The open banking market is expected to grow at a high compound annual growth rate of 39% between 2019 and 2021

Global Open Banking Market Report 2022: Market Size, Trends and Forecast to 2026

Global Business Research Company Open Banking Market Report 2022: Market Size, Trends and Forecast to 2026

LONDON, GREATER LONDON, UK, October 28, 2022 / — This new market is growing at breakneck speed, with strong growth expected to continue from 2021 to 2031 (CAGR of 24.6%)

Open Banking is an exciting new emerging market sector. Market data for the sector dates back only to 2019, when the distinctive importance of the market and concomitant increase in revenue was recognized globally by collectors of government statistics and reporting business institutions.

Incredibly, the worldwide revenues of the Open banking market have grown from $7.8 billion in 2019 to $19.5 billion in 2022 – and global revenues are expected to reach a staggering $136.2 billion by 2031.

The table opposite illustrates the extent of global growth between 2019 and 2022:
The market has seen overall growth of 36% in the three years to 2022, with Western Europe holding the largest market (24%), followed by North America and Asia-Pacific, each with 24% of the market.

The strongest growth came from smaller markets, with Eastern Europe (CAGR 59%), Africa (CAGR 80%) and the newest market entrant, the Middle East (CAGR 81%) , each with a market share of 8%, 4% and 7%, respectively.

Going forward, North America is expected to take the top spot, with a 29% share by 2026 and a 32% share by 2031, just ahead of Asia-Pacific at 30%. Western Europe’s market share has declined sharply and is expected to continue to decline from its leading position in 2019, with a 46% share, to just 19% (third place) by 2031.

At the level of the top ten countries, the United States occupies a dominant position with a market share of 24% and £3.65 billion in revenue in 2021. The United Kingdom (9.5%) and China ( 9.3%) grabbed second place, with China showing the fastest growth since 2016 and the UK experiencing the slowest growth over the same period.

Open banking refers to a system that provides third parties with access to financial data through the use of application programming interfaces (APIs). The open banking market is the sale of open banking services that are used to unite banks, third parties and technology providers to easily and securely exchange data for the benefit of their consumers. Open banking is a system that allows the bank to develop better personal finance management application programs for third parties to offer new services to their customers. Open banking gives incumbent banks the ability to partner with fintechs rather than compete with them. Open banking also has the ability to transform the way banks interact not only with fintechs and each other, but also with consumers. The system is designed to improve the financial experiences of customers around the world through fast and secure transactions. Open banking has the potential to increase revenue streams while expanding the customer base of financial institutions. It can also create revenue-sharing ecosystems, where incumbents give customers access to services developed by third parties while benefiting from a subscription or referral.

The open banking market is segmented into two types:
• Transactional services – online transaction services performed by customers on third-party platforms, provided by a professional services company. The transactional services market consists of the sale of open banking services that are used to enable secure interoperability in the banking industry by allowing third-party payment services and other financial service providers to access banking transactions and services. other data from banks and financial institutions.
• Communication and Information Services – refers to the communication methods used by businesses to quickly and securely transmit consumer information from one financial institution to another. These services allow banks and third parties to use software to communicate with customers to resolve their queries. Open banking uses insights APIs, giving third-party providers the ability to provide customers with a 360° view of their finances across all of their accounts.

The main market players are:
• Capital 1
• HSBC Bank plc
• Banco Bilbao Vizcaya Argentaria S.A.
• NatWest Group plc
• DBS Bank
• Barclays
• Lloyds banking group
• Citigroup
• Banco Santander S.A.
• Agricultural credit
• NCR Corporation
• DemystData
• Figo GmbH
• Finastra
• Jack Henry & Associates Inc.
• MineralTree Inc.

According to data on the Global market model
The Open Banking Market Report is part of a series of new reports from The Business Research Company that provide Open Banking market overviews, analysis and forecasts of Open Banking market size and share, market players of open banking, segments and geographies of the open banking market, revenue, profiles of key market competitors and market shares.

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Global Digital Payments Market Report 2022 – Global Market Size, Trends and Forecast 2022-2026

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