Global Open Banking Services Market Report 2021

DUBLIN, December 21, 2021 / PRNewswire / – The report “Open Banking Global Market Report 2021: COVID-19 Implications and Growth” has been added to ResearchAndMarkets.com offer.

This report equips strategists, marketers, and senior management with the essential information they need to assess the global open banking market.

This report focuses on the rapidly growing open banking market. The report provides a guide to the open banking market that will shape and change our lives over the next decade and beyond, including the markets’ response to the challenge of the global pandemic.

Reasons to purchase:

  • Get a truly global perspective with the most comprehensive report available on this market covering over 12 geographies.
  • Understand how the market is affected by the coronavirus and how it is likely to emerge and grow as the impact of the virus wanes.
  • Create regional and national strategies based on local data and analyzes.
  • Identify growth segments for investment.
  • Outperform your competition using forecast data and the drivers and trends that shape the market.
  • Understand customers based on the latest market research findings.
  • Compare performance to your main competitors.
  • Use the relationships between key data sets for a better strategy.
  • Suitable for supporting your internal and external presentations with high quality reliable data and analysis

The description:

Where is the biggest and most dynamic market for open banking? How does the market relate to the overall economy, demographics, and other similar markets? What forces will shape the market in the future? The global Open Banking market report answers all of these questions and more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market share, trends and strategies for this market. It traces the historical and forecast growth of the market by geography. It places the market in the context of a more open banking market and compares it to other markets.

  • The Market Characteristics section of the report defines and explains the market.
  • The market size section gives the market size ($ b) covering both the historical growth of the market, the influence of the COVID-19 virus, and the forecast for its growth.
  • Market segmentations break down the market into submarkets.
  • The regional and country breakdowns section gives an analysis of the market within each geography and market size by geography and compares their historical and forecast growth. It covers the growth trajectory of COVID-19 for all regions, major developed countries and major emerging markets.
  • The competitive landscape gives a description of the competitive nature of the market, market shares and a description of the major companies. The main financial transactions that have shaped the market in recent years are identified.
  • The Trends and Strategies section analyzes the shape of the market emerging from the crisis and suggests how companies can grow as the market recovers.
  • The open banking market section of the report provides background. It compares the open banking market with other segments of the open banking market by size and growth, history and forecast. It analyzes the proportion of GDP, expenditure per capita, comparison of open banking indicators.

The main players in the open banking market are Capital One, HSBC Bank plc, Banco Bilbao Vizcaya Argentaria SA, NatWest Group plc, DBS Bank, Barclays, Lloyds Banking Group, Citigroup, Banco Santander SA, Crédit Agricole, NCR Corporation, DemystData, Figo GmbH , Finastra, Jacques Henri & Associates Inc., and MineralTree Inc.

The main types of open banking services are transactional services, communication services and information services. Trade finance and cash management services are provided through banking transactions to businesses, government agencies and other financial organizations. The different financial services include banking and capital markets, payments, digital currencies, value-added services and are deployed in various modes such as cloud, on-premises, hybrid. The different distribution channels include banking channels, application markets, distributors and aggregators.

The global open banking market is expected to grow by $ 11.79 billion in 2020 at $ 15.13 billion in 2021 at a compound annual growth rate (CAGR) of 28.4%. The change in growth trend is mainly due to companies stabilizing production after meeting demand which increased exponentially during the COVID-19 pandemic in 2020. The market is expected to reach $ 37.77 billion in 2025 at a CAGR of 25.7%.

The open banking market is the sale of open banking services by entities (organizations, individual merchants, and partnerships) that unite banks, third parties, and technology providers, allowing them to easily and securely exchange data for the benefit of of their consumers. Open banking is a banking practice in which third-party financial service providers can use application programming interfaces (APIs) to access consumer banking services, transactions, and other bank and NBFC data. These APIs provide a secure way to share financial information between two parties and make it easier for consumers to compare details of checking accounts and other banking services.

North America was the largest banking market region opened in 2020. Asia Pacific is expected to be the fastest growing region during the forecast period. The regions covered by this report are Asia Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The increase in the use of online platforms to make payments contributes to the growth of the open banking market. The digital payment system is developing rapidly with the development of payment methods, the increased use of electronic commerce, the improvement of broadband access and the advent of new technologies. Payment Gateway APIs are used by online platforms such as Pay by Phone, Paytm, and Google Pay to handle recurring billing, and these APIs are often used in open banking. For example, in August 2021, Google Pay, a US-based digital wallet platform, has crossed 1 billion transactions. In addition, in July 2021, PhonePe, a digital payment network, has taken another step forward by processing 1.5 billion transactions through the Unified Payment Interface (UPI). Therefore, the increase in the use of online platforms for making payments is expected to propel the growth of the open banking market in the years to come.

Big data analytics is an emerging trend in the open banking market. Big Data Analytics collects, processes and analyzes structured and unstructured data. The main use of big data analytics is to get business insights into the data. In the open banking market, big data analytics is used to personalize services to improve the customer experience. For example, in 2020, HSBC Bank plc, a UK-based investment banking firm, increased its investments in the use of artificial intelligence (AI) and big data analytics techniques to manage risk. financial crime.

In June 2021, Visa Inc., a United States-based financial services company, acquired Tink to $ 2.15 billion. The acquisition is expected to accelerate the adoption of open banking in Europe by providing a secure and reliable platform for innovation. As a result, clients will have more control over their financial experiences, including financial goals, managing their funds, and financial data. Tink is a Swedenpublic banking company that helps banks, fintechs and start-ups through Europe develop database financial services.

Countries Covered In The Open Banking Market Report Are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, United States.

Main topics covered:

1. Summary

2. Characteristics of the open banking market

3. Trends and strategies of the open banking market

4. Impact of COVID-19 on Open Banking

5. Size and growth of the open banking market
5.1. Historical global open banking services market, 2015-2020, in USD billion
5.1.1. Market pilots
5.1.2. Market restrictions
5.2. Global Open Bank Forecast Market, 2020-2025F, 2030F, USD Billion
5.2.1. Market pilots
5.2.2. Market restrictions

6. Segmentation of the open banking market
6.1. Global open banking market, segmentation by type of service, history and forecast, 2015-2020, 2020-2025F, 2030F, in USD billion

  • Transactional services
  • Communication services
  • Information services

6.2. Global open banking market, segmentation by financial services, history and forecast, 2015-2020, 2020-2025F, 2030F, in billions of dollars

  • Banking and Capital Markets
  • Payments
  • Digital currencies
  • Value added services

6.3. Global open banking market, segmentation by type of deployment, history and forecast, 2015-2020, 2020-2025F, 2030F, in USD billion

6.4. Global open banking market, segmentation by distribution channel, history and forecast, 2015-2020, 2020-2025F, 2030F, in USD billion

  • Banking channels
  • Application market
  • Distributors
  • Aggregators

7. Regional and national analysis of the open banking market
7.1. Global open banking market, divided by region, historical and forecast, 2015-2020, 2020-2025F, 2030F, in billions of dollars
7.2. Global open banking market, divided by country, historical and forecast, 2015-2020, 2020-2025F, 2030F, in billions of dollars

For more information on this report, visit https://www.researchandmarkets.com/r/hg4itx

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