The global open banking market size is expected to reach USD 135.17 billion by 2030, expanding at a CAGR of 27.2% from 2023 to 2030, according to a new study conducted by the publisher. The market growth can be attributed to several factors, including enhanced customer involvement made possible by open banking APIs, favorable government regulations, and increased adoption of innovative services and applications. In addition, the changed focus of retail banks toward consolidated technological enhancements also bodes well for the market’s growth.
Key industry players are aggressively investing in offering enhanced services to their customers. For instance, in June 2022, Mastercard announced its latest open banking feature, named Pay by link, through its banking pioneer in Europe, Aiia. This feature is expected to eliminate needless payment stages for companies from any sector by developing a straightforward link that enables clients to pay instantaneously in any situation. It is closely related to Mastercard's open banking agenda, which seeks to usher in a new era of choice, convenience, and personalization in a secure manner.
Increased strategic initiatives in the open banking space by prominent players are expected to drive market growth over the forecast period. For instance, in October 2022, Visa Inc., a financial services company, announced the completion of the acquisition of an open banking platform named Tink. As a result of this acquisition, Visa, Inc., and Tink enabled their clients to offer substantial benefits to consumers allowing them better control over their financial experiences, including managing their financial data, money, and financial goals.
The outbreak of the COVID-19 pandemic is expected to play a vital role in driving the growth of the open banking industry over the forecast period. Since the pandemic, the banking industry has been continuously evolving to improve the customer experience and ease the process of banking for consumers. In addition, the rapid adoption of digitalization is expected to create a positive outlook for the market.
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Key industry players are aggressively investing in offering enhanced services to their customers. For instance, in June 2022, Mastercard announced its latest open banking feature, named Pay by link, through its banking pioneer in Europe, Aiia. This feature is expected to eliminate needless payment stages for companies from any sector by developing a straightforward link that enables clients to pay instantaneously in any situation. It is closely related to Mastercard's open banking agenda, which seeks to usher in a new era of choice, convenience, and personalization in a secure manner.
Increased strategic initiatives in the open banking space by prominent players are expected to drive market growth over the forecast period. For instance, in October 2022, Visa Inc., a financial services company, announced the completion of the acquisition of an open banking platform named Tink. As a result of this acquisition, Visa, Inc., and Tink enabled their clients to offer substantial benefits to consumers allowing them better control over their financial experiences, including managing their financial data, money, and financial goals.
The outbreak of the COVID-19 pandemic is expected to play a vital role in driving the growth of the open banking industry over the forecast period. Since the pandemic, the banking industry has been continuously evolving to improve the customer experience and ease the process of banking for consumers. In addition, the rapid adoption of digitalization is expected to create a positive outlook for the market.
Open Banking Market Report Highlights
- The banking & capital markets segment dominated the market in 2022. The change in the investment need of the new age population is expected to propel segment growth. People are looking for more flexible and worthy investment options offered through advanced platforms
- The cloud segment is anticipated to witness the fastest growth owing to the increased adoption of cloud technology across the banking sector. Banks are leveraging the benefits of open banking by implementing strategic cloud solutions. As open banking evolves, the cloud is projected to become a critical technology in the banking sector
- The app market segment dominated the market in 2022. The segment growth can be attributed to the rising utilization of smartphones and applications for numerous purposes, such as mobile banking.Open banking applications leverage APIs to provide various services, such as rapid payments, a financial dashboard displaying accounts from several banks, proof of income, credit status verification, and money-saving advice to customers
- The Asia Pacific regional market is anticipated to witness the fastest growth over the forecast period. The growing technological awareness in developing countries of the region is expected to play a decisive role in driving the growth of the regional market. Moreover, the Asia Pacific region is portraying an increased willingness of customers to share personal data in exchange for more customer-tailored services
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Table of Contents
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. Market Variables, Trends, and Scope
Chapter 4. Investment Landscape Analysis
Chapter 5. Open Banking Market: Services Estimates & Trend Analysis
Chapter 6. Open Banking Market: Deployment Estimates & Trend Analysis
Chapter 7. Open Banking Market: Distribution Channel Estimates & Trend Analysis
Chapter 8. Open Banking Market: Regional Estimates & Trend Analysis
Chapter 9. Competitive Landscape
List of Tables
List of Figures
Companies Mentioned
- Banco Bilbao Vizcaya Argentaria, S.A.
- Crédit Agricole CIB
- DemystData, Ltd.
- finleap connect
- Finastra
- Formfree Holdings Corporation
- Jack Henry & Associates, Inc.
- Mambu
- MineralTree (Global Payments)
- NCR Corporation
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 120 |
| Published | June 2023 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value ( USD | $ 20.07 Billion |
| Forecasted Market Value ( USD | $ 135.17 Billion |
| Compound Annual Growth Rate | 27.2% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
