Unveiling the Future: Open Banking Market to 22.31 billion in 2023, Forecast by 2030, Featuring a CAGR of 25.47% – MarkNtel Advisors
Feb 12, 2024
Market Overview: Open Banking Market
MarkNtel Advisors, leading consulting, data analytics, and market research firm that provides an extensive range of strategic reports on diverse industry verticals. Recently published a report on Open Banking Market and provide your business with the latest market trends and analysis from our reports to make informed decisions and stay ahead of the competition.
Open Banking Market Insights 2024-30
The Global Open Banking Market size was valued at around 22.31 billion in 2023 & is estimated to grow at a CAGR of around 25.47% during the forecast period 2024-30.
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Driving Innovation: Exploring the Open Banking Market and its Key Drivers
Global Open Banking Market Driver: Surging Government Support to Augment the Market Growth
In an era of globalization, governments worldwide recognize the significance of fostering connections between their financial institutions & consumers and their international counterparts. This has led countries like the UK, Mexico, and the US to actively endorse the adoption of open banking services, simplifying cross-border financial transactions & enriching global trade relationships. Moreover, over the past decade, North American and European nations have taken a proactive stance in democratizing access to financial products & services.
Notably, the European Banking Authority introduced the Payment Services Directive Two (PSD2) in 2015, formally inaugurating the era of open banking. Subsequently, the UK’s Competition and Markets Authority (CMA) issued progressive guidelines mandating banks to embrace open banking practices by 2018. These regulatory mandates compel banks to open up their closely held financial data to third-party providers, an initiative that has encouraged a growing number of entities to participate, further driving the Global Open Banking Market.
Top Players in the Open Banking Market:
Finleap, Revolut Ltd., Tink AB, Salesforce Inc., Worldline S.A., Tata Consultancy Services Limited, Capgemini, Oracle, Finicity (Mastercard), Jack Henry & Associates, Inc., Finastra, Global Payments, Virtusa Corp, Plaid Inc, etc.,
Open Banking Industry Recent Development:
- 2022: Tink AB revealed the extension of its open banking payment services to five additional markets across Europe. The company’s Payment Initiation Services (PIS) product is now operational in the Netherlands, Norway, Estonia, Finland, and Lithuania.
- 2022: Worldline S.A. established a strategic commercial partnership with Neonomics to enhance its open banking services throughout Europe. Leveraging Neonomics, Worldline is set to broaden its coverage for account-to-account payments and data aggregation to include the Nordic region, encompassing Norway, Sweden, Denmark, and Finland.
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Segmentation Analysis of Open Banking Market
Open Banking Market exactly assesses and highlights significant trends and influencing factors within each segment. The comprehensive analysis extends its predictions for the period spanning 2024-30, focusing on the national landscape. The market is exactly categorized based on this analysis, providing valuable insights into its various facets.
–Aggregation & Financial Management
–Credit Risk Decisioning
–Origination & Onboarding
–Value Added Services
By Distribution Channel
- Cloud-based deployment has showcased a steady growth rate by financial institutions across the globe.
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A Comprehensive Geographical Analysis:
-The Middle East & Africa
- Europe has positioned itself as a frontrunner in the Global Open Banking Market propelled by key elements such as API standardization, diverse national standards, robust landscapes in non-retail payments, and the influential presence of mobile payment systems associations.
Why Choose Us?
MarkNtel Advisors is a leading consulting, data analytics, and market research firm that provides an extensive range of strategic reports on diverse industry verticals. We being a qualitative & quantitative research company, strive to deliver data to a substantial & varied client base, including multinational corporations, financial institutions, governments, and individuals, among others.
We have our existence across the market for many years and have conducted multi-industry research across 80+ countries, spreading our reach across numerous regions like America, Asia-Pacific, Europe, the Middle East & Africa, etc., and many countries across the regional scale, namely, the US, India, the Netherlands, Saudi Arabia, the UAE, Brazil, and several others.
Being one of the most efficient market research companies in India, our specialized team of experienced & efficient market research professionals is capable of grasping every minute and valuable information & data of the market to offer our clients with satisfactory details. Our company has served the biggest market research firms in India at leading positions and is proficient in managing all types of market research projects.
MarkNtel Advisors is a leading market research company, consulting, & data analytics firm that provides an extensive range of strategic reports on diverse industry verticals. We deliver data to a substantial & varied client base, including multinational corporations, financial institutions, governments, & individuals, among others.
Our specialization in niche industries & emerging geographies allows our clients to formulate their strategies in a much more informed way and entail parameters like Go-to-Market (GTM), product development, feasibility analysis, project scoping, market segmentation, competitive benchmarking, market sizing & forecasting, & trend analysis, among others, for 15 diverse industrial verticals.
Call: +1 628 895 8081, +91 120 4278433
Visit to know more: www.marknteladvisors.com
Reach us: Call: +1 628 895 8081, +91 120 4278433 Email: firstname.lastname@example.org Visit to know more: www.marknteladvisors.com
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