The Business Research Company has updated its global market reports with latest data for 2024 and projections up to 2033
LONDON, GREATER LONDON, UK, -- The Business Research Company’s “Open Banking Global Market Report 2024 is a comprehensive source of information that covers every facet of the market. As per TBRC’s market forecast, the open banking market size is predicted to reach $75.4 billion in 2028 at a compound annual growth rate (CAGR) of 24.9%.
The growth in the open banking market is due to the surge in the use of online platforms for making payments. North America region is expected to hold the largest open banking market share. Major players in the open banking market include Banco Santander S.A, BBVA SA, Credit Agricole, HSBC Bank plc., Citigroup, Capital One, NatWest Group plc., DBS Bank, Lloyds Banking Group
Open Banking Market Segments
• By Service Type: Transactional Services, Communicative, Informative Services
• By Distribution Channel: Bank Channels, App Market, Distributors, Aggregators
• By Financial Services: Bank And Capital Markets, Payments, Digital Currencies, Value Added Services
• By Deployment: Cloud, On-Premises, Hybrid
• By Geography: The global open banking market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa.
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 make it easier for consumers to compare the details of current accounts and other banking services. Open banking unites banks, third parties, and technology providers, allowing them to exchange data easily and securely for the benefit of their consumers.
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https://www.thebusinessresearchcompany.com/report/open-banking-global-market-report