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The global open banking market is expected to grow from $11.79 billion in 2020 to $15.13 billion in 2021 at a compound annual growth rate (CAGR) of 28.4%. The change in the growth trend of the open banking market is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2020. The open banking market is expected to reach $37.77 billion in 2025 at a CAGR of 25.7%.
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The open banking market consists of sales of open banking services by entities (organizations, sole traders, and partnerships) that unites banks, third parties, and technology providers, allowing them to exchange data easily and securely for the benefit of their consumers. Open banking is a banking practice in which third-party financial service providers can use application programming interfaces (APIs) to gain access to consumer banking, transactions, and other data from banks and NBFCs. These APIs deliver a secure way to share financial information between two parties and makes it easier for consumers to compare the details of current accounts and other banking services.
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The open banking market report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Some of the major players of the open banking market are Capital One, HSBC Bank plc, Banco Bilbao Vizcaya Argentaria S.A, NatWest Group plc, DBS Bank, Barclays, Lloyds Banking Group, Citigroup, Banco Santander S.A., Credit Agricole, NCR Corporation, DemystData, Figo GmbH, Finastra, Jack Henry & Associates Inc., and MineralTree Inc.
The global open banking market is segmented –
1) By Service Type: Transactional Services, Communicative Services, Information Services
2) By Financial Services: Bank And Capital Markets, Payments, Digital Currencies, Value Added Services
3) By Deployment Type: Cloud, On-Premises, Hybrid
4) By Distribution Channel: Bank Channels, App Market, Distributors, Aggregators
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The open banking market report describes and explains the global open banking market and covers 2015 to 2020, termed the historic period, and 2020 to 2025 termed the forecast period, along with further forecasts for the period 2025-2030. The open banking report evaluates the market across each region and for the major economies within each region.
The countries covered in the global open banking market are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, Vietnam.
The regions covered in the global open banking market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Full Report Includes
- Executive Summary
- Report Structure
- Open Banking Market Characteristics
- Open Banking Market Product Analysis
- Open Banking Market Supply Chain
- Key Mergers And Acquisitions In The Open Banking Market
- Market Background: Machinery Manufacturing Market
- Copyright And Disclaimer
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