Open Banking Global Market Report 2024

The open banking market size has grown exponentially in recent years. It will grow from $24.67 billion in 2023 to $31.01 billion in 2024 at a compound annual growth rate (CAGR) of 25.7%. The growth observed in the historic period can be attributed to the increasing demand for fast and real-time fund transfers, a rising adoption of digital banking services, strong economic growth in emerging markets, and government initiatives.

The open banking market size is expected to see exponential growth in the next few years. It will grow to $75.4 billion in 2028 at a compound annual growth rate (CAGR) of 24.9%. The anticipated growth in the forecast period can be attributed to a surge in the usage of online platforms, rising urbanization, an increase in younger generations, a rise in mergers and acquisitions, and increasing adoption of financial technology for payments. Key trends expected in the forecast period include a focus on the use of big data, the adoption of the banking-as-a-service (BaaS) model, an emphasis on personalization, a focus on variable recurring payments, strategic partnerships and investments, and the initiation of new initiatives and programs.

The growth of the open banking market is being fueled by the increasing adoption of online platforms for payments. The rapid expansion of the digital payment system, driven by evolving payment methods, heightened e-commerce utilization, enhanced broadband access, and advancements in technology, is a significant contributor. Online platforms such as PhonePe, Paytm, and Google Pay utilize payment gateway APIs to handle recurring billing, often integrated into open banking. For instance, Google Pay achieved over 1 billion transactions in August 2021, and PhonePe processed 1.5 billion transactions through the unified payments interface (UPI) in July 2021. This surge in online payment platform usage is poised to drive the growth of the open banking market.

The global increase in the younger population is poised to contribute significantly to the market's growth. Millennials, in particular, exhibit a high level of confidence in using technology for managing finances, with nearly three in four expressing such confidence. This demographic, accustomed to digital tasks, expects convenience, speed, and security in financial operations. Younger consumers are more open to experimenting with new tools and are inclined towards linking their bank accounts for various digital transactions. In India alone, millennials constitute 34% of the total population. In the ASEAN region, Millennials and Gen Z are projected to make up 75% of consumers by 2030. Thus, the expanding younger population is a driving force behind the growth of the open banking market.

A notable trend in the open banking market is the introduction of technologically advanced platforms and services. Businesses are actively seeking seamless access to banking and payment services, leading to continuous investments in digitization. For instance, Scotiabank launched Scotia TranXactTM in August 2022, a digital payments platform providing business banking clients with on-demand access to payment and cash management APIs. This move aligns with the ongoing digitization of cash and treasury management services, catering to the digital needs of global business banking clients.

The use of payment initiation API (Application Programming Interface) is emerging as a key trend in the open banking market. Companies are focusing on the development and launch of payment initiation service APIs to drive market growth. In September 2022, Celcoin introduced a payment initiation API in Brazil, designed to enhance flexibility for any company without requiring extensive open banking technology knowledge. This solution aims to streamline operations by eliminating intermediaries, enabling instant payments directly from customers' bank accounts.

In June 2021, Visa Inc. acquired Tink for $2.15 billion, aiming to accelerate open banking adoption in Europe. Tink, a Swedish open banking company, facilitates the development of innovative financial services for banks, fintech, and start-ups across Europe, providing customers with increased control over their financial experiences and data.

Major companies operating in the open banking market report are Banco Santander S.A, BBVA SA, Credit Agricole, HSBC Bank plc., Citigroup, Capital One, NatWest Group plc., DBS Bank, Lloyds Banking Group, Barclays, Axis Bank, Bank Of Baroda, BNL, FamPay, Federal Bank, Finin, HDFC Bank, Airwallex, American Express, ANZ, China Construction Bank (CCB), ICBC Bank, WeBank, ChiantiBanca, Ant Financial, Allied Irish Bank, Bank of Ireland, Danske, Nationwide, RBS Group, ING, Caixa Geral De Depositos, La Banque Postale, Cofidis, Hello bank, Bunq, BNP Paribas, Citi, OTP Bank, Ikano Bank, Oneggo Bank, Tinkoff Bank, Wise, Raiffeisen Bank, Microsoft Corporation, IBM, Amazon Web Services, Hewlett Packard Enterprise, Intel, Oracle Corporation, Deposit Solutions, Finestra, Jack Henry & Associates, Inc., Nordigen Solutions, AlphaPoint, Axway, Spire Technologies, Tarabut Gateway, Mono.

North America was the largest region in the open banking market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the open banking market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the open banking market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The primary services in open banking encompass transactional services, communicative services, and information services. Transaction banking provides trade finance and cash management services to businesses, government agencies, and other financial organizations. Various financial services are included under categories such as bank and capital markets, payments, digital currencies, and value-added services, and they can be deployed through different modes such as cloud, on-premises, and hybrid. Distribution channels for open banking services include bank channels, app markets, distributors, and aggregators.

The open banking market research report is one of a series of new reports that provides open banking market statistics, including open banking industry global market size, regional shares, competitors with an open banking market share, detailed open banking market segments, market trends and opportunities, and any further data you may need to thrive in the open banking industry. This open banking market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The open banking market includes revenues earned by entities by account information service providers (AISPs) and payment initiation service providers (PISPs). The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.


The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.