Press release -
Open Banking Market | Size & Share | 2021-2026
Open Banking Market Size By Type (Cloud, On-Premises, Hybrid), By Application (Banks, Fintechs, Retailers, Financial Institutions) Forecast 2020 To 2026
This Open Banking Market report additionally covers the effect of COVID-19 on the worldwide market. The pandemic brought about by Coronavirus (COVID-19) has influenced each part of life all inclusive, including the business segment. This has brought along a several changes in economic situations.
"Open Banking Market is valued at USD 7,294.1 Million in 2018 and expected to reach USD 33,629.0 Million by 2025 with the CAGR of 24.4% over the forecast period"
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Factors such as increasing number of people using new wave apps and services, rising customer engagement and attending banking customers need and rise in advantages of an open banking platform are some of the major factors driving the growth of the market
Key Players for Open Banking: Globally Manufacturers such as Barclays, Royal Bank of Scotland Group, Wells Fargo, Nationwide Building Society, Capital One Citigroup, Banco Santander, Lloyds Banking Group, DBS Bank, BBVA, HSBC Bank plc and many others are contributing in the market growth.
The open banking is nothing but the practice of sharing financial information electronically, very securely and under the conditions that approved by customers. The third-party financial service with this open banking providers have open access to consumer banking, transaction and other financial data from banks and non-banks financial institutions. This access is with the use of application programming interfaces (APIs). It will allow the networking of accounts and data across institutions for use by consumers, third-party service providers and financial institutions. It is becoming a major source of innovation that poised to reshape the banking industry. These third-party providers APIs can use the customer’s shared data and data about the customer’s financial counterparties.
Global Open Banking Market Segmentation:–
By Type: Cloud, On-premises, Hybrid
By Application: Banks, Fintechs, Retailers, Financial Institutions
Regional & Country Analysis
North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy , Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of Middle East and Africa
Better Overall Customer Engagement with Open Banking APIs and Growing Number of People Using New Wave Apps and Services are Some of the Major Factors Driving Market Growth.
Users of open banking-enabled products now exceeds due to the uptake of products powered by open banking that give users more bespoke, personalized tailored financial services products than ever before According to Fintech in India-Powering mobile payments, Digital payment transaction turnover as a percentage of the Gross Domestic Product (GDP) increased from 7.14% in 2016 to 8.42% in 2018. Payments segment is driving the open banking market growth this is due to surge in use of online platforms for making payments and this is one of the key factors for driving the market growth. In addition, rising customer’s engagement and attending banking customers need are also fueling the market growth. Furthermore, growing number of advantages of a banking platforms which makes it more beneficial to all stakeholders in the financial services industry are also supplementing the market growth. However, rising number of cases of online fraud and data insecurity may hamper market growth within the forecast period. In spite of that, significant increasing number of more innovative service offerings may provide an opportunity for the further growth of the market.
North America is Expected to Dominate the Global Open Banking Market- Geographically, North America region is expected to dominate the global open banking market due to the region has banking institutions making aggressive investments in developing APIs. Also the region has quick adoption of advanced technologies and presence of majority key players. Asia Pacific region is expected to witness a fastest growth in the global open banking market owing to the surge in number of banks investing in open application programming interface (APIs) management platforms in this region.
Table of Content
Chapter 1, to describe Definition, Specifications and Classification of Open Banking, Applications of Open Banking, Market Segment by Regions;
Chapter 2, to analyze the Manufacturing Cost Structure, Raw Material and Suppliers, Manufacturing Process, Industry Chain Structure;
Chapter 3, to display the Technical Data and Manufacturing Plants Analysis of Open Banking, Capacity and Commercial Production Date, Manufacturing Plants Distribution, R&D Status and Technology Source, Raw Materials Sources Analysis;
Chapter 4, to show the Overall Market Analysis, Capacity Analysis (Company Segment), Sales Analysis (Company Segment), Sales Price Analysis (Company Segment);
Chapter 5 and 6, to show the Regional Market Analysis that includes United States, China, European Union & Rest of World (Japan, Korea, India and Southeast Asia), Open Banking Segment Market Analysis (by Type);
Chapter 7 and 8, to analyze the Open Banking Segment Market Analysis (by Application) Major Manufacturers Analysis of Open Banking;
Chapter 9, Market Trend Analysis, Regional Market Trend, Market Trend by Product Type [, Lignite, Sub-Bituminous, Bituminous & Anthracite], Market Trend by Application [Power, Iron & Steel & Cement];
Chapter 10, Regional Marketing Type Analysis, International Trade Type Analysis, Supply Chain Analysis;
Chapter 11, to analyze the Consumers Analysis of Open Banking;
Chapter 12, to describe Open Banking Research Findings and Conclusion, Appendix, methodology and data source;
Chapter 13, 14 and 15, to describe Open Banking sales channel, distributors, traders, dealers, Research Findings and Conclusion, appendix and data source.
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