Global Open Banking Market Size to Reach $43.15 by 2028: COVID Impact, Opportunities, Trends and Forecast

Release Month: March 2021

Evolve Business Intelligence has published a new market research report on “Global Open Banking Market with COVID-19 impact, global and segmental analysis”. According to the report, the global open banking market is expected to grow from $12.6 billion in 2020, which is expected to reach $43.15 billion by 2028, growing at the CAGR of 24.4% from 2021 to 2028.

For more information on the report:

The COVID-19 pandemic has led to disruption in the supply chain leading to lower demand or supply shortages in the open banking market. The travel restrictions and social-distancing measures have resulted in a sharp drop in consumer and business spending and this pattern is expected to continue for some time. The end-user trend and preferences have changed due to the pandemic and have resulted in manufacturers, developers, and service providers adopting various strategies to stabilize the company.

In terms of COVID 19 impact, the open banking market report also includes the following data points:

  • COVID19 Impact on open banking market size
  • End-User/Industry/Application Trend, and Preferences
  • Government Policies/Regulatory Framework
  • Key Players Strategy to Tackle Negative Impact/Post-COVID Strategies
  • Opportunity in the open banking market


Analyst View

According to Lekha, Principal Analyst, Evolve Business Intelligence, “The open banking market has witnessed significant growth during the current covid 19 situations. With lockdown imposed to contain the spread of novel coronavirus the government worldwide has encouraged cashless payments. Further, the growth of the online businesses during this period is expected to fuel the demand for open banking applications.”


Competitive Scenario
Some of the major Open Banking players holding considerable market share include Credit Agricole, DemystData, Finastra, and Formfree. These players use partnership and collaboration as a key strategy to gain significant market share to compete with market leaders.

Segmental Analysis
The report’s aim is to provide a holistic market overview based on financial services and distribution channels. Based on Financial Services, the open banking market is segmented into banking & capital markets, payments, digital currencies, and value-added services. The open banking market is segmented based on Distribution channels into bank channels, app markets, distributors, and aggregators.

Report Coverage
The study also contains a comprehensive value chain, as well as details on the key factors affecting the market growth (drivers, constraints, and opportunities). Furthermore, the report includes 10 key players in the open banking market ecosystem that have been strategically profiled, along with the market ranking/share for major players. Under the company profile section, the company’s core competencies have been comprehensively analyzed, along with detailing the competitive landscape for the market players, and the strategies such as partnerships and collaboration, acquisitions, product launches and developments, contracts, and business expansion adopted by them to grow in the market.

The key players profiled in the report are:

  • Credit Agricole
  • DemystData
  • Figo GmbH
  • Finastra
  • FormFree
  • Jack Henry & Associates, Inc.
  • Mambu GmbH
  • MineralTree Inc.
  • NCR Corporation
  • BBVA Open Platform Inc.

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Research Methodology
This research study makes substantial use of secondary sources, archives, and databases (such as annual reports, news releases, magazines, Trademap, company websites, and other paid databases) to classify and gather information valuable for this analysis. The entire process involves a review of top industry participants’ financial records. Following the determination of the overall market size, the total market was divided into several segments and sub-segments, and this information was then verified through key industry specialists such as CEOs, directors, VPs, and marketing executives.

Report Objectives

  • To define, describe, and forecast the open banking market, in terms of value, segmented on the basis of indication, type, technology, and geography
  • To forecast the market size across 4 key regions—Asia Pacific (APAC), North America, Europe, and Rest of the World (RoW)
  • To provide detailed information regarding drivers, restraints, and opportunities, in the open banking market
  • To provide an overview of the value chain analysis pertaining to the open banking industry
  • To strategically analyze each segment and subsegment with respect to individual overall growth trends and its contribution to the overall open banking market
  • To analyze opportunities in the market by identifying high-growth segments of the Open Banking market
  • To profile key players in the open banking market and comprehensively analyze their core competencies
  • To analyze competitive developments such as partnerships, product launches and developments, contracts, and mergers and acquisitions carried out in the global open banking market


About EvolveBI

Evolve Business Intelligence is a market research, business intelligence, and advisory firm providing innovative solutions to challenging pain points of a business. Our market research reports include data useful to micro, small, medium, and large-scale enterprises. We provide solutions ranging from mere data collection to business advisory.

Evolve Business Intelligence is built on account of technology advancement providing highly accurate data through our in-house AI-modelled data analysis and forecast tool – EvolveBI. This tool tracks real-time data including, quarter performance, annual performance, and recent developments from fortune’s global 2000 companies.



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