LONDON, Jan. 29, 2024 (GLOBE NEWSWIRE) -- As per The Business Research Company's Open Banking Global Market Report 2024, the global open banking market is poised for unprecedented growth, expanding from $24.67 billion in 2023 to $31.01 billion in 2024, at a compound annual growth rate (CAGR) of 25.7%. The open banking market is expected to continue its exponential growth, reaching an impressive $75.4 billion by 2028, with a CAGR of 24.9%. The Open Banking Global Market Report 2023 delves into the driving factors and significant trends that will shape the industry in the forecast period.
Historic Growth Drivers
The historic growth, from 2023 to 2024, was fueled by increasing demand for fast and real-time fund transfer, rising use of digital banking services, strong economic growth in emerging markets, and government initiatives.
Learn More In-Depth On The Open Banking Market
https://www.thebusinessresearchcompany.com/report/open-banking-global-market-report
Forecast Period Projections
In the forecast period, the open banking market is anticipated to experience exponential growth driven by a surge in the usage of online platforms, rising urbanization, an increase in younger generations, mergers and acquisitions, and the growing adoption of financial technology for payments.
Major Trends to Watch Out For
Key trends in the forecast period include a focus on the use of big data, the banking-as-a-service (BaaS) model, personalization, variable recurring payments, strategic partnerships and investments, and new initiatives and programs.
E-commerce Driving Growth
Increasing e-commerce is expected to be a significant factor propelling the open banking market forward. The integration of open banking APIs with e-commerce platforms and online retailers offers customers a wider range of payment options, enhancing the shopping experience and streamlining the checkout process. Open banking also provides a means to verify customer identity and financial standing, crucial for high-value or subscription-based services.
Technologically Advanced Platforms and Services
A trend in the open banking market is the launch of new and technologically advanced platforms and services. Businesses seek seamless access to banking and payment services, prompting continuous investments in the digitization of cash and treasury management services. For example, Scotiabank launched Scotia TranXactTM, a digital payments platform providing on-demand access to real-time payments and cash management APIs.
Fragmented Market Landscape
The global open banking market is fairly fragmented, with many players operating in the market. The top ten competitors accounted for 22.7% of the total open banking market in 2022. Key players include Banco Bilbao Vizcaya Argentaria, S.A., Banco Santander S.A., HSBC Holdings Plc, Crédit Agricole S.A., Citigroup Inc, NatWest Group Plc, Capital One Financial Corporation, DBS Group Holdings Ltd, Lloyds Banking Group, and Barclays PLC.
Get A Free Sample Of The Global Open Banking Market Report
https://www.thebusinessresearchcompany.com/sample_request?id=6048&type=smp
Segmentation of the Open Banking Market
The open banking market, as detailed in this report, is segmented by service type (Transactional Services, Communicative, Informative Services), distribution channel (Bank Channels, App Market, Distributors, Aggregators), financial services (Bank And Capital Markets, Payments, Digital Currencies, Value Added Services), and deployment (Cloud, On-Premises, Hybrid).
Unlocking Opportunities for Growth
For businesses aiming to capitalize on the open banking market's growth, the Open Banking Global Market Report 2023 provides a comprehensive guide. By understanding open banking market dynamics, players can make informed decisions, identify key opportunities, and position themselves strategically in this dynamic landscape.
Open Banking Global Market Report 2024 by The Business Research Company provides insights on the open banking market size, open banking market segments, open banking market trends, drivers and restraints, major competitors' market positioning, revenues and market shares.
The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
Check Out Similar Market Intelligence Reports By The Business Research Company:
Neobanking Global Market Report 2024
https://www.thebusinessresearchcompany.com/report/neobanking-global-market-report
Blockchain In Banking And Financial Services Global Market Report 2024
Digital Banking Platform Global Market Report 2024
https://www.thebusinessresearchcompany.com/report/digital-banking-platform-global-market-report
Learn More About The Business Research Company
The Business Research Company is a market intelligence firm pioneering in company, market, and consumer research. With offices all around the world, TBRC has specialist consultants in a variety of fields, including manufacturing, healthcare, financial services, chemicals, and technology.
Global Market Model – World's Most Comprehensive Database
The Business Research Company's flagship product, Global Market Model, is a market intelligence platform covering various macroeconomic indicators and metrics across 60 geographies and 27 industries. The Global Market Model covers multi-layered datasets which help its users assess supply-demand gaps.
The Business Research Company Europe: +44 207 1930 708 Asia: +91 8897263534 Americas: +1 315 623 0293 Email: info@tbrc.info Follow us on: LinkedIn: https://in.linkedin.com/company/the-business-research-company Twitter: https://twitter.com/tbrc_info Facebook: https://www.facebook.com/TheBusinessResearchCompany YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ Blog: https://blog.tbrc.info/ Healthcare Blog: https://healthcareresearchreports.com/ Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
