The Open Banking Market is poised for remarkable growth, with estimated revenue reaching US$ 19.6 Billion in 2022. This exponential rise is projected to continue, propelling the market to a staggering US$ 158.6 Billion by 2032, reflecting a robust compound annual growth rate (CAGR) of 23.2% from 2022 to 2032.
The expansion of internet payment systems is fueling the open banking industry, according to FMI. The shifting payment ecosystem, more usage of application programming interfaces, increased reliance on e-commerce platforms, and improved broadband connectivity are all having an impact on the market.
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Online services like PayPal, Zelle, and Venmo use APIs, which are similar to payment gateways and are normally used for open banking transactions, to manage recurring invoicing. As a result, it is projected that the open banking sector would grow over the next few years.
Due to the escalating level of market rivalry, many banks and financial institutions are under pressure to increase and improve their product offerings. Many banks are developing new mobile applications, providing straightforward investment choices, and transferring their services online. As a result of the growing use of online payment platforms, the sector is growing.
Key Takeaways: Open Banking Market
- By services, the banking and capital markets segment is anticipated to account for the leading share in the global demand for open banking in 2022. Moreover, the digital currencies segment is estimated to grow at a CAGR of 5% through 2032.
- By deployment mode, the cloud segment is expected to grow at the highest CAGR of 7% between 2022 & 2032
- By distribution channel, the distributor’s segment is anticipated to grow at a CAGR of 8% between 2022 & 2032.
- South Asia and the Pacific are expected to progress at the highest CAGR of around 5% followed by East Asia in 2032.
- The market in Japan is expected to progress at a CAGR of around 9% through 2032.
- In India, sales are expected to grow at a CAGR of close to 1% over the next ten years.
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Open Banking offers features such as it provides Quicker Access to Credit and Financing Procedures this factor is Driving the Market Growth
One of the major advantages offered by open banking is that it provides a diversity of credit services to which customers can apply. By utilizing open banking, companies that provide loans will offer credit offers much quicker, helping customers get the money they require at the right time they need it.
Many companies are utilizing open banking systems to develop their models and grow the amount of credit they provide to customers almost instantly. But it’s not only for traditional credit models, as these models support to assist and develop new products. Thus, the benefits offered by open banking are expected to drive the market demand.
More Valuable Insights on Open Banking Market
Future Market Insight’s report on open banking research is segmented into four major sections – services (banking and capital markets, payments, digital currencies, and value-added services), deployment mode (cloud, and on-premises), and distribution channel (bank channels, apps market, distributors, and aggregators), and region (North America, Latin America, Europe, East Asia, South Asia & Pacific, and the Middle East & Africa), to help readers understand and evaluate lucrative opportunities in the open banking outlook.
Open Banking Market Outlook By Category
By Services, Open Banking Market is segmented as:
- Banking and Capital Markets
- Payments
- Digital Currencies
- Value Added Services
By Deployment Mode, Open Banking Market is segmented as:
- Cloud
- On-Premises
By Distribution Channel, Open Banking Market is segmented as:
- Bank Channels
- Apps Market
- Distributors
- Aggregators
By Region, Open Banking Market Sales are segmented as:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
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Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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