The open banking market‘s revenue is anticipated to increase by US$19.6 billion in 2022. The open banking industry is anticipated to develop at a CAGR of 23.2% from 2022 to 2032, reaching US$ 158.6 billion.
According to FMI, the open banking industry is growing as a result of the growth in the usage of online payment systems. The market is transforming as a result of the shifting payment ecosystem, expanding use of e-commerce platforms, better broadband availability, and rising application programming interface adoption.
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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)
Table of Content
1. Executive Summary | Open Banking Market
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Product Innovation / Development Trends
4. Pricing Analysis
4.1. Platforms, Pricing Models
4.2. Global Average Pricing Analysis Benchmark
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