Open Banking Market Achieves USD 22.31 BILLION IN 2023, Braces for 25.47% CAGR Elevate Until 2030

MarkNtel Advisors brings together a comprehensive understanding of the vast dynamics of the Open Banking Market Size, Share, Trends, and Growth in their research report, incorporating an extensive & detail-driven examination of the industry. This study exhibits the diverse elements like drivers, restraints, opportunities, challenges, key trends, & recent developments, among others, influencing the market expansion.

The data present in the report exhibit from the historic years (2019-22) and the base year (2023) to put together estimations for the forecast period (2024-30). In the study, our researchers put together reliable, unbiased, and accurate data to enlighten investors about fluctuations in the industry & anticipations on what to expect in the future. Since the industry is dynamic and highly fragmented, this report enables the prominent players to make strategic moves associated with their investments in the coming years.

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Key Offering in the Report

The research report incorporates information from the past, ongoing trends and developments, and plans of the competitors in different segments across geographic locations into the parameters grounding on the following parameters:

• Gross margins & profits
• Demand growth & falls
• Investment opportunities & revenue generation
• Business strategies & shares
• Key players & their profiling
• Leading geographies
• Trends & developments, among others

Market Dynamics 

Global Open Banking 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.

Segmentation of the Industry 

The Open Banking Market is highly fragmented and bifurcates into the following segmentations:

By Service

-Retail Banking

–Aggregation & Financial Management

-Credit Risk Decisioning

–Payments

–Origination & Onboarding

–Others

-Corporate Banking

–Corporate Treasury

–Financial Management

–Credit Decisioning

–Payments

–Value Added Services

–Others

-Capital Markets

-Others

• Payments, a segment under Corporate Banking & Retail Banking, is gaining momentum across the Open Banking Market, seizing a substantial share in the years to come.

By Distribution Channel

-Bank Channel

-App Market

-Distributors

-Aggregators

By Deployment

-On-premise

-Cloud

-Hybrid

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Regional Landscape

On the geographical front, the Open Banking Market expands across the following:

By Region

-North America

-South America

-Europe

-The Middle East & Africa

-Asia-Pacific

• Europe has positioned itself as a frontrunner in the Global Open Banking Market propelled by key elements such as API standardization, diverse national standards, robust landscapes in non-retail payments, and the influential presence of mobile payment systems associations.

Competitive Analysis

The Open Banking Market report entails an exhaustive research compilation on the changing interface, strategies, and sustainability tactics of the prominent players by rigorously profiling each company. It is principally to put together all the information influencing the industry expansion on the following parameters:

• Investments rise & fall
• Overview of the company
• Origin & business strategy
• Product/Service portfolio expansion
• The geographical presence of players

The report also talks about the strategies adopted by players to maintain their dominance & yield higher profits in the market while expanding their business across locations. Each company is profiled in this report on the following grounds:

• Ongoing trends & recent developments
• Performance indicators
• Products/Services offered
• Risk & SWOT Analysis

The prominent companies profiled in the Open Banking Market report are Finleap, 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, etc.,

Customization Services 

MarkNtel Advisors offer customization services on reports to the stakeholders & investors, covering all the relevant aspects required in a comprehensive, unbiased, accurate, & reliable manner. It aims principally to enable the players to curate all the fundamentals underlying the market potential in the future & make informed decisions & strategies.

About Us

MarkNtel Advisors is a leading market research company, consulting, & data analytics firm that provides an extensive range of strategic reports on diverse industry verticals. We deliver data to a substantial & varied client base, including multinational corporations, financial institutions, governments, & individuals, among others.

Our specialization in niche industries & emerging geographies allows our clients to formulate their strategies in a much more informed way and entail parameters like Go-to-Market (GTM), product development, feasibility analysis, project scoping, market segmentation, competitive benchmarking, market sizing & forecasting, & trend analysis, among others, for 15 diverse industrial verticals.

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