Report ID: SQMIG40A2004
Report ID:
SQMIG40A2004 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
90 |
Figures:
76
Global Open Banking Market size was valued at USD 16.14 billion in 2019 and is poised to grow from USD 20.47 billion in 2023 to USD 128.12 billion by 2031, growing at a CAGR of 26.8% in the forecast period (2024-2031).
The increase in popularity of online payment options has resulted in the expansion of the open banking market. The changing payment ecosystem, rising e-commerce platform use, progressing broadband connectivity, and rising application programming interface (API) acceptance are driving the market growth. To manage recurring billing, online services such Zelle, PayPal, and Venmo use payment gateway APIs; these APIs are frequently used in open financial transactions.
Additionally, it is expected that as technology progresses and big data analytics and artificial intelligence (AI) are becoming more prevalent, the use of open banking systems will rise. In the open banking industry, big data analytics are used to personalize the services and enhance the user experience, that is expected to bring in more customers. Additionally, open banking benefits from the whole value chain of the financial industry, including customers, enterprises, Fintechs, banks, and financial institutions. A customer in the financial services gets access to superior banking services and cutting-edge and personalized financial products thanks to the adoption of open banking across the sector because they have a number of options or service providers from which to select for their financial needs.
Moreover, the global open banking sector is expected to profit from lucrative growth opportunities given by the increasing investment in digital banking. For instance, the Arab National Bank (ANB), a financial institution in Saudi Arabia, integrated the open hybrid cloud platforms of Red Hat in December 2021 to support the growth of digital banking and open finance. ANB seeks to develop relationships with ecosystem partners in a more efficient and secure manner. ANB intended to accomplish this by using a microservices integration layer and APIs to create cloud-native applications and Banking-as-a-Service (BaaS) products on its Red Hat platform.
US Open Banking Market is poised to grow at a sustainable CAGR for the next forecast year.
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Report ID: SQMIG40A2004