According to a new report published by Allied Market Research, titled, ‘Open Banking Market,’ the open banking market was valued at USD 13.9 billion in 2020, and is estimated to reach USD 123.7 billion by 2031, growing at a CAGR of 22.3% from 2022 to 2031.
Overview of the research
The work covers an in-depth study of the latest market trends, major driving factors, top market players, and top investment pockets. It involves an overview of the top market players along with a SWOT analysis of various industry players and Porter’s Five analysis to understand their market position.
In addition, the study offers financial analysis, portfolio analysis, and business overview of the organisations that help stakeholders understand the long-term profitability of the industry. It involves the latest market developments such as expansions, partnerships, new product launches, and mergers & acquisitions. Moreover, the study includes a detailed analysis of market dynamics such as drivers, restraints, challenges, and opportunities.
The Open Banking market report offers an in-depth study of drivers, restraints, challenges, and opportunities. Thorough information about major drivers of the market helps to understand market dynamics and how they can affect market growth. Furthermore, the restrains and challenges are covered, which is important for market players with investments. The rapid advancements in technologies and rise in demand are major factors that are expected to unlock new opportunities in the future. The market is projected to witness significant growth during the forecast period.
What impacts the Open Banking market
The Open Banking report includes several tools that establish market growth. The SWOT analysis offers a comprehensive understanding of the major determinants of market growth, which is vital for understanding the upcoming opportunities. In addition, the report includes a Pestel analysis that offers industry-related data and information in tabular format which is vital to understand the positive and negative qualities that can impact the global Open Banking market. Moreover, the study includes Porter’s Five analysis to focus on those factors that can benefit the company in the long run.
The top impacting factors in this segment have been identified to be the potentials of Open Banking, increased adoption of new applications and services, and improved overall customer engagement with open banking API’s.
Areas of focus in the report
The global Open Banking market is studied on the basis of geography along with the competitive landscape in every region. The report targets North America (United States, Canada, and Mexico), Europe (Germany, France, UK, Russia, and Italy), Asia-Pacific (China, Japan, Korea, India, and Southeast Asia), South America (Brazil, Argentina, Colombia), Middle East, and Africa (Saudi Arabia, UAE, Egypt, Nigeria, and South Africa). These insights help to formulate business strategies and give insights about how to react to new lucrative opportunities.
The study also covers an analysis of the major market players in the market. The study includes sales, revenue analysis, and production of these companies. The prime market players are BBVA SA, Credit Agricole, Deposit Solutions, Finestra, Jack Henry & Associates, Nordigen Solutions, Revolut, Societe Generale, Tink, and Yapily.
