Global Open Banking Market Overview
According to SPER Market Research, the Global Open Banking Market is estimated to reach USD 226.96 billion by 2032 with a CAGR of 27.45%.
A financial service called "open banking" allows for the electronic sharing of financial data. Additionally, open banking services use application programming interfaces (APIs) to perform a secure financial data transfer. Banks and outside service providers also communicate financial data back and forth. Customers' transaction histories and patterns, which are collected by third-party service providers, are secured by an open API, making it simple to access publicly available data, such as a bank's product offerings. In order to improve the user experience related to the usage of financial services, innovative applications are developed using the financial information obtained for a customer. The primary factor influencing the expansion of the open banking sector is the rise in users of cutting-edge apps and services. Additionally, the market for open banking needs to increase thanks to a rise in client engagement and banking attendance. The benefits of an open banking platform extend to all stakeholders participating in the financial services sector, including banks, companies, FinTech, and innovators. This is a crucial element in the development of the open banking industry. The growth of the open banking sector is anticipated to be constrained by an increase in instances of online fraud and data security. On the other hand, a major increase in collaboration between traditional banking and FinTech and financial service providers is anticipated to be advantageous for the expansion of the open banking sector.
Impact of COVID-19 on the Global Open Banking Market
Due to the increase in usage and adoption of application programming interfaces (APIs) by consumers to carry out payment procedures, the COVID-19 pandemic has a substantial impact on the open banking sector. Thanks to market-wide technical developments, open banking is expanding rapidly. Additionally, to support the open banking platforms, banks and the fintech sector are offering their clients capabilities in APIs that are acceptable and beneficial. In turn, during the current global health crisis, this has turned into one of the main development causes for the open banking sector. Over the course of the projection period, the COVID-19 pandemic outbreak is anticipated to have a significant impact on the market's growth. The epidemic raised the need for contactless payments, which led to an increase in the need for open banking on a global scale. To deliver cutting-edge digital solutions and spur industry growth, numerous fintech startups partnered with significant market participants.
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2019-2032 |
| Base year considered | 2021 |
| Forecast period | 2022-2032 |
| Segments covered | By Services, By Deployment, By Distribution Channel.
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| Regions covered | Asia-Pacific, Europe, Middle East and Africa, North America, Latin America
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| Companies Covered | Banco Bilbao Vizcaya Argentaria, S.A., Crédit Agricole, DemystData, Ltd., finleap connect, Finastra, FormFree Holdings Corporation, Jack Henry & Associates, Inc., Mambu., Mineral Tree, Inc., NCR Corporation.
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Global Open Banking Market Segmentation:
1. By Services:
- Banking & Capital Markets
- Payments
- Digital Currencies
- Value Added Services
2. By Deployment:
3. By Distribution Channel:
- Bank Channels
- App Markets
- Distributors
- Aggregators
4. By Region:
- Asia-Pacific
- Europe
- Middle East
- Africa
- North America
- Latin America
Key Topics Covered in the Report:
- Size of Global Open Banking Market (FY’2019-FY’2032)
- Overview of Global Open Banking Market
- Segmentation of Global Open Banking Market By Services (Banking & Capital Markets, Payments, Digital Currencies, Value Added Services)
- Segmentation of Global Open Banking Market By Deployment (Cloud, On-premise)
- Segmentation of Global Open Banking Market By Distribution Channel (Bank Channels, App Markets, Distributors, Aggregators)
