The global open banking market size is expected to reach USD 128.12 billion by 2030, according to a new study by Polaris Market Research. The report “Open Banking Market Share, Size, Trends, Industry Analysis Report, By Financial services (Banking and capital markets, payments, digital currencies); By Distribution channels (Bank channels, App markets, Distributors, Aggregators); By Deployment type; By Region; Segment Forecast, 2022 – 2030” gives a detailed insight into current market dynamics and provides an analysis of future market growth.
The growing demand for the industry is growing due to the increasing use of online payment platforms. Furthermore, the emergence of the system with the ever-increasing demand for various payment methods, improved broadband access, introduction to new technologies, and the amount of time spent by the consumer on the e-commerce platform are some of the key factors driving demand for the industry.
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In addition, the growing awareness and benefits provided by the industry across developing economies such as India, Brazil, Mexico, South Korea, and China are likely to positively impact the demand for open banking over the coming years. In addition, increasing investments in digital banking are anticipated to provide many growth opportunities in this region.
The COVID-19 pandemic has created new opportunities for the open-banking industry due to consumer adoption and use of many applications and programming interfaces of open banking. The industry also gained momentum during the lockdown period due to technological breakthroughs.
Open Banking Market Report Highlights
- With the development of an AI-based platform for online transactions and providing customer solutions, bank and capital segment is expected to drive product demand.
- The app segment accounted for the highest revenue share in 2021 and is expected to continue its dominance owing to the high performance of various online platforms used for transactions as the convenience of the consumer with just a click.
- The cloud segment is expected to witness faster growth over the forecast period as it is used to provide vast consumer data and offers customizable solutions to the consumer. Due to its real-time solutions, it is expected to drive the industry.
- Asia Pacific is expected to grow at a CAGR over the forecast period on account of several expansions and investments for digital payments projects mandated by the government across developing nations in the region, such as India and China.
Polaris Market Research has segmented the Open Banking market report based on raw material, type, technology, end-use, and region:
Open Banking, Financial Services Outlook (Revenue – USD Billion, 2018 – 2030)
- Bank and capital
- Digital currencies
- Value added services
Open Banking, Distribution channels Outlook (Revenue – USD Billion, 2018 – 2030)
- Bank channels
- App markets
Open Banking, Deployment type Outlook (Revenue – USD Billion, 2018 – 2030)
Open Banking, Regional Outlook (Revenue – USD Billion, 2018 – 2030)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa