IMARC Group, a leading market research company, has recently releases report titled “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”, Offers a comprehensive analysis of the industry, which comprises insights on the global open banking market share.

How Big is the Open Banking Market?

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.

Industry Overview of Open Banking

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

For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/open-banking-market/requestsample

The inflating need for more flexible and worthy investment options is primarily driving the open banking market. Additionally, the growing utilization of new-wave applications and services to attain personal details of accounts from several financial service providers is further catalyzing the market growth.

Besides this, the escalating demand for open banking across the value chain of the financial services industry, including businesses, consumers, fintech companies, banks, and financial institutions, to provide more customized and relevant product offerings to users is acting as another significant growth-inducing factor.

Moreover, the rising integration of Big Data analytics with open banking to process, collect, and analyze structured and unstructured data is also positively influencing the global market. Apart from this, the increasing usage of Artificial Intelligence (AI) and the Internet of Things (IoT) to manage financial crime risk and control financial objectives and funds is anticipated to fuel the open banking market over the forecasted period.

Leading Companies Operating in the Global Open Banking Industry:

• Banco Bilbao Vizcaya Argentaria S.A.
• Clarity Group Inc.
• Credit Agricole (SAS Rue La Boétie)
• Finastra (Misys International Limited)
• Finleap connect
• Jack Henry & Associates Inc
• Mambu
• NCR Corporation
• Nordigen Solution
• Revolut Ltd
• Riskonnect Inc.
• Societe Generale.

Open Banking Market Report Segmentation:

The report has segmented the market into the following categories:

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

If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.

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