Allied Market Research

2024

Account Aggregators Market

Account Aggregators Market Size, Share, Competitive Landscape and Trend Analysis Report by Component and by Application : Global Opportunity Analysis and Industry Forecast, 2023-2032

BI : Financial Services

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Author's: | Onkar Sumant
Publish Date:

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Account Aggregators Market Outlook – 2030

Account aggregation enables financial information users to view details from multiple resources in one convenient location. In addition, information from multiple accounts can be viewed on a single user-friendly interface. Moreover, multiple account management eliminates the need for users to switch between multiple sources. As a result, users can access multiple account balances and transaction information on a single platform as directed by the main source.

The global account aggregators market is segmented on the basis of component, application, and region. Based on component, the account aggregators market is bifurcated into software and service. In terms of application, the market is categorized into bank, financial institution, and others. Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).

Key players operating in the global account aggregators industry include MX Technologies Inc., Finicity, Fiserv Inc., Yodlee Inc., Finvu, Onemoney, Zauba Technologies & Data Services Private Limited, NESL, Envestnet, Perfios Account Aggregation Services Pvt. Ltd., and Verizon Media. These companies have adopted several strategies such as product launches, partnerships, collaborations, mergers & acquisitions, and joint ventures to strengthen their foothold in the global market.

Top Impacting Factors

Rapid adoption of aggregator technologies, such as artificial intelligence, machine & cognitive learning, and advanced analytics, is propelling the market forward. However, privacy & data protection is expected to hamper the growth of the market. Contrarily, the ability to revolutionize the digital lending segment and promote businesses into the formal credit system are expected to provide lucrative opportunities to the market.

Privacy and Data Protection

The current mechanism for sharing financial asset-related details is through the usage of physical paper mode, which has a high risk of theft. In addition, the risk of data misuse is reduced with the help of Financial Information Provider (FIP) and Financial Information User (FIU) regulated entities. These regulated entities are implemented among banks, financial institutions, and insurers as they provide adequate controls on data storage and usage. As a result, these factors are boosting the growth of market.

Digitalize Lending Segment

Attributed to lack of data and slowing growth in financial health of businesses, small businesses across emerging countries have lower access credits or loans. Lenders continue to evaluate a business based on either the collateral or their financial information of the companies in the market. However, lending to small businesses is gradually becoming a digitalized process. Therefore, rise in digitalization in the lending segment is expected to foster the market growth of the account aggregators in the coming years.

Key Benefits of the Report

  • This study presents analytical depiction of the account aggregators market forecast along with the current trends and future estimations to determine the imminent investment pockets.      
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the market share.     
  • The current market is quantitatively analyzed to highlight the account aggregators market growth scenario.              
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
  • The report provides a detailed account aggregators market analysis depending on competitive intensity and how the competition will take shape in the coming years.

COVID-19 Impact Analysis

  • In the wake of the COVID-19 pandemic, certain sectors experienced rapid growth, but the effects occurred across the entire economic spectrum. Business profitability and accounts departments were affected heavily during the worldwide lockdown. This is attributed to global fear of the virus and huge number of unemployment rates across several countries has negatively impact the account aggregators market.
  • The second wave, however, has arrived before the full recovery has occurred and the market is expected to experienced stable growth.

Questions Answered in the Account Aggregators Market Research Report

  • Which are the leading players active in the account aggregators market share?
  • What are the detailed impacts of COVID-19 on the account aggregators market size?
  • How the current account aggregators market trends will influence the industry in the next few years?
  • What are the driving factors, restraints, and opportunities in the market?
  • What are projections for the future that would help in taking further strategic steps?

Account Aggregators Market Report Highlights

Aspects Details
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By Component
  • Software
  • Service
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By Application
  • Banks
  • Financial Institution
  • Others
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By Region
  • North America  (U.S., Canada)
  • Europe  (France, Germany, UK, Rest of Europe)
  • Asia-Pacific  (China, Japan, India, Rest of Asia-Pacific)
  • LAMEA  (Latin America, Middle East, Africa)
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Key Market Players

Verizon Media., Onemoney, Finicity, Fiserv Inc., Finvu, MX Technologies Inc., Envestnet, Perfios Account Aggregation Services Pvt. Ltd., NESL, Yodlee Inc., Zauba Technologies & Data Services Private Limited

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Account Aggregators Market

Global Opportunity Analysis and Industry Forecast, 2023-2032