The global open banking market size is expected to reach $63.22 Billion by 2028 growing at the CAGR of 23.05% from 2021 to 2028. This growth is attributed to several macro and micro economic factors such as
- Increase in the number of people using new wave apps and services
- Rise in customer engagement and attending banking customers need boost the growth of the open banking market
- Driver 3
Further several factors restraining the market growth include
- Increase in events of online fraud
- Data insecurity
Collaborations and Alliances in the open banking market is expected to generate higher avenues during the forecast period.
The COVID-19 pandemic has led to supply chain disruptions leading to supply shortages or lower demand in the open banking market. The travel restrictions and social-distancing measures have resulted in a sharp drop in consumer and business spending and this pattern is to continue for some time. The end-user trend and preferences have changed due to the pandemic and have resulted in manufacturers, developers, and service providers to adopt various strategies to stabilize the company.
In terms of COVID 19 impact, the open banking market report also includes following data points:
- Impact on open banking market size
- End User Trend, Preferences and Budget Impact
- Regulatory Framework/Government Policies
- Key Players Strategy to Tackle Negative Impact/Post-COVID Strategies
- Opportunity in Open Banking market
Key Insight in the report:
The global open banking market report covers executive summary, market dynamics, COVID impact & post COVID scenario, market size and forecast, competitive intelligence, market positioning, and product offerings.
Our report covers extensive competitive intelligence which include following data points:
- Business Overview
- Business Segment Data
- Financial Data
- Product Segment Analysis and Specification
- Recent Development and Company Strategy Analysis
- SWOT Analysis
The report covers market sizing and forecasting at the country level as well as at the segment level. Open banking market is analyzed across below-mentioned different segments:
- Financial Services
- Banking & Capital Markets
- Digital Currencies
- Value Added Services
- Distribution Channel
- Bank Channel
- App market
Open banking market is also analyzed across below-mentioned regions/countries:
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Rest of the World
- South America
- Middle East & Africa
Some of the key players in of open banking market include:
- Credit Agricole
- Figo GmbH
- Jack Henry & Associates, Inc.
- Mambu GmbH
- MineralTree Inc.
- NCR Corporation
- BBVA Open Platform Inc.
REPORT CONTENT BRIEF:
- High level analysis of the current and future market trends and opportunities
- Detailed analysis on current market drivers, restraining factors, and opportunities in the future
- Open banking market estimates for 2020 and forecast from 2021 to 2028
- Vendor market share analysis at each product level
- Competitor analysis with a detailed insight into its product segment, financial strength, and strategies adopted.
- Identifies key strategies adopted including product launches and developments, mergers and acquisitions, joint ventures, collaborations and partnerships as well as funding taken and investment done, among others.
- Suppliers and traders
- Government, associations, and industrial bodies
- Investors and trade experts
- Consulting Firms or Individual Consultant
- Anyone interested in understanding industry dynamic of Open banking market