The report states that the Open Banking Market is expected to reach the valuation of ~US$ 19.6 Bn by the end of year 2022. According to FMI, the open banking market is growing as a result of the spike in the utilization of online payment platforms. The transforming payment ecosystem, increasing usage of e-commerce platforms, enhancing broadband connectivity, and the increasing adoption of application programming interface are contributing to the market development.
Online services such as Paypal, Zelle, and Venmo utilize Online payment gateway like APIs to control recurring billing, and these application programming interface are mostly utilized in open banking payments. As a consequence, the open banking market is anticipated to grow over the predicted period.
With so much competition increasing in the market many banks and financial institutions are forced to build and enhance their offerings. Various banks are developing new mobile applications, providing easy investment chances, and shifting their services to the online world. Thus, the growing usage of online payment platform is contributing to the market development.
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Key Takeaways: Open Banking Market
- By services, the banking and capital markets segment is anticipated to account for the leading share in the global demand for open banking in 2022. Moreover, the digital currencies segment is estimated to grow at a CAGR of 17.5% through 2032.
- By deployment mode, the cloud segment is expected to grow at a highest CAGR of 22.7% between 2022 & 2032
- By distribution channel, the distributors segment is anticipated to grow at a CAGR of 17.8% between 2022 & 2032.
- South Asia and Pacific is expected to progress at the highest CAGR of around 22.5% followed by East Asia in 2032.
- The market in Japan is expected to progress at a CAGR of around 21.9% through 2032.
- In India, sales are expected to grow at a CAGR of close 24.1% over the next ten years.
“The use of open banking systems is anticipated to rise as a result of the continuing modernization of technology and the ensuing growth in the use of big data analytics and artificial intelligence. In the open banking sector, big data analytics are utilized to customize the offerings and enhance the user experience, which is anticipated to increase customer retention over the forecast period.” says FMI analyst.
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Open Banking offers features such as it provides Quicker Access to Credit and Financing Procedure this factor is Driving the Market Growth
One of the major advantages offered by the open banking is that it provides diversity of credit services to which customer can apply. By utilizing open banking, companies that provide loans will offer credit offers much quicker, helping customers get the money they require at the right time they need it.
Many companies are utilizing open banking systems to develop their models and grow the amount of credit they provide to customers almost instantly. But it’s not only for traditional credit models, as these models supports to assist and develop new products. Thus, the benefits offered by the open banking is expected to drive the market demand.
More Valuable Insights on Open Banking Market
Future Market Insight’s report on open banking research is segmented into four major sections – services (banking and capital markets, payments, digital currencies, and value added services), deployment mode (cloud, and on-premises), and distribution channel (bank channels, apps market, distributors, and aggregators), and region (North America, Latin America, Europe, East Asia, South Asia & Pacific, and the Middle East & Africa), to help readers understand and evaluate lucrative opportunities in the open banking outlook.
Get more insights about the “Open Banking Industry” Report – https://www.futuremarketinsights.com/reports/open-banking-market
About Electronics, Semiconductor and ICT Division at Future Market Insights
Expert analysis, strategic recommendations and actionable insights- the electronics, semiconductors, and ICT team at Future Market Insights helps clients from all over the globe with their unique business intelligence needs. With a repository of over 500 reports on electronics, semiconductors, & ICT, of which 100+ reports are specifically on software, the team provides end-to-end research and analysis on regional trends, drivers for market growth, and research development efforts in the electronics, semiconductors, and ICT industry.
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