Open Banking Market Set to Revolutionize Financial Services,

Open Banking Market

Through APIs, open banking allows third-party financial service providers to get access to bank and non-bank financial institutions’ transactions and other financial data. Open banking has numerous benefits, including improved experience, more controlled and safe financial data, and better access to a greater choice of financial services. These benefits are mainly responsible for the global open banking market growth throughout the projection period. The evolving payment environment and the growing use of APIs are encouraging market expansion.

Open Banking Market size was valued at USD 20.5 Billion in 2023 and is poised to grow from USD 25.99 Billion in 2024 to USD 173.21 Billion by 2032, growing at a CAGR of 26.8% during the forecast period (2025-2032).

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For instance, more than 87% of American consumers use open banking to connect their financial accounts with third parties, according to Visa’s Open Banking Consumer Survey, which was conducted in April 2022. However, only 34% of American customers know that open banking is what makes such services possible. The industry is also projected to grow based on improved broadband connectivity and growing internet penetration, which will push the market upward throughout the forecast period. The growing adoption of open banking is expected in the industry based on fast digitalization and a growing adoption of technologies such as big data analytics, machine learning, and artificial intelligence globally. It will attract more clients by improving the user experience and customizing services using big data analytics. APIs’ increased security is another main reason that propels the growth of the market. In addition, the growth in global e-commerce and online buying trends supports the industry’s growth.

Market Segmentation:

Global Open Banking Market is segmented by Offering, by Deployment, by Digital Channel, by application, by End User and by Region. Based on Offering, the market is segmented into Solutions, Services. Based on Deployment, the market is segmented into Cloud, On-premise. Based on Digital Channel, the market is segmented into Web Portals, Mobile Apps. Based on application, the market is segmented into Payment, Banking, Digital Lending, Wealth Management, Other. Based on End User, the market is segmented into Central Banks, Retail & Commercials Banks, Investment Banks, Insurance Companies, Credit Unions, Mortgage/Loan Providers, Wealth Management Firms, Fintechs, Payment Service Providers. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.

Open Banking Market Key Players:

Plaid
Tink (Visa)
Yodlee (Envestnet)
TrueLayer
Figo
SaltEdge
Token.io
Mambu
W.UP (Finastra)
OpenWrks
MX
Finicity (Mastercard)
Form3
Nordic API Gateway (Mastercard)
Meniga
BBVA Open…