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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 preponderance of open financial companies is based in the fin-tech and banking. Government policies and regulations have a significant impact on how these businesses operate. ' Plaid   ', ' Tink   ', ' Yodlee   ', ' TrueLayer   ', ' Figo   ', ' SaltEdge   ', '   ', ' Mambu   ', ' Cambr   ', ' W.UP   ', ' Bud   ', ' OpenWrks   ', ' Truelayer   ', ' Finicity   ', ' MX   ', ' Form3   ', ' Railsbank   ', ' Nordic API Gateway   ', ' Fidor Solutions   ', ' Meniga '

The changing payment ecosystem, rising e-commerce platform use, progressing broadband connectivity, and rising application programming interface (API) acceptance are driving the market growth.

An optimistic outlook for the market has been produced by the increasing need for more flexible and reliable investment options global. Accordingly, another element driving growth is the widespread use of new wave services and apps. Access to superior banking services and cutting-edge, customized financial products is provided via open banking. Additionally, new applications and services that enable clients to obtain consolidated account information from numerous financial service providers are becoming more and more popular, which is promoting market expansion. In addition, the use of big data analytics in open banking to gather, process, and analyze both structured and unstructured data is driving market growth. Moreover, the market is increasing due to the use of artificial intelligence (AI) and the Internet of Things (IoT) to manage financial crime risk and regulate financial goals, resources, and data. Additionally, the growing demand for open banking across the financial services industry's value chain—among consumers, businesses, Fintech companies, banks, and financial institutions—to provide customers with more specialty and pertinent product offerings is positively influencing the market's growth. The market is expanding due to a number of other factors, such as shifting consumer preferences, the implementation of various government initiatives to make APIs compulsory open, and significant growth in the banking, financial services, and insurance (BFSI) industry.

North America dominated the market. With a market share of over 20.7% during the forecast period, this region is expected to grow significantly. Growth in users of modern apps and services can be observed in North America. Additionally, increasing consumer interaction and fulfilling banking consumers' requirements help the open banking market develop.

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Global Open Banking Market

Product ID: SQMIG40A2004