Open Banking Market size accounted for $9074.98 Million in 2022, and is expected to reach $52048.58 Million by 2030 registering a CAGR of 24.4%.
On the basis of financial services, distribution channel, and geography, the worldwide open banking market is investigated. The market is separated into bank and capital markets, payments, digital currencies, and other financial services. Bank channels, app markets, distributors, and aggregators are the several types of distribution channels. North America (the United States, Canada, and Mexico), Europe (the United Kingdom, Germany, the Netherlands, Spain, and the rest of Europe), Asia-Pacific, and Latin America are all covered in depth (China, Singapore, Australia, Hong Kong, and Rest of Asia-Pacific & LATAM).
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Open banking is a service that allows for the digital transfer of data relating to a customer’s bank account. Information is sent between banks and third-party organisations. Furthermore, third-party providers use this account-related financial information to build applications and services that are given to customers. Furthermore, analysing this data enables the development of more advanced and customised apps targeted at improving the client experience with financial services. Furthermore, banking and capital markets, payments, digital currencies, and value added services are some of the open banking financial services available on the market.
Global Open Banking Market- Segment Analysis
Based on Service
- Transactional Services
- Communicative Services
- Information Services
Based on Financial Services
- Digital Currencies
- Payments
- Banking and Capital Markets
- Value Added Services
Based on Distribution Channel
- Bank Channel
- App Market
- Distributors
- Aggregators
Based on Deployment Type
- On-cloud
- On-premises
- Hybrid
Geographical analysis
The market is segmented into three major regions as follows; North America, Europe, Asia-pacific. Where in North America holds the largest market share and is expected to continue this trend, amid the 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.
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Key Questions Answered in This Report
- What is the size of this market?
- What is the expected growth rate of this market?
- What are the key factors driving the global Open Banking market?
- What has been the impact of COVID-19 on this market?
- What is the breakup of this market based on the type?
- What is the breakup of this market based on the application?
- What is the breakup of this market based on the end-use sector?
- What are the key regions in this market?
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