued at USD 25.3 billion in 2023, it is forecasted t%li%soar t%li%USD 292.1 billion by the end of 2034.
Open Banking is a financial model that allows banks, third-party providers, and clients t%li%share financial data through a variety of mobile/computer applications and interfaces. Open Banking's primary goal is t%li%promote innovation, collaboration, and competition within the financial services industry by enabling the easier exchange of financial information. With the help of open banking, customers can allow third-party service providers t%li%access their financial data for the development of various financial products and services. It is often implemented within regulatory frameworks such as the Revised Payment Services Directive (PSD2), which mandates that financial institutions must provide these third parties access t%li%their systems, making sure of proper data and privacy. Overall, Open Banking aims t%li%change the traditional banking landscape by making it more competitive, comprehensive, and customer-centric.
MARKET HIGHLIGHTS
Open Banking Market is anticipated t%li%reach USD 292.1 billion, growing at a CAGR of 24.9% during the forecast period due t%li%the growing demand for more personalized and convenient financial services. Consumers are actively working towards gaining a better control over their financial data, open banking offers a better platform for better innovation by allowing third-party developers t%li%create personalized financial solutions. This creates a more competitive environment, encouraging traditional banks t%li%innovate and improve their offers. Regulatory support, especially in places such as the EU with PSD2, helps t%li%increase Open Banking adoption by providing data security and customer safety. Future technological developments and increasing financial awareness with a shift towards digital-first banking solutions will continue t%li%drive the growth of the Open Banking industry.
Open Banking Market Segments:
- By Financial Services
- Banking & Capital Markets
- Payments
- Digital Currencies
- Value-Added Services
- Others
- By Distribution Channel
- Bank Channel
- App Market
- Distributors
- Aggregators
- Others
- By Deployment
- Cloud
- On premise
Growth Drivers
Rising Demand for Digital Banking and Personalized Financial Services t%li%Facilitate Market Growth
Increased Focus on Financial Inclusion and Access t%li%credit are improving with the help of Open Banking
Restraint
Data Security and Privacy are acting as a major concerns hindering the wider adoption for Open Banking.
Key Players
- Plaid
- Yodlee
- Token
- Tink
- AdroitLogic
- Salt Edge
- Figo
- TrueLayer
- OpenWrks
- Fiserv
- Axway
- BBVA Open Platform
- Modulr
- Nordigen
- FormFree
- Other Prominent Players (Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis)
- North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAG.R – United States and Canada
- Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil and Rest of Latin America
- Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe
- Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia and Rest of APAC
- Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa and Rest of MENA
- Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
- Provision of market value (USD Billion) data for each segment and sub-segment
- Indicates the region and segment that is expected t%li%witness the fastest growth as well as t%li%dominate the market
- Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
- Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled
- Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players
- The current as well as the future market outlook of the industry with respect t%li%recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
- Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis
- Provides insight int%li%the market through Value Chain
