0

Europe Open Banking Market Expected to Reach $48.30 Billion by 2030

 
2022
Europe Open Banking Market

Report Code : A16019

quote With technological advancements and rise in importance of customer engagement, the Europe open banking market is expected to grow significantly in upcoming years. quote

Kanhaiya Kathoke
Research Analyst, BFSI at Allied Market Research

Get 20% Free Customization In This Report
Follow us on Social Media:       
 

According to a recent report published by Allied Market Research, titled, Europe Open Banking Market by Financial Service and Distribution Channel: Opportunity Analysis and Industry Forecast, 2021–2030,” the Europe open banking market size was valued at $6.14 billion in 2020, and is projected to reach $48.30 billion by 2030, growing at a CAGR of 23.18% from 2021 to 2030.

Open banking is a type of financial service that involves electronic sharing of financial data. In addition, application programming interfaces (APIs) are used by open banking services to ensure the transfer movement of financial data. Moreover, financial data is sent between banks and third-party service providers. An open API protects customers' private data such as transaction history and patterns collected by third-party service providers, while allowing simple access to publicly available data, such as a bank's product offerings. As a result, the financial data obtained for a client is used to build more complex apps targeted at improving the user experience when using financial services.

Furthermore, in the open banking sector, big data analytics is gaining high traction. Big data analytics is the process of gathering, processing, and analyzing both structured and unstructured data. It is predominantly used to extract business insights from data. In addition, it is used in the open banking sector to tailor services and improve the client experience. For instance, HSBC Bank Plc., a UK investment banking firm, boosted its investment in artificial intelligence (AI) and big data analytics solutions to control financial crime risk in 2020. In addition, significant improvements in financial service provider collaboration as well as conventional banking collaborating with FinTech are predicted to promote the Europe open banking market growth.

By financial service, the banking & capital markets segment occupied the largest share in the Europe open banking market size. The adoption of open banking services in banking & capital markets is expected to rise during the forecast period, owing to increase in the number of banking institutions utilizing new wave applications and services across Europe. However, the value added services segment is expected to grow at the fastest rate during the forecast period. The growth is attributable to benefits offered to service providers in designing value-added services by using open banking notably contribute toward the growth of the market in Europe. For instance, open banking platform creates new datasets that improve the generation of payment history patterns. Thus, it enables service providers to analyze the obtained customer data in a more profound manner and allows them to design specific and personalized value-added services for their consumer.

The demand for open banking has increased considerably during the COVID-19 pandemic. This is attributed to increased familiarity toward online banking among consumers and initiatives by governing bodies across the European countries to curb the spread of virus by initiating various policies for conducting banking processes. Thus, these factors promoted the growth of the Europe open banking market revenue during the pandemic situation.     

Key Findings Of The Study

  • By financial service, the banking & capital segment led the Europe open banking market share, in terms of revenue in 2020.
  • On the basis of distribution channel, the distributors segment is expected to exhibit the fastest growth rate in the Europe open banking industry during the forecast period.
  • Country wise, UK generated the highest revenue in 2020 in the Europe open banking market analysis.  

The key players operating in the Europe open banking market  include Banco Bilbao Vizcaya Argentaria, S.A., Deposit Solutions, Finastra, Klarna Inc., Nordigen Solutions, Plaid Inc., Revolut Ltd., Tink (Visa Inc.), TrueLayer, Yapily Ltd. These players have adopted various strategies such as partnership, product launch, and collaborations to increase their market penetration and strengthen their position in the Europe open banking industry.

Need More Information

pr-det-talk Talk to David (Europe)

pr-det-talk Talk to Sona Padman (Americas)

5933 NE Win Sivers Drive #205,
Portland, OR 97220 United States

pr-det-phone Toll Free: +1-800-792-5285

pr-det-phone UK: +44-845-528-1300

pr-det-phone Hong Kong: +852-301-84916

pr-det-phone India (Pune): +91 2066346060

pr-det-phone Fax: +1(855) 550-5975

pr-det-phone help@alliedmarketresearch.com

 

For Media Inquiries, Please Contact

Allied Market Research
Contact Toll Free: +1-800-792-5285
Drop us an email at
media@alliedmarketresearch.com

Looking for Customization?

 Customization Request

Have a Question?

 Speak with Analyst

Any Confusion?

 Inquire Before Buying

Have a glance of the Report

  Request Free Sample
 
 

First time buyer?
Check offers and discount on this report
To get this report

Click Here
 
 

quote Europe Open Banking Market by Financial Service (Banking & Capital Markets, Payments, Digital Currencies, and Value-added Services) and Distribution Channel (Bank Channel, App Market, Distributors and Aggregators): Opportunity Analysis and Industry Forecast, 2021–2030 quote

View Report
 
 

Avenue: Entire Library membership of Allied Market Research Reports at your disposal

  • Avenue is an innovative subscription-based online report database.
  • Avail an online access to the entire library of syndicated reports on more than 2,000 niche industries and company profiles on more than 12,000 firms across 11 domains.
  • A cost-effective model tailored for entrepreneurs, investors, and students & researchers at universities.
  • Request customizations, suggest new reports, and avail analyst support as per your requirements.
  • Get an access to the library of reports at any time from any device and anywhere.

 
 

WHY ALLIED MARKET RESEARCH?

INFLALLIBLE METHODOLOGY

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

ANALYST SUPPORT

For complete satisfaction

CUSTOMIZATION

On-demand customization of scope of the report to exactly meet your needs

TARGETED MARKET VIEW

Targeted market view to provide pertinent information and save time of readers

 

Featured Readings

 
rep-img

Published Date Nov 2024

Alloys Market

Download Sample
rep-img

Published Date Nov 2024

Aerospace Sealants Market

Download Sample
rep-img

Published Date Nov 2024

Isotopes Market

Download Sample

Buy Full Version
"Europe Open Banking Market"
Purchase Enquiry

Get fresh content delivered

Get insights on topics that are crucial for your business. Stay abreast of your interest areas.

Get Industry Data Alerts

Why Allied Market Research?

Infallible Methodology

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

Analyst Support

For complete satisfaction

Customization

On-demand customization of the scope of the report to exactly meet your needs

TARGETED MARKET VIEW

Targeted market view to provide pertinent information and save the time of readers