Press release
Open Banking Market to Surge to $43.15 Billion Globally by 2026, Accelerating at a 24.4% CAGR
The global open banking market was valued at $13.9 billion in 2020, and is projected to reach $123.7 billion by 2031, growing at a CAGR of 22.3% from 2022 to 2031. Size, Share, Competitive Landscape and Trend Analysis Report, by Financial Services, by Distribution Channel : Global Opportunity Analysis and Industry Forecast, 2020-2031
➡️𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 & 𝐓𝐎𝐂 : https://www.alliedmarketresearch.com/request-sample/3840
Drivers, Restraints, and Opportunities
Supportive government regulations, enhanced overall customer engagement with the help of open banking APIs, and rise in adoption of new applications and services drive the growth of the global open banking market. However, lack of awareness regarding data security and management of threats regarding security restrain the market growth. On the other hand, increase in collaboration activities between banks and Fintech firms present new opportunities in the coming years.
The adoption of open baking platform by major players is expected to benefit the open banking market growth, as it is increasingly acknowledged as a success element for numerous financial organizations. For instance, in June 2022, the start route open banking worldwide initiative was introduced by Mastercard to support open banking companies on their path to growth, identify special possibilities for co-innovation, and power experiences that give customers a choice.
Covid-19 impact:
The Covid-19 pandemic surged the demand for contactless payments along with payments through chip and pin machines. This led to growth of the global open banking market.
Several Fintech companies joined hands forces to develop innovative digital solutions through open banking and availed the fiscal support from the governments. This helped in the market growth.
Moreover, the rapid launch of new open banking solutions is expected to result in the market growth during the pandemic.
The banking and capital markets segment to maintain its lead position by 2026
Major market players
BBVA Open Platform Inc.
DemystData
Credit Agricole
Finastra
Figo GmbH
Jack Henry & Associates, Inc.
FormFree
MineralTree Inc.
Mambu GmbH
NCR Corporation
Based on financial services, the banking and capital market segment accounted for the largest share in 2018, contributing to more than half of the global open banking market, and is estimated to maintain its lead position by 2026. This is attributed to rise in adoption of open banking services in the capital markets. However, the payments segment is projected to manifest the largest CAGR of 27.3% from 2019 to 2026, due to rise in use of banking platforms for making the payments through debit cards, credit cards, online payments, and others.
➡️𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠:https://www.alliedmarketresearch.com/purchase-enquiry/3840
The distributors segment to register the highest CAGR during the forecast period
Based on distribution channel, the distributors segment is projected to witness the highest CAGR of 27.0% from 2019 to 2026, due to rise in awareness about the role of a distributor among banks and surge in efforts by banks to extend their digital market presence through distribution of third party services. However, the app market contributed to the largest share in 2018, accounting for more than two-fifths of the global open banking market, due to rise in adoption of smartphones worldwide and rise in awareness regarding usage of banking apps.
North America to manifest the fastest growth rate
North America is projected to portray the highest CAGR of 26.5% during the forecast period, due to rapid adoption of advanced technologies and presence of the majority of key players that are rapidly developing open banking services in the region. However, Europe held the largest share of the global open banking market in 2018, contributing to more than two-thirds of the total share, and is estimated to maintain its dominance in terms of revenue by 2026. This is due to government directives for the banks to mandatorily open APIs.
➡️𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐚𝐭𝐢𝐨𝐧 𝐖𝐞 𝐨𝐟𝐟𝐞𝐫 𝐜𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐞𝐝 𝐫𝐞𝐩𝐨𝐫𝐭 𝐚𝐬 𝐩𝐞𝐫 𝐲𝐨𝐮𝐫 𝐫𝐞𝐪𝐮𝐢𝐫𝐞𝐦𝐞𝐧𝐭: https://www.alliedmarketresearch.com/request-for-customization/3840
➡️𝐓𝐫𝐞𝐧𝐝𝐢𝐧𝐠 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 :
Personal Loans Market
https://www.alliedmarketresearch.com/personal-loans-market-A07580
Payday Loans Market
https://www.alliedmarketresearch.com/payday-loans-market-A10012
Digital Banking Platforms Market
https://www.alliedmarketresearch.com/digital-banking-platforms-market
ATM Managed Services Market
https://www.alliedmarketresearch.com/atm-managed-services-market
Contact Us:
United States
1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.
