Open Banking Market Growth and Development Insight - Size, Share, Growth, and Industry Analysis - MarkNtel Advisors

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 According to Markntel Advisors Report, Open Banking Market is expected to grow at a significant growth rate, and the analysis period is 2024-2030, considering the base year as 2023. Consistent monitoring and evaluating of market dynamics to stay informed and adapt your strategies accordingly. As a market research and consulting firm, we offer market research reports that focus on major parameters including Target Market Identification, Customer Needs and Preferences, Thorough Competitor Analysis, Market Size & Market Analysis, and other major factors. At the end, we do provide meaningful insights and actionable recommendations that inform decision-making and strategy development.

Open Banking is a system that enables external financial services to securely retrieve and utilize information from a user's bank account. This sharing of data is facilitated through standardized interfaces, or APIs, which ensure a secure and controlled exchange of information between banks and authorized third-party providers. This practice is designed to promote innovation, competition, and the development of new financial services by allowing external entities to build upon the existing infrastructure and offer more tailored and innovative solutions to consumers.

 

Global Open Banking Market Research Report & Summary:

The Global Open Banking Market size was valued at around USD 22.31 billion in 2023 and is estimated to grow at a CAGR of about 25.47% during the forecast period, i.e., 2024-30.         

Time Period Captured in the Report:

·         Historical Years: 2019-22

·         Base Years: 2023

·         Forecast Years: 2024-2030

Who are the Key Players Operating in the Open Banking Market?

The top companies of the Open Banking Market ruling the industry are: 

Finleap, Revolut Ltd., Tink AB, Salesforce Inc., Worldline S.A., Tata Consultancy Services Limited, Capgemini, Oracle, Finicity (Mastercard), Jack Henry & Associates, Inc., Finastra, Global Payments, Virtusa Corp, Plaid Inc, etc.,

✅In case you missed it, we are currently revising our reports. Click on the below to get the latest research data with forecast for years 2025 to 2030, including market size, industry trends, and competitive analysis. It wouldn’t take long for the team to deliver the most recent version of the report. 

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Open Banking Industry Recent Development:

·         2022: Tink AB revealed the extension of its open banking payment services to five additional markets across Europe. The company's Payment Initiation Services (PIS) product is now operational in the Netherlands, Norway, Estonia, Finland, and Lithuania.

The Open Banking Market explores the industry by emphasizing the growth parameters and categorizes including geographical segmentation, to offer a comprehensive understanding of the market dynamic.  The further bifurcations are as follows:

-By Service

-Retail Banking

-Aggregation & Financial Management - Market Size & Forecast 2019-2030F, USD Million

-Credit Risk Decisioning- Market Size & Forecast 2019-2030F, USD Million

-Payments- Market Size & Forecast 2019-2030F, USD Million

-Origination & Onboarding- Market Size & Forecast 2019-2030F, USD Million

-Others

-Corporate Banking

-Corporate Treasury- Market Size & Forecast 2019-2030F, USD Million

-Financial Management- Market Size & Forecast 2019-2030F, USD Million

-Credit Decisioning- Market Size & Forecast 2019-2030F, USD Million

-Payments- Market Size & Forecast 2019-2030F, USD Million

-Value Added Services- Market Size & Forecast 2019-2030F, USD Million

-Others

-Capital Markets

-Others

-By Distribution Channel

-Bank Channel- Market Size & Forecast 2019-2030F, USD Million

-App Market- Market Size & Forecast 2019-2030F, USD Million

-Distributors- Market Size & Forecast 2019-2030F, USD Million

-Aggregators- Market Size & Forecast 2019-2030F, USD Million

-By Deployment

-On-premise- Market Size & Forecast 2019-2030F, USD Million

-Cloud- Market Size & Forecast 2019-2030F, USD Million

-Hybrid- Market Size & Forecast 2019-2030F, USD Million

-By Region

-North America

-South America

-Europe

-The Middle East & Africa

-Asia-Pacific

Access The Full report: https://www.marknteladvisors.com/research-library/open-banking-market.html

Market Dynamics -Global Open Banking Market:

Surging Government Support to Augment the Market Growth – In an era of globalization, governments worldwide recognize the significance of fostering connections between their financial institutions & consumers and their international counterparts. This has led countries like the UK, Mexico, and the US to actively endorse the adoption of open banking services, simplifying cross-border financial transactions & enriching global trade relationships. Moreover, over the past decade, North American and European nations have taken a proactive stance in democratizing access to financial products & services.

Notably, the European Banking Authority introduced the Payment Services Directive Two (PSD2) in 2015, formally inaugurating the era of open banking. Subsequently, the UK's Competition and Markets Authority (CMA) issued progressive guidelines mandating banks to embrace open banking practices by 2018. These regulatory mandates compel banks to open up their closely held financial data to third-party providers, an initiative that has encouraged a growing number of entities to participate, further driving the Global Open Banking Market.

Need personalized insights? Click here to customize this report- https://www.marknteladvisors.com/query/request-customization/open-banking-market.html

Why Markntel Advisor Report?

MarkNtel Advisors is a leading consulting, data analytics, and market research firm that provides an extensive range of strategic reports on diverse industry verticals. We being a qualitative & quantitative research company, strive to deliver data to a substantial & varied client base, including multinational corporations, financial institutions, governments, and individuals, among others.

We have our existence across the market for many years and have conducted multi-industry research across 80+ countries, spreading our reach across numerous regions like America, Asia-Pacific, Europe, the Middle East & Africa, etc., and many countries across the regional scale, namely, the US, India, the Netherlands, Saudi Arabia, the UAE, Brazil, and several others.

For Further Queries:

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