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Global Open Banking Market Size Expected to Grow to USD 128.12 Billion by 2030, at 26.8% CAGR: Polaris Market ResearchNEW YORK, Nov. 21, 2022 /PRNewswire/ -- Polaris Market Research recently published [115+ Pages] research report on "Open Banking Market Share, Size, Trends, Industry Analysis Report, By Financial Services (Banking and Capital Markets, Payments, Digital Currencies); By Distribution Channels (Bank Channels, App Markets, Distributors, Aggregators); By Deployment Type; By Region; Segment Forecast, 2022 - 2030" in its research database. According to the recent research report, the global open banking market size statistics was valued at USD 16.14 billion in 2021 and is expected to reach USD 128.12 Billion by 2030, growing at a CAGR of 26.8% during the forecast period. What is Open Banking? What is Expected Size and Growth of Open Banking Market?
Open banking is a system in financial technology that allows third-party financial service providers to access consumer banking information, such as transactions and other data from banks and financial institutions. The technology involves the use of application programming interfaces (APIs) through which third-party organizations access the data and share it with third parties. Open banking enables faster and more secure transactions, and it improves the consumer experience of the banking industry. This financial system benefits small businesses as it gives new avenues for opportunity. Also, it's a more affordable alternative to traditional financial services. The open banking market size is anticipated to grow owing to the rising use of online platforms for payments. With digitization, open has replaced many local payment methods, which has been driving market growth. Request Sample Copy of "Open Banking Market" Research Report @ https://www.polarismarketresearch.com/industry-analysis/open-banking-market/request-for-sample Our Free Sample Report Includes
Some of the Top Players in the Global Market Are:
For Additional List of Players and Detail Information, Download a Report PDF Brochure Growth Driving Factors
Factors such as the rising use of e-commerce platforms, growing consumer awareness about application programming interfaces, and greater internet connectivity are fueling industry development. The changing payment ecosystem, increasing technological developments, and rising adoption of big data analytics and Artificial Intelligence (AI) are some of the key open banking market trends boosting its growth. Moreover, the increasing number of people using new applications and services is another primary factor supporting the open banking industry expansion. Also, the growing investment in digital banking is projected to offer profitable growth opportunities for the market. Benefits of open banking, such as better accessibility of financial operations, centralization of services, and improved customer experience, are expected to flourish the open banking market sales. Directly Purchase a copy of report with TOC @ https://www.polarismarketresearch.com/checkouts/15581 Recent Developments In July 2022, Finastra collaborated with HSBC and will be working on API-driven connectivity to offer banking as a service FX capability for mid-sized banks. Segmental Analysis
Based on financial services open banking market segmentation, the bank and capital segment witnessed the largest revenue share in 2021 due to the rising demand for maintaining finances effectively among Gen Z. Factors including expanding replacement of traditional methods with payment options, and increased adoption of more AI-based platforms among consumers are estimated to contribute to the segment growth. Further, the payment segment is anticipated to generate the fastest growth during the foreseen period.
In terms of distribution channels, app markets are expected to witness the largest open banking market share. This growth can be attributed to the increasing consumer awareness about online transactions coupled with the ease of availability of smartphones across the world. Increased availability of transaction apps such as PayPal, google pay, Zelle, and others is anticipated to positively influence the segment growth. Request for Discount on this Report Before Purchase @ https://www.polarismarketresearch.com/industry-analysis/open-banking-market/request-for-discount-pricing Open Banking Market: Report Scope
Inquire more about this report before purchase @ https://www.polarismarketresearch.com/industry-analysis/open-banking-market/inquire-before-buying (Inquire a report quote OR available discount offers to the sales team before purchase.) Geographic Overview
Based on geography, Asia Pacific in the open banking market is anticipated to dominate the market by accounting fastest growth throughout the predicted period owing to the implementation and expansion of online payments. Also, the market is growing due to the increasing digital adoption rate and awareness about the advantages of open banking in countries such as India, China, and Japan. Moreover, Europe has witnessed the largest revenue share and is expected to continue to grow. This can be attributed to the rising requirement for protection by the consumer in online payments. Also, the government's directives for banks to compel the opening of APIs, as well as the presence of various major players in the region, are the factors supporting the regional growth of the open banking market. Browse the Detail Report "Open Banking Market Share, Size, Trends, Industry Analysis Report, By Financial Services (Banking and Capital Markets, Payments, Digital Currencies); By Distribution Channels (Bank Channels, App Markets, Distributors, Aggregators); By Deployment Type; By Region; Segment Forecast, 2022 - 2030" with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/open-banking-market For Additional Information OR Media Enquiry, Please Mail At: [email protected] Polaris Market Research has segmented the Open Banking market report based on raw material, type, technology, end-use, and region: By Financial services Outlook
By Distribution channels Outlook
By Deployment type Outlook
By Region Outlook
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About Polaris Market Research Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR's clientele spread across different enterprises. We at Polaris are obliged to serve PMR's diverse customer base present across the industries of healthcare, technology, semi-conductors and chemicals among various other industries present around the world. We strive to provide PMR's customers with updated information on innovative technologies, high growth markets, emerging business environments and latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced and extremely qualified team of experts comprising SMEs, analysts and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR's customers. Contact: Likhil G Logo: https://mma.prnewswire.com/media/1316207/Polaris_Market_Research_Logo.jpg View original content:https://www.prnewswire.com/news-releases/global-open-banking-market-size-expected-to-grow-to-usd-128-12-billion-by-2030--at-26-8-cagr-polaris-market-research-301683762.html SOURCE Polaris Market Research |