DUBLIN, December 20, 2021– (COMMERCIAL THREAD)–The “Open Banking Global Market Report 2021: Implications and growth of COVID-19” the report was added to ResearchAndMarkets.com offer.
This report equips strategists, marketers, and senior management with the essential information they need to assess the global open banking market.
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 growth trend is mainly due to companies stabilizing production after meeting demand which increased exponentially during the COVID-19 pandemic in 2020. The market is expected to reach $ 37.77 billion in 2020. 2025 at a CAGR of 25.7%.
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The main types of open banking services are transactional services, communication services and information services. Trade finance and cash management services are provided through banking transactions to businesses, government agencies and other financial organizations. The different financial services include banking and capital markets, payments, digital currencies, value-added services and are deployed in various modes such as cloud, on-premises, hybrid. The different distribution channels include banking channels, application markets, distributors and aggregators.
The open banking market is the sale of open banking services by entities (organizations, individual merchants, and partnerships) that unite banks, third parties, and technology providers, allowing them to easily and securely exchange data for the benefit of of their consumers. Open banking is a banking practice in which third-party financial service providers can use application programming interfaces (APIs) to access consumer banking services, transactions, and other bank and NBFC data. These APIs provide a secure way to share financial information between two parties and make it easier for consumers to compare details of checking accounts and other banking services.
North America was the largest open banking market region in 2020. Asia Pacific is expected to be the fastest growing region during the forecast period. The regions covered in this report are Asia Pacific, Western Europe, Eastern Europe, North America, South America, Middle East & Africa.
The increase in the use of online platforms to make payments contributes to the growth of the open banking market. The digital payment system is developing rapidly with the development of payment methods, the increased use of electronic commerce, the improvement of broadband access and the advent of new technologies. Payment Gateway APIs are used by online platforms such as Pay by Phone, Paytm, and Google Pay to handle recurring billing, and these APIs are often used in open banking. For example, in August 2021, Google Pay, a US-based digital wallet platform, crossed 1 billion transactions. Additionally, in July 2021, PhonePe, a digital payment network, took another step forward by processing 1.5 billion transactions through the Unified Payment Interface (UPI). Therefore, the increase in the use of online platforms for making payments is expected to propel the growth of the open banking market in the years to come.
Big data analytics is an emerging trend in the open banking market. Big Data Analytics collects, processes and analyzes structured and unstructured data. The main use of big data analytics is to get business insights into the data. In the open banking market, big data analytics is used to personalize services to improve the customer experience. For example, in 2020, HSBC Bank plc, a UK-based investment banking firm, increased its investments in the use of artificial intelligence (AI) and big data analytics techniques to manage risk. financial crime.
In June 2021, Visa Inc., a US-based financial services company, acquired Tink for $ 2.15 billion. The acquisition is expected to accelerate the adoption of open banking in Europe by providing a secure and reliable platform for innovation. As a result, clients will have more control over their financial experiences, including financial goals, managing their funds, and financial data. Tink is a Sweden-based public banking company that helps banks, fintechs and start-ups across Europe develop database financial services.
For more information on this report, visit https://www.researchandmarkets.com/r/fus4xq
See the source version on businesswire.com: https://www.businesswire.com/news/home/20211220005767/en/
Laura Wood, Senior Press Director
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