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Open Banking Market, Opportunity, Growth Drivers, Industry Trend Analysis and Forecast, 2024-2032
Market Report I 2024-07-08 I 240 Pages I Global Market Insights
Global Open Banking Market size will exhibit a 22% CAGR between 2024 and 2032, propelled by innovations in APIs and data integration technologies coupled with the growing demand for personalized and convenient financial services. Advanced APIs enable seamless integration between banks and fintech , enhancing the accessibility and functionality of financial services. Also, consumers increasingly seek tailored and user-friendly solutions, pushing financial institutions to adopt open banking practices. These technological breakthroughs and consumer preferences are fueling market expansion as they facilitate improved service delivery and more personalized financial experiences.
For instance, in May 2024, Experian introduced a new open banking solution aimed at enhancing lending decisions and increasing credit access, particularly for approximately 106 million thin-file and credit-invisible consumers in the U.S., promoting greater financial inclusion. It implies that open banking is becoming increasingly integral in fostering financial inclusion and addressing gaps in credit access. By enhancing data-driven lending and promoting broader financial participation, such solutions are likely to drive market growth and innovation on a global scale.
The open banking industry is classified on the basis of financial services, deployment model, distribution channel, and region.
The payments segment will undergo a remarkable escalation by 2032, driven by its pivotal role in enhancing transaction efficiency and user experience. As digital and mobile payment solutions gain traction, open banking facilitates seamless, secure transactions by integrating diverse payment methods and real-time processing. This shift is driven by consumer demand for convenience and businesses' need for streamlined financial operations. With advancements in payment technologies and a growing emphasis on security and accessibility, the payments segment will capture a decent share of the open banking market.
The hybrid SMEs segment will witness a considerable rise by 2032, attributed to its unique blend of traditional and digital banking needs. These businesses require flexible financial solutions that integrate both in-person and online services, enabling streamlined operations and enhanced customer engagement. Open banking facilitates this by offering tailored financial products, real-time data insights, and efficient transaction processing. As hybrid SMEs increasingly seek to optimize their financial management and access innovative banking services, their market share will grow substantially.
Asia Pacific open banking industry will register a notable share through 2032, owing to rapid digitalization, growing fintech innovation, and increasing adoption of mobile and online banking services. The region's diverse and dynamic financial landscape, in line with supportive regulatory frameworks and a high demand for enhanced financial services, is driving significant growth. The expanding number of tech-savvy consumers and businesses seeking seamless, integrated financial solutions further bolsters this trend, making Asia Pacific a crucial contributor to the open banking market outlook.
Report Content
Chapter 1 Methodology and Scope
1.1 Market scope and definition
1.2 Research design
1.2.1 Research approach
1.2.2 Data collection methods
1.3 Base estimates and calculations
1.3.1 Base year calculation
1.3.2 Key trends for market estimation
1.4 Forecast model
1.5 Primary research and validation
1.5.1 Primary sources
1.5.2 Data mining sources
Chapter 2 Executive Summary
2.1 Industry 360synopsis, 2021 - 2032
Chapter 3 Industry Insights
3.1 Industry ecosystem analysis
3.2 Supplier landscape
3.2.1 API platforms and gateway providers
3.2.2 Security solutions providers
3.2.3 RegTech providers
3.2.4 End user
3.3 Profit margin analysis
3.4 Technology and innovation landscape
3.5 Patent analysis
3.6 Key news and initiatives
3.7 Regulatory landscape
3.8 Impact forces
3.8.1 Growth drivers
3.8.1.1 Increase in adoption of digital banking for convenience and accessibility
3.8.1.2 Technological advancements in big data analytics, artificial intelligence (AI), and APIs
3.8.1.3 Government initiatives and regulatory support to enhance financial transparency
3.8.1.4 Consumer demand for personalized services
3.8.2 Industry pitfalls and challenges
3.8.2.1 Security and privacy concerns
3.8.2.2 Lack of consumer trust and adoption
3.9 Growth potential analysis
3.10 Porter's analysis
3.11 PESTEL analysis
Chapter 4 Competitive Landscape, 2023
4.1 Introduction
4.2 Company market share analysis
4.3 Competitive positioning matrix
4.4 Strategic outlook matrix
Chapter 5 Market Estimates and Forecast, By Financial Services, 2021 - 2032 (USD Million)
5.1 Key trends
5.2 Banking and capital markets
5.3 Payments
5.4 Digital currencies
5.5 Value-added services
Chapter 6 Market Estimates and Forecast, By Deployment Model, 2021 - 2032 (USD Million)
6.1 Key trends
6.2 On-premise
6.3 Cloud
6.4 Hybrid
Chapter 7 Market Estimates and Forecast, By Distribution Channel, 2021 - 2032 (USD Million)
7.1 Key trends
7.2 Bank channel
7.3 App market
7.4 Distributors
7.5 Aggregators
Chapter 8 Market Estimates and Forecast, By Region, 2021 - 2032 (USD Million)
8.1 Key trends
8.2 North America
8.2.1 U.S.
8.2.2 Canada
8.3 Europe
8.3.1 UK
8.3.2 Germany
8.3.3 France
8.3.4 Italy
8.3.5 Spain
8.3.6 Netherlands
8.3.7 Rest of Europe
8.4 Asia Pacific
8.4.1 China
8.4.2 India
8.4.3 Japan
8.4.4 South Korea
8.4.5 ANZ
8.4.6 Southeast Asia
8.4.7 Rest of Asia Pacific
8.5 Latin America
8.5.1 Brazil
8.5.2 Mexico
8.5.3 Argentina
8.5.4 Rest of Latin America
8.6 MEA
8.6.1 UAE
8.6.2 South Africa
8.6.3 Saudi Arabia
8.6.4 Rest of MEA
Chapter 9 Company Profiles
9.1 Accenture
9.2 Capgemini
9.3 F5, Inc.
9.4 Finicity (Mastercard)
9.5 MuleSoft (Salesforce)
9.6 Oracle Corporation
9.7 Plaid
9.8 Tata Consultancy Services
9.9 Tibco Software
9.10 Tink
9.11 Token.io
9.12 TrueLayer
9.13 Virtusa Corp.
9.14 Worldline S.A.
9.15 Yodlee (Envestnet)
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