Worldwide Open Banking Market Size to Hit $43.15 Billion by 2026 | 24.4% CAGR

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Potential benefits of open banking, favorable government regulations, improved overall customer engagement with open banking APIs, and surge in adoption of new applications and services have boosted the growth of the global open banking market.

Major determinants of the market

Potential benefits of open banking, favorable government regulations, improved overall customer engagement with open banking APIs, and surge in adoption of new applications and services have boosted the growth of the global open banking market. However, lack of awareness around open banking, data security, and managing threats related to security hampers the market growth. On the contrary, increase in collaborations between banks and Fintech firms is expected to create new opportunities for the market players in the coming years.

Allied Market Research recently published a report, "Open Banking Market by Financial Services (Banking and Capital Markets, Payments, Digital Currencies, and Value Added Services) and Distribution Channel (Bank Channel, App market, Distributors, and Aggregators): Global Opportunity Analysis and Industry Forecast, 2019–2026". According to the report, the global open banking market was pegged at $7.29 billion in 2018, and is expected to reach $43.15 billion by 2026, growing at a CAGR of 24.4% from 2019 to 2026.

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The global open banking market is highly competitive and the prominent players in the market have adopted various strategies to garner maximum market share. These include collaboration, product launch, partnership, and acquisition. Major players operating in the market include BBVA Open Platform Inc., Credit Agricole, DemystData, Figo GmbH, Finastra, FormFree, Jack Henry & Associates, Inc., Mambu GmbH, MineralTree Inc., and NCR Corporation.

Key Benefits for Stakeholders:

This report entails a detailed quantitative analysis along with the current global open banking market trends from 2018 to 2026 to identify the prevailing opportunities along with the strategic assessment.
The open banking market forecast is studied from 2019 to 2026.
The market size and estimations are based on a comprehensive analysis of key developments in the open banking industry.
A qualitative analysis based on innovative products facilitates strategic business planning.
The development strategies adopted by the key market players are enlisted to understand the competitive scenario of the market

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The distributors segment to portray highest CAGR through 2026

By distribution channel, the distributors segment is expected to manifest the highest CAGR of 27.0% during the forecast period, owing to rise in awareness related to adoption of the role of a distributor among banks and surge in efforts taken by banks to extend their digital market presence by distributing third party services. However, the app market held the largest share in 2018, contributing to more than two-fifths of the global open banking market, due to surge in adoption of smartphones across the globe and increase in awareness regarding use of banking apps.

The banking and capital markets segment dominated the market

By financial services, the banking and capital market segment held the largest share in 2018, accounting for more than half of the global open banking market, due to surge in adoption of open banking services in capital markets. However, the payments segment is expected to manifest the highest CAGR of 27.3% during the forecast period, owing to surge in use of banking platforms to make payments such as debit cards, credit cards, online payments, and others.

Get detailed COVID-19 impact analysis on the Open Banking Market: https://www.alliedmarketresearch.com/request-for-customization/3840?reqfor=covid

North America to manifest the fastest growth

The global open banking market across North America is expected to register the highest CAGR of 26.5% during the forecast period, due to quick adoption of advanced technologies and presence of the majority of key players that work toward the availability of open banking services in the region. However, the market across Europe held the largest share in 2018, accounting for more than two-thirds of the market, owing to government directives for the banks to mandatorily open APIs.

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