Vancouver, Oct. 31, 2023 (GLOBE NEWSWIRE) -- The global open banking market size was USD 13.77 billion in 2022 and is expected to register a rapid revenue CAGR of 22.8% during the forecast period.Several key factors are driving this growth, including the adoption of innovative technologies like Artificial Intelligence (AI) and the Internet of Things (IoT), the rise of e-commerce platforms, improved internet connectivity, and the use of Application Programming Interfaces (APIs). The shift from traditional banking to online banking and financial services is also a significant contributor.
Open banking, a secure and efficient way to transfer money and provide third-party financial service providers access to consumer data, is witnessing remarkable developments, with IoT and AI-based technologies playing a central role in creating innovative financial services and products. For instance, Noda and ThetaRay have recently collaborated to enhance payment monitoring and compliance capabilities using AI-powered transaction monitoring technology, supporting the digital economy in Europe.
AI's impact on the banking sector is profound, enhancing efficiency, speed, and data analysis capabilities. Chatbots and tools like ChatGPT are transforming customer service and providing banks with a means to share customer financial data securely with third-party providers.
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The market is also benefitting from the growing use of Internet of Things (IoT) technology for digital transformation, enhanced data privacy, and customer experiences. AI processes vast amounts of customer data, even aiding in Know Your Customer (KYC) purposes and simplifying complex texts for better understanding.
Digital wallets are leading the way in e-commerce, with a 49% share, but challenges such as data inconsistency and data protection concerns could restrain market growth. Maintaining robust security systems is crucial, and with the growth of AI and IoT, cybersecurity threats are a concern, making data protection, security, consistency, and reliability essential.
Financial Services Insights: The banking segment dominated the market in 2022 due to the increasing need for data security, better customer experiences, and banking and capital management. Cryptocurrencies such as Litecoin, Ethereum, and Bitcoins are also being integrated into the banking sector through open banking, enabling transactions between crypto wallets and traditional bank accounts.
Distribution Channel Insights: Banks are expected to see moderate revenue growth due to the integration of open APIs, regulatory compliance, and customer satisfaction. Investments in technology and the use of AI and IoT tools are enhancing efficiency and decision-making. Online facilities like net banking and mobile banking are making banking more customer-friendly.
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Deployment Insights: Hybrid deployment is the preferred choice due to banks' privacy concerns and security considerations. Hybrid cloud offers improved security, user experience, reduced IT costs, and a higher Return on Investment (ROI). This approach helps accelerate digital transformation, providing enhanced security, operational efficiency, innovation, and regulatory alignment.
Service Type Insights: The transactional segment is expected to grow steadily, benefitting from blockchain, big data, and AI technologies to simplify, speed up, and make transactions more reliable. Effective communication and information sharing are key for maintaining positive relationships with stakeholders.
Regional Insights: In 2022, Europe led the market due to the rising demand for online banking and improved payment security. The region has seen an increase in partnerships and mergers, further boosting market growth. The Asia Pacific region is expected to experience the fastest revenue growth due to the presence of fintech companies and technological advancements. In North America, the shift from traditional banking to modern solutions is driving considerable market growth.
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Scope of Research
| Report Details | Outcome |
| Market Size in 2022 | USD 13.77 Billion |
| CAGR (2023–2032) | 22.8% |
| Revenue Forecast To 2032 | USD 106.15 Billion |
| Base Year For Estimation | 2022 |
| Historical Data | 2019-2021 |
| Forecast Period | 2023–2032 |
| Quantitative Units | Revenue in USD Million and CAGR in % from 2023 to 2032 |
| Report Coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments Covered | Financial services, distribution channel, deployment, service type, and region |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Country Scope | U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa |
| Key Companies Profiled | Barclays, DBS Bank, Token Inc., Moneytree, Plaid Inc., Apigee Corp., Allied Irish Banks p.l.c, Yoodle, Inc., Alloy, and Nanopay Corporation |
| Customization Scope | 10 hours of free customization and expert consultation |
Major Companies and Competitive Landscape
The global open banking market is fairly fragmented, with many large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective generative AI solutions. Some major players included in the global open banking market report are:
- Barclays
- DBS Bank
- Token, Inc.
- Moneytree
- Plaid Inc.
- Apigee Corp.
- Allied Irish Banks, p.l.c
- Yoodle, Inc.
- Alloy
- Nanopay Corporation
- Apigee Corp.
Strategic Development
- On 26 September 2023, Atomic announced the launch of PayLink, a groundbreaking solution suite that streamlines payment switching, making it easier for consumers to switch their traditional banking relationship. This solution brings Atomic closer to providing a platform that will enable financial institutions to align with the Consumer Financial Protection Bureau (CFPB) renewed focus on fostering open banking in the U.S., in addition to providing a significantly improved and enhanced consumer experience.
- On 11 September 2023, Flutterwave, a payments technology company based in Africa launched a digital solution, Swap, aimed at addressing the challenges faced by Nigerians in accessing foreign currencies. Swap is expected to be secure and reliable platform for immediate access to foreign currencies at competitive exchange rates, developed in partnership with Wema Bank and Kadavra BDC.
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Segments Covered in Report
For the purpose of this report, Emergen Research has segmented the global open banking market on the basis of financial services, distribution channel, deployment, service type, and region:
- Financial Services Outlook (Revenue, USD Billion; 2019-2032)
- Banking and payments
- Digital currencies
- Value-added services
- Others
- Distribution Channel Outlook (Revenue, USD Billion; 2019-2032)
- Bank
- Distributors
- Aggregators
- Others
- Deployment Outlook (Revenue, USD Billion; 2019-2032)
- Cloud
- On-premise
- Hybrid
- Service Type Outlook (Revenue, USD Billion; 2019-2032)
- Transactional
- Information
- Communication
- Others
- Regional Outlook (Revenue, USD Billion; 2019-2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of Middle East & Africa
- North America
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