Global Open Banking Market Research Report forecast 2020-2027
Summary - A new market study, titled “Global Open Banking Market
Size study, by Financial Services (Banking & Capital Markets, Payments,
Digital Currencies, Value Added Services), by Distribution Channel (Event
Management and Scheduling, Bank Channel, App market, Distributors, Aggregators)
and Regional Forecasts 2020-2027” has been featured on Wise Guy Reports.
Global Open Banking Market
is valued at approximately USD 9,045 million in 2019 and is anticipated to grow
with a healthy growth rate of more than 24% over the forecast period 2020-2027.
Open banking is a financial service term that considers as a part of financial
technology, which allows the transfer of digital data associated with the
customer’s bank account. The data is usually exchanged between the banks and
third-party organizations.
Further, the account has financial information which is
primarily used by the third-party providers to develop applications and
services, which can then offer to the account holder (i.e. customer). Also, the
analysis of this financial data allows to create more personalized and advanced
applications aimed at the enhancement of the customer experience associated
with financial services. Some of the open banking financial services offered in
the market includes banking and capital markets, payments, and digital
currencies, etc. Therefore, these factors are anticipated to accelerate market
growth around the world. Moreover, the increasing usage of mobile banking
services in the developed & developing countries, along with the rising concern
towards customer engagement and attending banking customer needs are few other
factors responsible for the market growth over the forecast period. According
to the Reserve Bank of India (RBI), mobile banking services observed a growth
of 92% and 13% in volume and value terms respectively, although the number of
registered customers increased to 54% with 251 million in March 2018 from 163
million in -March 2017. Similarly, as per the U.S. Federal Reserve, the digital
banking users in the United States have increased from 26% to 51% between 2012
and 2017. This, in turn, is expected to accelerate the demand for Open Banking
around the world. Recently, the COVID-19 is widely spread throughout the world,
thus various regional governments are putting temporary restrictions on the
movement of people, goods, and services to prevent the spread of novel
coronavirus. This is likely to strengthen the usage of open banking financial
services due to it provides financial information without visiting banks, and
often can reduce operating costs with an increase in customer experience during
the renewal process, claims, and other services, Therefore, the market would
grow significantly in the forthcoming year. However, data security &
privacy concern are the major factors impeding the market growth over the
forecast period of 2020-2027.
The regional analysis of the global Open Banking market is
considered for the key regions such as Asia Pacific, North America, Europe,
Latin America, and Rest of the World. North America is the leading/significant
region across the world in terms of market share owing to the increasing
adoption of advanced banking technologies, along with the presence of new
technology-based vendors in the region. Whereas Asia-Pacific is anticipated to
exhibit the highest growth rate / CAGR over the forecast period 2020-2027.
Factors such as the rise in the number of banks, along with the high investment
in open application programming interface (API) management platform would
create lucrative growth prospects for the Open Banking market across the
Asia-Pacific region.
Major market player included in this report are:
BBVA Open Platform Inc.
Credit Agricole Group
DemystData Ltd.
Figo GmbH
Finastra
FormFree Holdings Corporation
Jack Henry & Associates, Inc.
Mambu GmbH
MineralTree Inc.
NCR Corporation
The objective of the study is to define market sizes of
different segments & countries in recent years and to forecast the values
to the coming eight years. The report is designed to incorporate both
qualitative and quantitative aspects of the industry within each of the regions
and countries involved in the study. Furthermore, the report also caters the
detailed information about the crucial aspects such as driving factors &
challenges which will define the future growth of the market. Additionally, the
report shall also incorporate available opportunities in micro markets for
stakeholders to invest along with the detailed analysis of competitive
landscape and product offerings of key players. The detailed segments and
sub-segment of the market are explained below:
By Financial Services:
Banking & Capital Markets
Payments
Digital Currencies
Value Added Services
By Distribution Channel:
Event Management and Scheduling
Bank Channel
App market
Distributors
Aggregators
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2017, 2018
Base year – 2019
Forecast period – 2020 to 2027
Target Audience of the Global Open Banking Market in Market
Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers
Investors
FOR MORE DETAILS: https://www.wiseguyreports.com/reports/5793251-global-open-banking-market-size-study-by-financial
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