- Market dynamics scenario, along with growth opportunities of the market in the years t%li%come
- 3-month post-sales analyst support.
1. EXECUTIVE SUMMARY
1.1.Regional Market Share
1.2. Business Trends
1.3.Open Banking Market: COVID-19 Outbreak
1.4.Regional Trends
1.5. Segmentation Snapshot
2. RESEARCH METHODOLOGY
2.1. Research Objective
2.2.Research Approach
2.3.Data Sourcing and Methodology
2.4. Primary Research
2.5. Secondary Research
2.5.1. Paid Sources
2.5.2.Public Sources
2.6.Market Size Estimation and Data Triangulation
3. MARKET CHARACTERISTICS
3.1. Market Definition
3.2.Open Banking Market: COVID-19 Impact
3.3.Key Segmentations
3.4. Key Developments
3.5. Allied Industry Data
4. OPEN BANKING MARKET – INDUSTRY INSIGHTS
4.1.Industry Segmentation
4.2. COVID-19 overview on world economy
4.3. Industry ecosystem Channel analysis
4.4. Innovation & Sustainability
5. MACROECONOMIC INDICATORS
6. RECENT DEVELOPMENTS
7.MARKET DYNAMICS
7.1. Introduction
7.2.Growth Drivers
7.3.Market Opportunities
7.4. Market Restraints
7.5.Market Trends
8. RISK ANALYSIS
9. MARKET ANALYSIS
9.1. Porters Five Forces
9.2.PEST Analysis
9.2.1. Political
9.2.2.Economic
9.2.3.Social
9.2.4.Technological
10. OPEN BANKING MARKET
10.1.Overview
10.2. Historical Analysis (2019-2022)
10.2.1. Market Size, Y-o-Y Growth (%) and Market Forecast
11.OPEN BANKING MARKET SIZE & FORECAST 2024A-2034F
11.1.Overview
11.2. Key Findings
11.3. Market Segmentation
11.3.1.By Financial Services
11.3.1.1. Banking & Capital Markets
11.3.1.1.1. By Value (USD Million) 2024-2034F
11.3.1.1.2.Market Share (%) 2024-2034F
11.3.1.1.3.Y-o-Y Growth (%) 2024-2034F
11.3.1.2.Payments
11.3.1.2.1.By Value (USD Million) 2024-2034F
11.3.1.2.2. Market Share (%) 2024-2034F
11.3.1.2.3. Y-o-Y Growth (%) 2024-2034
11.3.1.3.Digital Currencies
11.3.1.3.1.By Value (USD Million) 2024-2034F
11.3.1.3.2. Market Share (%) 2024-2034F
11.3.1.3.3. Y-o-Y Growth (%) 2024-2034F
11.3.1.4.Value-Added Services
11.3.1.4.1.By Value (USD Million) 2024-2034F
11.3.1.4.2. Market Share (%) 2024-2034F
11.3.1.4.3. Y-o-Y Growth (%) 2024-2034F
11.3.1.5.Others
11.3.1.5.1.By Value (USD Million) 2024-2034F
11.3.1.5.2. Market Share (%) 2024-2034F
11.3.1.5.3. Y-o-Y Growth (%) 2024-2034F
11.3.2. By Distribution Channels
11.3.2.1.Bank Channels
11.3.2.1.1.By Value (USD Million) 2024-2034F
11.3.2.1.2. Market Share (%) 2024-2034F
11.3.2.1.3. Y-o-Y Growth (%) 2024-2034F
11.3.2.2. App Market
11.3.2.2.1. By Value (USD Million) 2024-2034F
11.3.2.2.2.Market Share (%) 2024-2034F
11.3.2.2.3.Y-o-Y Growth (%) 2024-2034F
11.3.2.3. Distributors
11.3.2.3.1. By Value (USD Million) 2024-2034F
11.3.2.3.2.Market Share (%) 2024-2034F
11.3.2.3.3.Y-o-Y Growth (%) 2024-2034F
11.3.2.4. Aggregators
11.3.2.4.1. By Value (USD Million) 2024-2034F
11.3.2.4.2.Market Share (%) 2024-2034F
11.3.2.4.3. Y-o-Y Growth (%) 2024-2034F
11.3.2.5. Others
11.3.2.5.1. By Value (USD Million) 2024-2034F
11.3.2.5.2.Market Share (%) 2024-2034F
11.3.2.5.3.Y-o-Y Growth (%) 2024-2034F
11.3.3. By Deployment
11.3.3.1.Cloud
11.3.3.1.1.By Value (USD Million) 2024-2034F
11.3.3.1.2. Market Share (%) 2024-2034F
11.3.3.1.3. Y-o-Y Growth (%) 2024-2034F
11.3.3.2. On Premise
11.3.3.2.1. By Value (USD Million) 2024-2034F
11.3.3.2.2.Market Share (%) 2024-2034F
11.3.3.2.3.Y-o-Y Growth (%) 2024-2034F
12. NORTH AMERICA OPEN BANKING MARKET SIZE & FORECAST 2024A-2034F
12.1. Overview
12.2. Key Findings
12.3. Market Segmentation
12.3.1. By Financial Services
12.3.2.By Distribution Channels
12.3.3.By Deployment
12.4. Country
12.4.1. United States
12.4.2.Canada
13. EUROPE OPEN BANKING MARKET SIZE & FORECAST 2024A-2034F
13.1. Overview
13.2. Key Findings
13.3. Market Segmentation
13.3.1. By Financial Services
13.3.2.By Distribution Channels
13.3.3.By Deployment
13.4. Country
13.4.1.Germany
13.4.2.United Kingdom
13.4.3.France
13.4.4. Italy
13.4.5.Spain
13.4.6.Russia
13.4.7.Rest of Europe (BENELUX, NORDIC, Hungary, Turkey & Poland)
