Portland, April 13, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global open banking market generated $7.29 billion in 2018, and is expected to reach $43.15 billion by 2026, growing at a CAGR of 24.4% from 2019 to 2026. The report provides an extensive analysis of changing market dynamics, market size & projections, top investment pockets, major segments, and competitive scenarios.
Rise in adoption of new applications and services in the banking sector, supportive government regulations, and enhanced customer engagement with open banking APIs drive the growth of the global open banking market. However, lack of awareness regarding open banking, data security, and management of security threats hinder the market growth. On the other hand, collaboration activities between fintech firms and banks create new opportunities in the industry.
Get Instant Access to Report - Download PDF Sample: https://www.alliedmarketresearch.com/request-sample/3840
Based on financial service, the banking and capital markets segment contributed to more than half of the total share of the global open banking market in 2018, and is expected to maintain its lead share in terms of revenue during the forecast period. However, the payments segment is projected to witness the largest CAGR of 27.3% from 2019 to 2026. The research also discusses segments such as digital currencies and value-added services.
Based on distribution channel, the app market segment accounted for the highest market share with more than two-fifths of the total share in 2018, and is expected to continue its highest distribution during the forecast period. However, the distributors segment is expected to portray the highest growth rate with a CAGR of 27.0% from 2019 to 2026. The report also analyzes segments including bank channel and aggregators.
Geographically, North America held the highest share based on revenue, accounting for more than two-thirds of the global open banking market share in 2018, and is estimated to maintain its lead position throughout the forecast period. However, Europe is estimated to witness the highest CAGR of 24.0% from 2019 to 2026. The report also offers a detailed analysis of Asia Pacific and LATAM.
Want to Purchase Report – Get Additional Discount: https://www.alliedmarketresearch.com/purchase-enquiry/3840
Leading market players analyzed in the research include BBVA Open Platform Inc., DemystData, Credit Agricole, Finastra, Figo GmbH, Jack Henry & Associates, Inc., FormFree, MineralTree Inc., Mambu GmbH, and NCR Corporation. They have adopted various strategies such as collaborations, partnerships, mergers & acquisitions, joint ventures, and others to gain a strong position in the industry.
Access Avenue (Premium on-demand, subscription-based pricing model) @ https://www.alliedmarketresearch.com/Avenue-Membership-details
Avenue, a user-based library of global market report database, provides comprehensive reports pertaining to the world's largest emerging markets. It further offers e-access to all the available industry reports just in a jiffy. By offering core business insights on the varied industries, economies, and end users worldwide, Avenue ensures that the registered members get an easy as well as single gateway to their all-inclusive requirements.
Related Studies:
Predictive Analytics in Banking Market Expected to Reach $5.43 Billion By 2026
Armenia Banking Market Expected to Reach $996 Million by 2026
About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.