PORTLAND, OR, Aug. 31, 2022 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global open banking market achieved revenue of US$13.9 billion in 2020 and is expected to reach US$123.7 billion by 2031, growing at a CAGR of 22.3% from 2022 to 2031. The market research study provides detailed analysis of changing industry trends, key segments and value chain analysis, key investment business scenarios, regional space and competitive space. The study is an important source of information for major players, entrepreneurs, shareholders and owners to develop new strategies for the future and take steps to improve their market position. The report shows an in-depth quantitative analysis of the market from 2022 to 2031 and helps investors in allocating funds to the rapidly evolving industry.
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Report coverage and details:
| report coverage | details |
| forecast period | 2022-2031 |
| base year | 2021 |
| Market size in 2020 | $13.9 billion |
| Market size in 2031 | $123.7 billion |
| CAGR | 22.3% |
| Number of pages in the report | 228 |
| Covered Segments | Financial Services, Distribution Channel and Region |
| driver | The increase in the use of online tools for making payments. |
| Increase in the number of people using new wave apps and services. | |
| Increasing use and penetration of big data analytics across payment types. | |
| limitations | A rise in online fraud and data insecurity. |
| occasions | Significant increase in cooperation between financial service providers and conventional banks like fintech. |
Covid-19 scenario
- The Covid-19 pandemic has created new growth opportunities for the global open banking market due to customers’ use and acceptance of open banking application programming interfaces (APIs) to perform payment processes.
- Open banking services received a boost during the COVID-19 pandemic due to technological breakthroughs.
- Banks and fintech companies offered their customers useful and new features in APIs to encourage the use of open banking platforms during the COVID-19 pandemic.
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The report offers detailed segmentation of the global Open Banking market by financial services, distribution channel and region. It offers in-depth analysis of each segment and sub-segment in Tables and Figures, which help consumers to draw conclusions about market trends and insights. The market report analysis helps organizations, investors and entrepreneurs to understand which sub-segments need to be explored in order to achieve tremendous growth in the coming years.
Regarding financial services, in 2020 the Banking & Capital Markets segment was the largest, accounting for almost half of the total share of the global open banking market. Furthermore, the payments segment is expected to dominate the overall market growth in 2031. However, the segment of value-added services is expected to become the highest CAGR by 27.2% from 2022 to 2031. The report also analyzes other segments including digital currencies.
On the basis of distribution channel, the app market segment had the largest share in 2020, contributing two-fifths of the total open banking market share. Moreover, this segment is expected to account for the highest market share in 2031. Furthermore, the distributors segment is also expected to register the fastest CAGR of 25.9% during the forecast period. The report also includes banking channels and aggregators.
Based on region, Europe contributed the highest market share in 2020, accounting for more than two-fifths of the global open banking market share. In addition, the Asia-Pacific region will make a significant contribution to the global market share in 2031. Additionally, the region is forecast to register the fastest CAGR of 27.0% over the forecast period. The research also analyzes regions such as LAMEA and North America.
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Key players in the global open banking market studied in the study include Banco Bilbao Vizcaya Argentaria, SA, Crédit Agricole Group, Deposit Solutions, Finestra, Jack Henry & Associates, Inc., Nordigen Solutions, Revolut Ltd. , Societe Generale SA, Tink AB , and Yapily Ltd.
The report assesses these major players in the global open banking industry. These players have implemented a number of key business strategies such as: B. expanding the regional and customer base, new product introductions, strategic alliances and joint ventures to expand product lines in global markets. The market research report supports the performance monitoring of each segment, the positioning of each product in each segment, and the impact of new technologies and product innovations on the overall market size.
Main benefits for stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimates and dynamics of the Open Banking market analysis from 2020 to 2031 to identify the prevailing Open Banking market opportunities.
- The market research is offered along with information on key drivers, restraints and opportunities.
- Porter’s Five Forces Analysis highlights the potential of buyers and suppliers to enable stakeholders to make profit-driven business decisions and strengthen their supplier-buyer network.
- An in-depth analysis of the Open Banking market segmentation helps in determining the prevailing opportunities in the market.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- The positioning of market participants facilitates benchmarking and provides a clear understanding of the current position of market participants.
- The report includes the analysis of regional as well as Open Banking market trends, key players, market segments, application areas, and market growth strategies.
Important market segments
financial services
- Banks & Capital Markets
- payments
- digital currencies
- value-added services
distribution channel
- bank channel
- App Market
- distributor
- aggregators
By region
- North America (USA, Canada)
- Europe (UK, Germany, France, Italy, Spain, rest of Europe)
- Asia Pacific (China, Japan, India, Australia, South Korea, Rest of Asia Pacific)
- LAMEA (Latin America, Middle East, Africa)
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