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
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)
Open Banking, Distribution channels Outlook (Revenue - USD Billion, 2018 - 2030)
Open Banking, Deployment type Outlook (Revenue - USD Billion, 2018 - 2030)
Open Banking, Regional Outlook (Revenue - USD Billion, 2018 - 2030)