
Report ID: SQMIG40A2004
SkyQuest Technology's Open banking market size, share and forecast Report is based on the analysis of market data and Industry trends impacting the global Open Banking Market and the revenue of top companies operating in it. Market Size Data and Statistics are based on the comprehensive research by our Team of Analysts and Industry experts.
Open Banking Market size was valued at USD 20.5 Billion in 2023 and is poised to grow from USD 25.99 Billion in 2024 to USD 173.21 Billion by 2032, growing at a CAGR of 26.8% during the forecast period (2025-2032).
Through APIs, open banking allows third-party financial service providers to get access to bank and non-bank financial institutions' transactions and other financial data. Open banking has numerous benefits, including improved experience, more controlled and safe financial data, and better access to a greater choice of financial services. These benefits are mainly responsible for the global open banking market growth throughout the projection period. The evolving payment environment and the growing use of APIs are encouraging market expansion.
For instance, more than 87% of American consumers use open banking to connect their financial accounts with third parties, according to Visa's Open Banking Consumer Survey, which was conducted in April 2022. However, only 34% of American customers know that open banking is what makes such services possible. The industry is also projected to grow based on improved broadband connectivity and growing internet penetration, which will push the market upward throughout the forecast period. The growing adoption of open banking is expected in the industry based on fast digitalization and a growing adoption of technologies such as big data analytics, machine learning, and artificial intelligence globally. It will attract more clients by improving the user experience and customizing services using big data analytics. APIs' increased security is another main reason that propels the growth of the market. In addition, the growth in global e-commerce and online buying trends supports the industry's growth.
US Open Banking Market is poised to grow at a sustainable CAGR for the next forecast year.
REQUEST FOR SAMPLE
Want to customize this report? This report can be personalized according to your needs. Our analysts and industry experts will work directly with you to understand your requirements and provide you with customized data in a short amount of time. We offer $1000 worth of FREE customization at the time of purchase.
Feedback From Our Clients
Report ID: SQMIG40A2004
[email protected]
USA +1 351-333-4748