Int'l: +1-503-894-6022
Toll Free: +1-800-792-5285
Fax: +1-800-792-5285
help@alliedmarketresearch.com
https://medium.com/@kokate.mayuri1991
https://www.scoop.it/u/monika-718
https://bfsibloghub.blogspot.com/
About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
➡️𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 & 𝐓𝐎𝐂 : https://www.alliedmarketresearch.com/request-sample/3840
Drivers, Restraints, and Opportunities
Supportive government regulations, enhanced overall customer engagement with the help of open banking APIs, and rise in adoption of new applications and services drive the growth of the global open banking market. However, lack of awareness regarding data security and management of threats regarding security restrain the market growth. On the other hand, increase in collaboration activities between banks and Fintech firms present new opportunities in the coming years.
The adoption of open baking platform by major players is expected to benefit the open banking market growth, as it is increasingly acknowledged as a success element for numerous financial organizations. For instance, in June 2022, the start route open banking worldwide initiative was introduced by Mastercard to support open banking companies on their path to growth, identify special possibilities for co-innovation, and power experiences that give customers a choice.
Covid-19 impact:
The Covid-19 pandemic surged the demand for contactless payments along with payments through chip and pin machines. This led to growth of the global open banking market.
Several Fintech companies joined hands forces to develop innovative digital solutions through open banking and availed the fiscal support from the governments. This helped in the market growth.
Moreover, the rapid launch of new open banking solutions is expected to result in the market growth during the pandemic.
The banking and capital markets segment to maintain its lead position by 2026
Major market players
BBVA Open Platform Inc.
DemystData
Credit Agricole
Finastra
Figo GmbH
Jack Henry & Associates, Inc.
FormFree
MineralTree Inc.
Mambu GmbH
NCR Corporation
Based on financial services, the banking and capital market segment accounted for the largest share in 2018, contributing to more than half of the global open banking market, and is estimated to maintain its lead position by 2026. This is attributed to rise in adoption of open banking services in the capital markets. However, the payments segment is projected to manifest the largest CAGR of 27.3% from 2019 to 2026, due to rise in use of banking platforms for making the payments through debit cards, credit cards, online payments, and others.
➡️𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠:https://www.alliedmarketresearch.com/purchase-enquiry/3840
The distributors segment to register the highest CAGR during the forecast period
Based on distribution channel, the distributors segment is projected to witness the highest CAGR of 27.0% from 2019 to 2026, due to rise in awareness about the role of a distributor among banks and surge in efforts by banks to extend their digital market presence through distribution of third party services. However, the app market contributed to the largest share in 2018, accounting for more than two-fifths of the global open banking market, due to rise in adoption of smartphones worldwide and rise in awareness regarding usage of banking apps.
North America to manifest the fastest growth rate
North America is projected to portray the highest CAGR of 26.5% during the forecast period, due to rapid adoption of advanced technologies and presence of the majority of key players that are rapidly developing open banking services in the region. However, Europe held the largest share of the global open banking market in 2018, contributing to more than two-thirds of the total share, and is estimated to maintain its dominance in terms of revenue by 2026. This is due to government directives for the banks to mandatorily open APIs.
➡️𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐚𝐭𝐢𝐨𝐧 𝐖𝐞 𝐨𝐟𝐟𝐞𝐫 𝐜𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐞𝐝 𝐫𝐞𝐩𝐨𝐫𝐭 𝐚𝐬 𝐩𝐞𝐫 𝐲𝐨𝐮𝐫 𝐫𝐞𝐪𝐮𝐢𝐫𝐞𝐦𝐞𝐧𝐭: https://www.alliedmarketresearch.com/request-for-customization/3840
➡️𝐓𝐫𝐞𝐧𝐝𝐢𝐧𝐠 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 :
Personal Loans Market
https://www.alliedmarketresearch.com/personal-loans-market-A07580
Payday Loans Market
https://www.alliedmarketresearch.com/payday-loans-market-A10012
Digital Banking Platforms Market
https://www.alliedmarketresearch.com/digital-banking-platforms-market
ATM Managed Services Market
https://www.alliedmarketresearch.com/atm-managed-services-market
Contact Us:
United States
1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.
Int'l: +1-503-894-6022
Toll Free: +1-800-792-5285
Fax: +1-800-792-5285
help@alliedmarketresearch.com
https://medium.com/@kokate.mayuri1991
https://www.scoop.it/u/monika-718
https://bfsibloghub.blogspot.com/
About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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