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Open Banking Market Report 2022 & Forecast Till 2027

The global Open Banking Market size reached US$ 16.35 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 56.36 Billion by 2027 exhibiting a CAGR of 21.50% during 2022-2027.

Covid-19 Impact:

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

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Industry Definition and Application:

Open banking usually involves the practice of sharing financial information electronically with third-party or independent financial service providers. The solution provides access to consumer banking information, including transactions and payment history, from financial institutions using application programming interfaces (APIs).

The technology delivers a secure network to share financial information between parties, thereby making it easier for consumers to compare the details of accounts and other banking services. In addition to this, open banking aids small businesses in saving time via online accounting and assists fraud detection companies in monitoring customer accounts and identifying problems. It also offers improved customer experience, new revenue streams, a sustainable service model, etc.

Open Banking Market Trends and Drivers: 

The increasing need for more flexible and worthy investment options is primarily augmenting the open banking market. Furthermore, the widespread adoption of new-wave applications and services is acting as another significant growth-inducing factor. Apart from this, they help consumers to attain consolidated details of accounts from various financial service providers, which is positively influencing the global market.

Moreover, the rising utilization of artificial intelligence (AI) and the Internet of Things (IoT) to manage financial crime risk and control financial objectives, funds, data, etc., and the implementation of stringent regulations by government bodies to mandatorily open APIs, are also bolstering the market growth. Besides this, the escalating demand for these solutions across the value chain of the financial services sector, such as consumers, businesses, Fintech companies, banks, financial institutions, etc., to provide more customized and relevant product offerings to customers is expected to fuel the open banking market in the coming years.

Open Banking Market Report Scope
Report Coverage Details
Market size value in 2021 US$ 16.35 Billion
Market forecast in 2027 US$ 56.36 Billion
Growth Rate CAGR of 21.50% from 2022 to 2027
Base year for estimation 2021
Historical data 2016-2021
Forecast period 2022-2027
Report coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments covered Services, Deployment And Distribution Channel
Regional scope United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Key companies profiled Banco Bilbao Vizcaya Argentaria S.A., Clarity Group Inc., Credit Agricole (SAS Rue La Boétie), Finastra (Misys International Limited), Finleap connect, Jack Henry & Associates Inc, Mambu, NCR Corporation, Nordigen Solution, Revolut Ltd, Riskonnect Inc. and Societe Generale
Market Dynamics Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for forecast period,
Customization purview If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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Report Segmentation:

The report has been segmented the market into following categories:

Breakup by Services:

  • Banking and Capital Markets
  • Payments
  • Digital Currencies
  • Value Added Services

Breakup by Deployment:

  • Cloud-based
  • On-premises

Breakup by Distribution Channel:

  • Bank Channels
  • App Markets
  • Distributors
  • Aggregators

By Geography:

  • North America
    • United States
    • Canada
  • Asia-Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Indonesia
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Italy
    • Spain
    • Russia
    • Others
  • Latin America
    • Brazil
    • Mexico
    • Others
  • Middle East and Africa

List of Major Key Players:

The major players in the market are Banco Bilbao Vizcaya Argentaria S.A., Clarity Group Inc., Credit Agricole (SAS Rue La Boétie), Finastra (Misys International Limited), Finleap connect, Jack Henry & Associates Inc, Mambu, NCR Corporation, Nordigen Solution, Revolut Ltd, Riskonnect Inc. and Societe Generale.

Key highlights of the report:

  • Market Performance (2016-2021)
  • Market Outlook (2022- 2027)
  • Porter’s Five Forces Analysis
  • Market Drivers and Success Factors
  • SWOT Analysis
  • Value Chain
  • Comprehensive Mapping of the Competitive Landscape
    If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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