Open Banking Market Size

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 Insights

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.

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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).

The global open banking sector has a dynamic competitive environment, with fintech companies, technology suppliers, and traditional financial institutions. Some of the most prominent banks that use open banking APIs in their products are JPMorgan Chase, BBVA, and Santander. Fintech businesses providing necessary infrastructure and services, such as Plaid, Tink, and Yodlee, are also leaders in innovation. As competition becomes more intense, collaboration between banks and fintech's is increasingly influencing industry growth. 'Plaid ', 'Tink (Visa)', 'Yodlee (Envestnet)', 'TrueLayer', 'Figo', 'SaltEdge', 'Token.io', 'Mambu', 'W.UP (Finastra)', 'OpenWrks', 'MX', 'Finicity (Mastercard)', 'Form3', 'Nordic API Gateway (Mastercard)', 'Meniga', 'BBVA Open Platform', 'Marqeta', 'Bankable', 'Teller', 'Bud Financial '

Government regulations mandating the financial institution to share clients' information by APIs, such as the UK Open Banking plan, and the PSD2 of the EU, drive the global open banking market. Openness, increasing competition, and strengthened security push the banks and other fintech players to use the open banking solutions, meeting the obligations imposed by legislation and offering new-generation services to the clients. 

Cooperation Between Fintech and Banks: Increased cooperation between fintech firms and traditional banks is the newest development in the open banking market. In collaboration, banks will be able to gain access to innovative technology and customer-centric solutions, and fintechs will be able to take advantage of reputable brands and customers of such well-established financial houses. This collaboration gives rise to new service developments such as fast payments, budgeting applications, and tailored loans.

Europe dominated the open banking industry in 2024 with a market share of 36.9% because of its substantial focus on the enhancement of the security of online payments. Boosting demand for secure online transactions and expanding use of open financial platforms are the two major growth drivers for market expansion. Banks then would be mandated to open their APIs as government needs, specifically that of the European Union's Payment Services Directive (PSD2), promote innovation and collaboration around the financial industry. Furthermore, the market growth is facilitated by the fact that there are many respectable fintech companies, banks, and technology providers in Europe. During the later phases of evolution, open banking ecosystems will raise new possibilities for financial institutions to enhance the security of transactions and the overall customer experience throughout the region.

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Global Open Banking Market
Open Banking Market

Report ID: SQMIG40A2004

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