Global Open Banking Market Opportunities and Strategies Report 2023: Sector is Expected to Reach $136 Billion in 2031 at a CAGR of 23%

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Apr 28, 2023, 17:45 ET

DUBLIN, April 28, 2023 /PRNewswire/ -- The "Open Banking Global Market Opportunities And Strategies To 2031" report has been added to ResearchAndMarkets.com's offering.

This report provides strategists; marketers and senior management with the critical information they need to assess the global open banking market as it emerges from the COVID-19 shut down.

The global open banking market reached a value of nearly $15,111.61 million in 2021, having grown at a compound annual growth rate (CAGR) of 36.42% since 2018. The market is expected to grow from $15,111.61 million in 2021 to $19,458.39 million at a rate of 26.1%. The market is then expected to grow at a CAGR of 23.134% from 2026 and reach $136,153.63 million in 2031.

Companies Mentioned

Banco Santander S.A
BBVA SA
Credit Agricole
HSBC Bank plc.
Citigroup

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Growth in the historic period resulted from increasing demand for fast and real-time fund transfer, rising use of digital banking services, strong economic growth in emerging markets and government initiatives. The market was restrained by rising cybercrime risk and stringent regulations.

Going forward, a surge in usage of online platforms, rising urbanization, an increase in younger generations, an increase in mergers and acquisitions and increasing adoption of financial technology for payment will drive market growth. Factors that could hinder the growth of the open banking market in the future include rising interest rates.

The open banking market is segmented by service type into transactional services, communicative and informative services. The transactional services market was the largest segment of the open banking market segmented by service type, accounting for 68.80% of the total in 2021. Going forward, the communicative and informative services segment is expected to be the fastest growing segment in the open banking market segmented by service type, at a CAGR of 26.58% during 2021-2026.

The open banking market is segmented by distribution channel into bank channels, app market, distributors, and aggregators. The app market was the largest segment of the open banking market segmented by distribution channel, accounting for 38.6% of the total in 2021. Going forward, the app market segment is expected to be the fastest growing segment in the open banking market segmented by distribution channel, at a CAGR of 30.7% during 2021-2026.

The open banking market is segmented by financial services into bank and capital markets, payments, digital currencies, value added services. The payments market was the largest segment of the open banking market segmented by financial services, accounting for 44.7% of the total in 2021. Going forward, the payments segment is expected to be the fastest growing segment in the open banking market segmented by financial services, at a CAGR of 34.6% during 2021-2026.

The open banking market is segmented by deployment type into cloud, on-premises, hybrid. The on-premises market was the largest segment of the open banking market segmented by deployment type, accounting for 53.2% of the total in 2021. Going forward, the cloud segment is expected to be the fastest growing segment in the open banking market segmented by deployment type, at a CAGR of 28.7% during 2021-2026.

Western Europe was the largest region in the open banking market, accounting for 33.5% of the total in 2021. It was followed by North America, and then the other regions. Going forward, the fastest-growing regions in the open banking market will be Africa, and, Middle East where growth will be at CAGRs of 34.8% and 31.3% respectively. These will be followed by Eastern America, and, North America where the markets are expected to grow at CAGRs of 30.4% and 29.9% respectively.

The global open banking market is consolidated with small number of large players dominating the market. The top ten competitors in the market made up to 28.55% of the total market in 2021. Banco Santander SA was the largest competitor with 5.69% share of the market, followed by BBVA SA with 5.08%, Credit Agricole with 4.14%, HSBC Bank Plc. with 3.86%, Citigroup with 3.27%, Capital One with 2.04%, NatWest Group Plc. with 1.66%, DBS Bank with 1.31%, Lloyds Banking Group with 1.03% and Barclays with 0.48%.

The top opportunities in the open banking market segmented by service type will arise in the transactional services market segment, which will gain $22,389.8 million of global annual sales by 2026. The top opportunities in the open banking market segmented by distribution channel will arise in the app market market segment, which will gain $16,432.9 million of global annual sales by 2026. The top opportunities in the open banking market segmented by financial services will arise in the payments market segment, which will gain $23,075.3 million of global annual sales by 2026.

The top opportunities in the open banking market segmented by deployment type will arise in the on-premises segment, which will gain $15,860.0 million of global annual sales by 2026. The top opportunities in the open banking market size will gain the most in the USA at $9,034.6 million.

Market-trend-based strategies for the open banking market include focus on use of big data, focus on Banking as a Service (BaaS) model, focus on personalization, focus on variable recurring payments, focus on strategic partnerships and investments and focus on new initiatives and programs.

Player-adopted strategies in the open banking market include focus on launching new products, focus on strengthening business operations through strategic acquisitions and focus on collaborations and partnerships.

To take advantage of the opportunities, the publisher recommends the open banking companies to focus on variable recurring payments (VRPS), focus on personalization in open banking, expand in emerging markets, focus on strategic partnerships, focus on mergers and acquisition activities, provide competitively priced offerings, participate in trade shows and events, focus on fast-growing financial services.

This report describes and explains the open banking market and covers 2018-2021, termed the historic period, and 2021-2026 termed the forecast period, along with further forecasts for the period 2026-2031. The report evaluates the market across each region and for the major economies within each region.

Key Topics Covered:

1. Executive Summary

2. Table of Contents

3. List of Figures

4. List of Tables

5. Report Structure

6. Introduction and Market Characteristics
6.1. General Market Definition
6.2. Summary
6.3. Open Banking Market Definition and Segmentations
6.4. Market Segmentation By Service Type
6.5. Market Segmentation By Financial Services
6.6. Market Segmentation By Deployment Type
6.7. Market Segmentation By Distribution Channel

7. Major Trends
7.1. Big Data In Open Banking
7.2. Banking as a Service (BaaS) Model
7.3. Personalization In Open Banking
7.4. Variable Recurring Payments (VRPs)
7.5. Strategic Partnerships And Investments
7.6. New Initiatives And Programs

8. Global Market Size And Growth
8.1. Market Size
8.2. Historic Market Growth, 2018- 2021, Value ($ Million)
8.2.1. Market Drivers 2016 - 2021
8.2.2. Restraints On The Market 2016 - 2021
8.3. Forecast Market Growth, 2021 - 2026, 2031F Value ($ Million)
8.3.1. Market Drivers 2021 - 2026
8.3.2. Restraints On The Market 2021-2026

9. Global Market Segmentation
9.1. Global Open Banking Market, Segmentation By Service Type, Historic And Forecast, 2018- 2021, 2026F, 2031F, Value ($ Million)
9.2. Global Open Banking Market, Segmentation By Distribution Channel, Historic And Forecast, 2018- 2021, 2026F, 2031F, Value ($ Million)
9.3. Global Open Banking Market, Segmentation By Financial Services, Historic And Forecast, 2018- 2021, 2026F, 2031F, Value ($ Million)
9.4. Global Open Banking Market, Segmentation By Deployment Type, Historic And Forecast, 2018- 2021, 2026F, 2031F, Value ($ Million)

10. Global Market, Regional And Country Analysis
10.1. Global Open Banking Market, By Region, Historic and Forecast, 2018- 2021, 2026F, 2031F, Value ($ Million)
10.2. Global Open Banking Market, By Country, Historic and Forecast, 2018- 2021, 2026F, 2031F, Value ($ Million)

For more information about this report visit https://www.researchandmarkets.com/r/gypp0y

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