The open banking market is expected to be valued at US$ 22,160 million in 2024. The demand for open banking is projected to be invigorating from 2024 to 2034, with a CAGR of 19.7%. By 2034, the market value is forecast to hit US$ 133.5 billion.
The rising demand for open banking is the increasing consumer demand for more control and transparency over their financial data. With open banking, customers can easily and securely connect their bank accounts to third-party financial apps and services, which can help them manage their finances more effectively.
The need for advancement in new services and models to reduce transactional costs and implement budgeting tools is likely to present opportunities. By opening up access to financial data through secure APIs, open banking is enabling a new wave of fintech start-ups to emerge and offer customers innovative new products and services. By allowing different banks and financial institutions to share data more easily, open banking reduces the need for redundant systems and processes, which can help lower costs and improve overall efficiency.
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Along with open banking, a surge in wealth tech has also been witnessed in emerging economies. For instance, Monzo, a foreign exchange company, launched an investment feature in 2023 due to increasing demand for investment products that are accessible to consumers.
“Collaboration between financial institutions and fintech companies can enhance the speed at which individuals and SMEs can manage their money. Moreover, digital financial service-based companies can focus on providing sophisticated products and services that can reduce fraud and allow better-informed decisions on cost of living, “says an analyst at FMI.
Key Takeaways from the Open Banking Market
- The open banking market is estimated to register a CAGR of 19.7%, with a valuation of US$ 133.5 billion by 2034.
- The open banking platforms segment is anticipated to dominate the market by registering a 70.2% share in 2024.
- With a 19.9% share, the retail & commercials banks are likely to drive the market in 2024.
- The market for open banking is likely to register a growth of 23.2% in Australia through 2034.
- The demand for open banking is estimated to record a healthy CAGR of 16.5% in the United States from 2024 to 2034.
- In Japan and China, the open banking industry is anticipated to increase at CAGRs of 20.9% and 20.2% through 2034.
Competitive Landscape
As open banking regulations and APIs gain traction, a new ecosystem of fintech companies and traditional banking institutions emerge. As the market matures, several firms soon adapt and compete to gain a significant share and provide novel solutions to consumers. Some prominent companies in the market are Banco Bilbao Vizcaya Argentaria, S.A., Crédit Agricole, Citygroup, Inc., and HSBC Bank plc.
PCI Pal, an open banking payment solution provider, announced the release of Pay By Bank, an open banking solution for contact centers, in 2022. This digital option allows consumers and businesses to lower transaction costs while offering prompt reimbursements. Moreover, the user can share their financial data securely with the third-party provider, increasing the competition among providers.
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Key Market Segments
By Solution:
- Open Banking Platforms
- API-Based
- App-Based
- Open Banking Services
- Open Banking API Integration & Implementation
- Financial Technology & Solution Consulting
- Support & Maintenance
By Deployment Mode:
- Cloud
- On-Premises
By End User:
- Central Banks
- Retail & Commercials Banks
- Investment Banks
- Insurance Companies
- Credit Unions
- Mortgage/Loan Providers
- Wealth Management Firms
- Fintechs
- Payment Service Providers
By Region:
- North America
- Latin America
- East Asia
- South Asia
- Europe
- Oceania
- The Middle East and Africa
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Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflecting his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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