0
2020
Open Banking Market

Open Banking Market by Financial Services (Banking and Capital Markets, Payments, Digital Currencies, and Value Added Services) and Distribution Channel (Bank Channel, App market, Distributors, and Aggregators): Global Opportunity Analysis and Industry Forecast, 2019–2026
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A03497
Pages: 159
Mar 2020 | 27210 Views
Author(s) : Sanjivan Gill
Tables: 69
Charts: NA
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Open Banking Market Outlook - 2026

The global open banking market size accounted for $7,295 million in 2018, and is expected to reach $43,152 million by 2026, registering a CAGR of 24.4% from 2019 to 2026. 

Open banking is defined as a service that allows the digital transfer of data related to bank account of a customer. The exchange of data is carried out between banks and third party organizations. Furthermore, this account related financial information is used by the third party providers to design applications and services, which are offered to the customer. In addition, the analysis of this data also allows to design more advanced and personalized applications aimed at improvement of the customer experience related to financial services. Moreover, some of the open banking financial services offered in the market include banking and capital markets, payments, digital currencies, and value added services. 

Open-Banking-Market,-2019-2026

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The major factor which contribute to the growth of open banking market include increase in the number of people using new wave apps and services. In addition, rise in customer engagement and attending banking customers need boost the growth of the open banking market. Furthermore, the rise in advantages of an open banking platform that makes beneficial to all stakeholders in the financial services industry includes consumers, businesses, Fintech’s, innovators, and banks. This is an important factor that fosters the growth of the open banking market. However, an increase in events of online fraud and data insecurity is expected to restrict the open banking market growth. On the contrary, significant increase in the collaboration of financial service providers, and traditional banking with Fintech is expected to boost the growth of the open banking market. 

Open Banking Market Segmentation  

The global open banking market is studied on the basis of financial services, distribution channel, and region. By financial services, the market is divided into bank & capital market, payments, digital currencies, and others. As per distribution channel, it is divided into bank channels, app market, distributors, and aggregators. In-depth analysis of the open banking market is provided for North America (U.S., Canada, and Mexico), Europe, (UK, Germany, Netherlands, Spain, and Rest of Europe) Asia-Pacific & LATAM (China, Singapore, Australia, Hong Kong, and Rest of Asia-Pacific & LATAM). 

Open Banking Market
By Financial Services

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Payments is projected as one of the most lucrative segment.

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Segment Review

According to financial services, banking and capital markets occupied the largest open banking market share in 2018. Furthermore, payments segment is also the fastest growing segment during the forecast period. The growth of the segment is attributable to surge in use of online platforms for making payments. Furthermore, the other factors that contribute to the growth of the market include the surge in the accessibility of internet across the globe. 

By distribution channel, the application market segment occupied the largest open banking market in 2018 owing to increase in adoption of new applications, which help customers to make purchases related to product and services. In addition, the distributors segment is expected to exhibit the fastest growth rate during the forecast period owing to surge in partnership of various firms present in the market. 

Open Banking Market
By Distribution Channel

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App market holds a dominant position in 2018 and would continue to maintain the lead over the forecast period.

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By region, North America accounted for the major open banking market share in 2018 and is expected to continue this trend, owing to anticipated quick adoption of advanced technologies and presence of majority of key players. Moreover, robust innovation in the banking sector, is another major reason that contributes toward the growth of this market. On the other side, Asia-Pacific is estimated to register the fastest growth during the forecast period attributed to owing to surge in number of banks, which invested in open application programming interface (APIs) management platforms.

The global open banking market is highly competitive and the prominent players in the market have adopted various strategies to garner maximum market share. These include collaboration, product launch, partnership, and acquisition. Major players operating in the market include BBVA Open Platform Inc., Credit Agricole, DemystData, Figo GmbH, Finastra, FormFree, Jack Henry & Associates, Inc., Mambu GmbH, MineralTree Inc., and NCR Corporation.

Open Banking Market
By Geography

2026
Europe 
North America
Asia-pacific & Latam

North America region would exhibit the highest CAGR of 26.5% during 2019-2026.

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Key Benefits For Stakeholders

  • This report entails a detailed quantitative analysis along with the current global open banking market trends from 2018 to 2026 to identify the prevailing opportunities along with the strategic assessment.
  • The open banking market forecast is studied from 2019 to 2026. 
  • The market size and estimations are based on a comprehensive analysis of key developments in the open banking industry. 
  • A qualitative analysis based on innovative products facilitates strategic business planning.
  • The development strategies adopted by the key market players are enlisted to understand the competitive scenario of the market

Key Market Segments

  • By Financial Services
    • Banking & Capital Markets
    • Payments
    • Digital Currencies
    • Value Added Services
  • By Distribution channel
    • Bank Channel
    • App market
    • Distributors
    • Aggregators
  • By Region
    • North America
      • U.S.
      • Canada
      • Mexico
    • Europe
      • UK
      • Germany
      • Netherlands
      • Spain
      • Rest of Europe
    • Asia-Pacific
      • China
      • Singapore
      • Australia
      • Hong Kong
      • Rest of Asia-Pacific and LATAM


Key Market Players

  • FINASTRA
  • JACK HENRY AND ASSOCIATES, INC.
  • NCR CORPORATION
  • MAMBU GMBH
  • MINERALTREE, INC.
  • DEPOSIT SOLUTIONS
  • BBVA OPEN PLATFORM INC.
  • CREDIT AGRICOLE
  • FORMFREE
  • FIGO GMBH
 

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Open banking is a new concept and the growth of the market is expected to increase owing to factors such as favorable government regulations which guide the use of open banking platforms in various financial and banking services. Furthermore, launch of new type of digital currencies by the central governments of various countries will lead surge in demand for open banking platforms through which digital currencies can be used. Moreover, various key players across the globe are collaborating to develop advanced open banking platforms which is another major factor that boosts the growth of the market. 

In addition, the use of open banking platforms is highest in Europe, particularly in the UK due to the introduction of PSD2, Directive which is aimed at regulation of payment services and payment service providers in the country. This leads to a rise in demand for open banking platforms which can make the payments more secure and quick.

 

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FREQUENTLY ASKED QUESTIONS?

A. The total market value of open banking market is $243.98 billion in 2018.

A. The forcast period for open banking market is 2019 to 2026

A. The market value of open banking market in 2019 is $318.71 billion.

A. The base year is 2018 in open banking market

A. Top companies such as, BBVA Open Platform Inc., Credit Agricole, figo GmbH, Finastra and NCR Corporation held a high market position in 2018. These key players held a high market postion owing to the strong geographical foothold in different regions.

A. Payments segment is the most influencing segment owing to benefitis offered by open banking payment services. For instance, open banking payment services are expected to be simplify the process where a customer can select the payment type during the payment process.

A. The major factor that fuels the growth of the global open banking market potential benefits offered by the open banking products and services. For instance, open banking services enhance the amount of security offered to the customer and make the steps in banking eaiser.

A. North America has the highest growth rate in the market which is growing due to the contribution of the following emerging countries such as India with a CAGR of 26.5%. This is due to anticipated quick adoption of advanced technologies and presence of majority of key players which are working toward the availability of open banking services in the region.

A. Open banking is a banking service in which the bank account data is shared through secured open Application Programming Interface (APIs) to third-party services providers

A. Open banking services are used for financial information exchange between banks and third-parties service providers. An open API offers security to private data of customers, such as a third party’s service providers collect user’s transaction history and patterns, which provides easy access to openly available data such as a bank’s product offerings.

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