14. ASIA-PACIFIC OPEN BANKING MARKET SIZE & FORECAST 2024A-2034F
14.1.Overview
14.2. Key Findings
14.3. Market Segmentation
14.3.1. By Financial Services
14.3.2.By Distribution Channels
14.3.3.By Deployment
14.4. Country
14.4.1. India
14.4.2.China
14.4.3. South Korea
14.4.4. Japan
14.4.5. Rest of APAC
15. MIDDLE EAST AND AFRICA OPEN BANKING MARKET SIZE & FORECAST 2024A-2034F
15.1.Overview
15.2. Key Findings
15.3. Market Segmentation
15.3.1. By Financial Services
15.3.2.By Distribution Channels
15.3.3.By Deployment
15.4. Country
15.4.1. Israel
15.4.2.GCC
15.4.3.North Africa
15.4.4. South Africa
15.4.5.Rest of Middle East and Africa
16. LATIN AMERICA OPEN BANKING MARKET SIZE & FORECAST 2024A-2034F
16.1. Overview
16.2. Key Findings
16.3. Market Segmentation
16.3.1. By Financial Services
16.3.2.By Distribution Channels
16.3.3.By Deployment
16.4. Country
16.4.1. Mexico
16.4.2.Brazil
16.4.3.Rest of Latin America
17. COMPETITIVE LANDSCAPE
17.1. Company market share, 2023
17.2.Key player overview
17.3. Key stakeholders
18. COMPANY PROFILES
18.1. Plaid
18.1.1.Company Overview
18.1.2.Financial Overview
18.1.3.Key Product; Analysis
18.1.4.Company Assessment
18.1.4.1.Product Portfolio
18.1.4.2. Key Clients
18.1.4.3. Market Share
18.1.4.4. Recent News & Development (Last 3 Yrs.)
18.1.4.5. Executive Team
18.2.Yodlee
18.3.Token
18.4.Tink
18.5.AdroitLogic
18.6.Salt Edge
18.7.Figo
18.8.TrueLayer
18.9.OpenWrks
18.10.Fiserv
18.11. Axway
18.12.BBVA Open Platform
18.13.Modulr
18.14.Nordigen
18.15.FormFree
18.16.Other Prominent Players
19. APPENDIX
20.CONSULTANT RECOMMENDATION
1.1.Regional Market Share
1.2. Business Trends
1.3.Open Banking Market: COVID-19 Outbreak
1.4.Regional Trends
1.5. Segmentation Snapshot
2. RESEARCH METHODOLOGY
2.1. Research Objective
2.2.Research Approach
2.3.Data Sourcing and Methodology
2.4. Primary Research
2.5. Secondary Research
2.5.1. Paid Sources
2.5.2.Public Sources
2.6.Market Size Estimation and Data Triangulation
3. MARKET CHARACTERISTICS
3.1. Market Definition
3.2.Open Banking Market: COVID-19 Impact
3.3.Key Segmentations
3.4. Key Developments
3.5. Allied Industry Data
4. OPEN BANKING MARKET – INDUSTRY INSIGHTS
4.1.Industry Segmentation
4.2. COVID-19 overview on world economy
4.3. Industry ecosystem Channel analysis
4.4. Innovation & Sustainability
5. MACROECONOMIC INDICATORS
6. RECENT DEVELOPMENTS
7.MARKET DYNAMICS
7.1. Introduction
7.2.Growth Drivers
7.3.Market Opportunities
7.4. Market Restraints
7.5.Market Trends
8. RISK ANALYSIS
9. MARKET ANALYSIS
9.1. Porters Five Forces
9.2.PEST Analysis
9.2.1. Political
9.2.2.Economic
9.2.3.Social
9.2.4.Technological
10. OPEN BANKING MARKET
10.1.Overview
10.2. Historical Analysis (2019-2022)
10.2.1. Market Size, Y-o-Y Growth (%) and Market Forecast
11.OPEN BANKING MARKET SIZE & FORECAST 2024A-2034F
11.1.Overview
11.2. Key Findings
11.3. Market Segmentation
11.3.1.By Financial Services
11.3.1.1. Banking & Capital Markets
11.3.1.1.1. By Value (USD Million) 2024-2034F
11.3.1.1.2.Market Share (%) 2024-2034F
11.3.1.1.3.Y-o-Y Growth (%) 2024-2034F
11.3.1.2.Payments
11.3.1.2.1.By Value (USD Million) 2024-2034F
11.3.1.2.2. Market Share (%) 2024-2034F
11.3.1.2.3. Y-o-Y Growth (%) 2024-2034
11.3.1.3.Digital Currencies
11.3.1.3.1.By Value (USD Million) 2024-2034F
11.3.1.3.2. Market Share (%) 2024-2034F
11.3.1.3.3. Y-o-Y Growth (%) 2024-2034F
11.3.1.4.Value-Added Services
11.3.1.4.1.By Value (USD Million) 2024-2034F
11.3.1.4.2. Market Share (%) 2024-2034F
