The global open banking market revenue was around US$ 14.1 billion in 2021 and is estimated to reach US$ 123.9 billion by 2031, growing at a compound annual growth rate (CAGR) of 22.3% during the forecast period from 2022 to 2031.

Open banking is a financial service that allows for the electronic sharing of financial data. Additionally, application programming interfaces (APIs) are used by services to conduct a secure financial data transfer. The interchange of financial data between banks and other service providers.

Factors Influencing Market Growth

A surge in the usage of new wave services and apps, a rise in customer engagement and active banking customers' need fuels the market growth.

An increased level of collaboration between traditional banking and financial services providers is anticipated to create lucrative opportunities in the open banking services market.

An increase in cases of online fraud and data security may constrain market growth.


Study of the COVID-19 Pandemic

The COVID-19 pandemic had a significant impact on the market. The government enacted a lockdown raised the need for contactless payments, which led to an increase in the need for open banking on a global scale. numerous companies partnered with significant market participants to deliver advanced digital solutions and promote industry growth. This has turned into one of the key drivers of growth for the market throughout the global health crisis.

Regional Insights

Europe dominated the market. This is due to the expansion of open banking platforms and the requirement to boost online payment security. Furthermore, the government's directives for banks to compel the opening of APIs. Thus, these factors fuel the market in this region.

Leading Competitors
The leading competitors in the global open banking market are:
BBVA SA
Credit Agricole
Deposit Solutions
Finestra
Jack Henry & Associates Inc
Nordigen Solutions
Revolut Ltd
Societe Generale
Tink
Yapily Ltd
Others
Segmentation Analysis
The global open banking market segmentation focuses on Financial Services, Distribution Channel and Region.
Segmentation based on Financial Services
Banking & Capital Markets
Payments
Digital Currencies
Value Added Services
Segmentation based on Distribution Channel
Bank Channel
App market
Distributors
Aggregators
Segmentation based on Region
North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific

Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA

South America
Brazil
Argentina
Rest of South America