Major open banking market participants include Accenture, Tink, Finicity (Mastercard), Capgemini, F5, Inc., Virtusa Corp., MuleSoft (Salesforce), Yodlee (Envestnet), Plaid, TrueLayer, and Token.io.
Selbyville, Delaware, Aug. 26, 2024 (GLOBE NEWSWIRE) —
The open banking market valuation is predicted to cross USD 130.2 billion by 2032, as reported in a research study by Global Market Insights Inc.
The rising integration with digital currency platforms to enable seamless transactions between fiat currencies and cryptocurrencies will influence the industry growth. The implementation of robust security measures, such as encryption, multi-factor authentication, and real-time monitoring, has grown critical for protecting sensitive financial data in open banking. Of late, leading financial institutions and fintech firms are exploring subscription-based models for open banking services to offer premium features and value-added services through tiered pricing plans.
Rapid advancements in fraud detection technologies deploying AI and machine learning to identify and prevent fraudulent activities across financial transactions will also favor market expansion. To cite an instance, in May 2024, Mastercard accelerated the use of generative AI to double the speed for detecting potentially compromised cards to protect cardholders whilst securing the ecosystem card fraud detection.
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The open banking market share from the digital currencies financial services segment is expected to exponentially expand between 2024 and 2032. By directly linking digital wallets to their banking systems, open banking streamlines the acceptance of digital currency payments by merchants. This integration lowers the hurdles for businesses eager to embrace cryptocurrencies. Furthermore, it enables connections with global financial institutions, simplifying cross-border transactions and allowing users to effortlessly send and receive payments in various currencies worldwide.
The on-premise deployment model segment is expected to account for considerable share of the open banking industry by 2032. Financial institutions using on-premise open banking solutions can fully control sensitive customer data. As concerns about data breaches and cyberattacks grow, numerous banks are opting to manage data in-house instead of depending on third-party cloud services. On-premise deployments further allow banks to customize their open banking infrastructure as per their specific needs. This flexibility is particularly important for large financial institutions with complex IT environments that require bespoke solutions.
Asia Pacific open banking market is anticipated to reach a significant share by 2032. This is propelled by the surge in cross-border open banking services, particularly in areas, such as remittances and international payments. Countries like India, Indonesia, and Vietnam are witnessing a swift expansion of open banking. With a vast unbanked populace and a strong mobile presence, these nations present lucrative prospects for open banking solutions. The proliferation of digital payments in China and India will also influence regional industry growth.
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Some of the prominent open banking market companies include Accenture, Tink, Finicity (Mastercard), Capgemini, F5, Inc., Virtusa Corp., MuleSoft (Salesforce), Yodlee (Envestnet), Plaid, TrueLayer, and Token.io. These industry players are placing efforts on partnership-based strategies to match the rising consumer and end-user needs to widen their global presence. To quote an instance, in February 2024, financial technology leader FIS inked a strategic collaboration with Banked, a well-known open banking solutions provider, to drive new pay-by-bank offerings for businesses and consumers.
Partial chapters of report table of contents (TOC):
Chapter 1 Methodology & Scope
1.1 Market scope & definition
1.2 Research design
1.2.1 Research approach
1.2.2 Data collection methods
1.3 Base estimates & calculations
1.3.1 Base year calculation
1.3.2 Key trends for market estimation
1.4 Forecast model
1.5 Primary research and validation
1.5.1 Primary sources
1.5.2 Data mining sources
Chapter 2 Executive Summary
2.1 Open Banking Market 3600 synopsis, 2021 – 2032
Chapter 3 Open Banking Market Insights
3.1 Industry ecosystem analysis
3.2 Supplier landscape
3.2.1 API platforms and gateway providers
3.2.2 Security solutions providers
3.2.3 RegTech providers
3.2.4 End user
3.3 Profit margin analysis
3.4 Technology & innovation landscape
3.5 Patent analysis
3.6 Key news & initiatives
3.7 Regulatory landscape
3.8 Impact forces
3.8.1 Growth drivers
3.8.1.1 Increase in adoption of digital banking for convenience and accessibility
3.8.1.2 Technological advancements in big data analytics, artificial intelligence (AI), and APIs
3.8.1.3 Government initiatives and regulatory support to enhance financial transparency
3.8.1.4 Consumer demand for personalized services
3.8.2 Industry pitfalls & challenges
3.8.2.1 Security and privacy concerns
3.8.2.2 Lack of consumer trust and adoption
3.9 Growth potential analysis
3.10 Porter’s analysis
3.11 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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