11.3.1.4.3. Y-o-Y Growth (%) 2024-2034F
11.3.1.5.Others
11.3.1.5.1.By Value (USD Million) 2024-2034F
11.3.1.5.2. Market Share (%) 2024-2034F
11.3.1.5.3. Y-o-Y Growth (%) 2024-2034F
11.3.2. By Distribution Channels
11.3.2.1.Bank Channels
11.3.2.1.1.By Value (USD Million) 2024-2034F
11.3.2.1.2. Market Share (%) 2024-2034F
11.3.2.1.3. Y-o-Y Growth (%) 2024-2034F
11.3.2.2. App Market
11.3.2.2.1. By Value (USD Million) 2024-2034F
11.3.2.2.2.Market Share (%) 2024-2034F
11.3.2.2.3.Y-o-Y Growth (%) 2024-2034F
11.3.2.3. Distributors
11.3.2.3.1. By Value (USD Million) 2024-2034F
11.3.2.3.2.Market Share (%) 2024-2034F
11.3.2.3.3.Y-o-Y Growth (%) 2024-2034F
11.3.2.4. Aggregators
11.3.2.4.1. By Value (USD Million) 2024-2034F
11.3.2.4.2.Market Share (%) 2024-2034F
11.3.2.4.3. Y-o-Y Growth (%) 2024-2034F
11.3.2.5. Others
11.3.2.5.1. By Value (USD Million) 2024-2034F
11.3.2.5.2.Market Share (%) 2024-2034F
11.3.2.5.3.Y-o-Y Growth (%) 2024-2034F
11.3.3. By Deployment
11.3.3.1.Cloud
11.3.3.1.1.By Value (USD Million) 2024-2034F
11.3.3.1.2. Market Share (%) 2024-2034F
11.3.3.1.3. Y-o-Y Growth (%) 2024-2034F
11.3.3.2. On Premise
11.3.3.2.1. By Value (USD Million) 2024-2034F
11.3.3.2.2.Market Share (%) 2024-2034F
11.3.3.2.3.Y-o-Y Growth (%) 2024-2034F
12. NORTH AMERICA OPEN BANKING MARKET SIZE & FORECAST 2024A-2034F
12.1. Overview
12.2. Key Findings
12.3. Market Segmentation
12.3.1. By Financial Services
12.3.2.By Distribution Channels
12.3.3.By Deployment
12.4. Country
12.4.1. United States
12.4.2.Canada
13. EUROPE OPEN BANKING MARKET SIZE & FORECAST 2024A-2034F
13.1. Overview
13.2. Key Findings
13.3. Market Segmentation
13.3.1. By Financial Services
13.3.2.By Distribution Channels
13.3.3.By Deployment
13.4. Country
13.4.1.Germany
13.4.2.United Kingdom
13.4.3.France
13.4.4. Italy
13.4.5.Spain
13.4.6.Russia
13.4.7.Rest of Europe (BENELUX, NORDIC, Hungary, Turkey & Poland)
14. ASIA-PACIFIC OPEN BANKING MARKET SIZE & FORECAST 2024A-2034F
14.1.Overview
14.2. Key Findings
14.3. Market Segmentation
14.3.1. By Financial Services
14.3.2.By Distribution Channels
14.3.3.By Deployment
14.4. Country
14.4.1. India
14.4.2.China
14.4.3. South Korea
14.4.4. Japan
14.4.5. Rest of APAC
15. MIDDLE EAST AND AFRICA OPEN BANKING MARKET SIZE & FORECAST 2024A-2034F
15.1.Overview
15.2. Key Findings
15.3. Market Segmentation
15.3.1. By Financial Services
15.3.2.By Distribution Channels
15.3.3.By Deployment
15.4. Country
15.4.1. Israel
15.4.2.GCC
15.4.3.North Africa
15.4.4. South Africa
15.4.5.Rest of Middle East and Africa
16. LATIN AMERICA OPEN BANKING MARKET SIZE & FORECAST 2024A-2034F
16.1. Overview
16.2. Key Findings
16.3. Market Segmentation
16.3.1. By Financial Services
16.3.2.By Distribution Channels
16.3.3.By Deployment
16.4. Country
16.4.1. Mexico
16.4.2.Brazil
16.4.3.Rest of Latin America
17. COMPETITIVE LANDSCAPE
17.1. Company market share, 2023
17.2.Key player overview
17.3. Key stakeholders
18. COMPANY PROFILES
18.1. Plaid
18.1.1.Company Overview
18.1.2.Financial Overview
18.1.3.Key Product; Analysis
18.1.4.Company Assessment
18.1.4.1.Product Portfolio
18.1.4.2. Key Clients
18.1.4.3. Market Share
18.1.4.4. Recent News & Development (Last 3 Yrs.)
18.1.4.5. Executive Team
18.2.Yodlee
18.3.Token
18.4.Tink
18.5.AdroitLogic
18.6.Salt Edge
18.7.Figo
18.8.TrueLayer
18.9.OpenWrks
18.10.Fiserv
18.11. Axway
18.12.BBVA Open Platform
18.13.Modulr
18.14.Nordigen
18.15.FormFree
18.16.Other Prominent Players
19. APPENDIX
20.CONSULTANT RECOMMENDATION