- Statistical Snap of Global Open Banking Market
- Growth Analysis of Global Open Banking Market
- Problems and Challenges in Global Open Banking Market
- Competitive Landscape in the Global Open Banking Market
- Impact of COVID-19 and Demonetization on Global Open Banking Market
- Details on Recent Investment in Global Open Banking Market
- Competitive Analysis of Global Open Banking Market
- Major Players in the Global Open Banking Market
- SWOT Analysis of Global Open Banking Market
- Global Open Banking Market Future Outlook and Projections (FY’2019-FY’2032)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report
1.2. Market segment analysis
2. Research Methodology
2.1 Research data source
2.1.1 Secondary data
2.1.2 Primary data
2.1.3 SPER’s internal database
2.1.4 Premium insight from KOL’s
2.2 Market size estimation
2.2.1 Top-down and Bottom-up approach
2.3 Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1 Drivers
4.1.2 Restraints
4.1.3 Opportunities
4.1.4 Challenges
4.2. COVID-19 Impacts of the Global Open Banking Market
5. Market variables and outlook
5.1. SWOT analysis
5.1.1 Strengths
5.1.2 Weaknesses
5.1.3 Opportunities
5.1.4 Threats
5.2. PESTEL analysis
5.2.1 Political landscape
5.2.2 Economic landscape
5.2.3 Social landscape
5.2.4 Technological landscape
5.2.5 Environmental landscape
5.2.6 Legal landscape
5.3. PORTER’S five forces analysis
5.3.1 Bargaining power of suppliers
5.3.2 Bargaining power of Buyers
5.3.3 Threat of Substitute
5.3.4 Threat of new entrant
5.3.5 Competitive rivalry
5.4. Heat map analysis
6. Competitive Landscape
6.1 Global Open Banking Manufacturing Base Distribution, Sales Area, Product Type
6.2 Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Global Open Banking Market
7. Global Open Banking Market, By Services, 2019-2032 (USD Million)
7.1 Banking & Capital Markets
7.2 Payments
7.3 Digital Currencies
7.4 Value Added Services
8. Global Open Banking Market, By Deployment, 2019-2032 (USD Million)
8.1 Cloud
8.2 On-premise
9. Global Open Banking Market, By Distribution Channel, 2019-2032 (USD Million)
9.1 Bank Channels
9.2 App Markets
9.3 Distributors
9.4 Aggregators
10. Global Open Banking Market, By Region, 2019-2032 (USD Million)
10.1 Global Open Banking Market Size and Market Share by Region (2019-2025)
10.2 Global Open Banking Market Size and Market Share by Region (2026-2032)
10.3 Asia-Pacific
10.3.1 Australia
10.3.2 China
10.3.3 India
10.3.4 Japan
10.3.5 South Korea
10.3.6 Rest of Asia-Pacific
10.4 Europe
10.4.1 France
10.4.2 Germany
10.4.3 Italy
10.4.4 Spain
10.4.5 United Kingdom
10.4.6 Rest of Europe
10.5 Middle East and Africa
10.5.1 Kingdom of Saudi Arabia
10.5.2 United Arab Emirates
10.5.3 Rest of Middle East & Africa
10.6 North America
10.6.1 Canada
10.6.2 Mexico
10.6.3 United States
10.7 Latin America
10.7.1 Argentina
10.7.2 Brazil
10.7.3 Rest of Latin America
11. Company Profiles
11.1 Banco Bilbao Vizcaya Argentaria
11.1.1 Company details
11.1.2 Financial outlook
11.1.3 Product summary
11.1.4 Recent developments
11.2 Crédit Agricole
11.2.1 Company details
11.2.2 Financial outlook
11.2.3 Product summary
11.2.4 Recent developments
11.3 DemystData, Ltd.
11.3.1 Company details
11.3.2 Financial outlook
11.3.3 Product summary
11.3.4 Recent developments
11.4 Finleap connect
11.4.1 Company details
11.4.2 Financial outlook
11.4.3 Product summary
11.4.4 Recent developments
11.5 Finastra
11.5.1 Company details
11.5.2 Financial outlook
11.5.3 Product summary
11.5.4 Recent developments
11.6 FormFree Holdings Corporation
11.6.1 Company details
11.6.2 Financial outlook
11.6.3 Product summary
11.6.4 Recent developments
11.7 Jack Henry & Associates, Inc.
11.7.1 Company details
11.7.2 Financial outlook
11.7.3 Product summary
11.7.4 Recent developments
11.8 Mambu.
11.8.1 Company details
11.8.2 Financial outlook
11.8.3 Product summary
11.8.4 Recent developments
11.9 Mineral Tree, Inc.
11.9.1 Company details
11.9.2 Financial outlook
11.9.3 Product summary
11.9.4 Recent developments
11.10 NCR Corporation
11.10.1 Company details
11.10.2 Financial outlook
11.10.3 Product summary
11.10.4 Recent developments
12.List of Abbreviations
13.Reference Links
14.Conclusion
15.Research Scope
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
