IMARC Group, a leading market research company, has recently releases report titled “Open Banking Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global open banking market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How Big Is The Open Banking Market?
The global open banking market size reached US$ 21.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 67.8 Billion by 2028, exhibiting a growth rate (CAGR) of 20% during 2023-2028.
What are Open Banking?
Open banking comprises the practice of sharing monetary information electronically with independent or third-party financial service providers. The solution provides access to consumer banking data, such as payment history and transactions, from economic institutions using application programming interfaces (APIs). Open banking delivers a secure network to share monetary information between parties, making it easier for customers to compare the details of accounts and other services. In addition to this, this solution aids small businesses in saving time through online accounting and assists fraud detection companies in identifying problems and monitoring customer accounts. As a result, open banking offers new revenue streams, improved customer experience, and a sustainable service model.
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What Are The Growth Prospects And Trends In The Open Banking Industry?
The escalating demand for more flexible and worthy investment options and the extensive utilization of new-wave applications and services are among the primary factors driving the open banking market. Besides this, the increasing usage of the latest solutions that aid customers in attaining consolidated details of accounts from several financial service providers is further augmenting the market growth. Moreover, the growing popularity of open banking across the value chain of the economic industry, including businesses, Fintech companies, consumers, banks, and financial institutions to provide more relevant and customized product offerings, is also catalyzing the global market. Apart from this, the incorporation of big data analytics in this procedure to process, collect, and analyze structured and unstructured data is acting as another significant growth-inducing factor. Furthermore, the elevating requirement for artificial intelligence (AI) and the internet of things (IoT) to handle financial crime risk and control monetary objectives, funds, and data, is expected to bolster the open banking market in the coming years.
What Is Included In Market Segmentation?
The report has segmented the market into the 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
Market Breakup by Region:
- 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
Who Are The Key Players Operating In The Industry?
The report covers the major market players including:
- Acandis GmbH
- Asahi Intecc Co. Ltd.
- Imperative Care Inc.
- Integer Holdings Corporation
- Johnson & Johnson
- Medtronic plc
- MicroPort Scientific Corporation
- Penumbra Inc.
- Perflow Medical Ltd.
- Rapid Medical
- Stryker Corporation
- and Terumo Corporation.
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