Through APIs, open banking allows third-party financial service providers to get access to bank and non-bank financial institutions’ transactions and other financial data. Open banking has numerous benefits, including improved experience, more controlled and safe financial data, and better access to a greater choice of financial services. These benefits are mainly responsible for the global open banking market growth throughout the projection period. The evolving payment environment and the growing use of APIs are encouraging market expansion.
Open Banking Market size was valued at USD 20.5 Billion in 2023 and is poised to grow from USD 25.99 Billion in 2024 to USD 173.21 Billion by 2032, growing at a CAGR of 26.8% during the forecast period (2025-2032).
For instance, more than 87% of American consumers use open banking to connect their financial accounts with third parties, according to Visa’s Open Banking Consumer Survey, which was conducted in April 2022. However, only 34% of American customers know that open banking is what makes such services possible. The industry is also projected to grow based on improved broadband connectivity and growing internet penetration, which will push the market upward throughout the forecast period.
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The growing adoption of open banking is expected in the industry based on fast digitalization and a growing adoption of technologies such as big data analytics, machine learning, and artificial intelligence globally. It will attract more clients by improving the user experience and customizing services using big data analytics. APIs’ increased security is another main reason that propels the growth of the market. In addition, the growth in global e-commerce and online buying trends supports the industry’s growth.
Detailed Segmentation and Classification of the report (Market Size and Forecast – 2032, Y-o-Y growth rate, and CAGR):
The Open Banking Market can be segmented based on several factors, including product type, application, end-user, and distribution channel.
Global Open Banking Market is segmented by Offering, by Deployment, by Digital Channel, by application, by End User and by Region.
Based on Offering, the market is segmented into Solutions, Services.
Based on Deployment, the market is segmented into Cloud, On-premise.
Based on Digital Channel, the market is segmented into Web Portals, Mobile Apps.
Based on application, the market is segmented into Payment, Banking, Digital Lending, Wealth Management, Other.
Based on End User, the market is segmented into Central Banks, Retail & Commercials Banks, Investment Banks, Insurance Companies, Credit Unions, Mortgage/Loan Providers, Wealth Management Firms, Fintechs, Payment Service Providers.
Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Open Banking Market – Regional Analysis:
Europe dominated the open banking industry in 2024 with a market share of 36.9% because of its substantial focus on the enhancement of the security of online payments. Boosting demand for secure online transactions and expanding use of open financial platforms are the two major growth drivers for market expansion. Banks then would be mandated to open their APIs as government needs, specifically that of the European Union’s Payment Services Directive (PSD2), promote innovation and collaboration around the financial industry.
The North America open banking market will experience a significant compound annual growth rate (CAGR) of 27.9% from 2025 to 2032. The rapid growth in the North America open banking market will be primarily because of the rise in customer demand for seamless and personalized digital banking experiences. This will also witness area banks invest highly in APIs as they collaborate with fintech companies to expand the services they are offering.
Top Market Players in Open Banking Market are:
Plaid
Tink (Visa)
Yodlee (Envestnet)
TrueLayer
Figo
SaltEdge
Token.io
Mambu
W.UP (Finastra)
OpenWrks
MX
Finicity (Mastercard)
Form3
Nordic API Gateway (Mastercard)
Meniga
BBVA Open Platform
Marqeta
Bankable
Teller
Bud Financial
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Open Banking Market Recent Developments:
Saxo Bank and Mastercard partnered, in September 2023, to allow Saxo Bank investing platforms to be integrated with open banking payments. Investors with an active investment account with Saxo Bank need not worry again about having to bother creating another bank account just to deposit funds into such accounts.
BNY Mellon announced the launch of Bankify, open banking payments, in September of 2023. The service offers businesses guaranteed money for company receivables and attempts to help them get payments from consumers’ bank accounts.
Payer Financial Services AB (publ), a company developing business-to-business payment platforms, launched B2B open banking payments in Sweden in March 2023. The company assisted businesses in capturing payments with full reconciliation and settlement through open banking APIs, giving merchants real-time access into the payment status.
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Forward-Looking Insights
The Open Banking Market is set to experience sustained growth, fueled by technological advancements, broader global market access, and rising industry demand. With the industry addressing emerging challenges and capitalizing on new opportunities, it is expected to drive innovation and play a pivotal role in advancing global health and economic progress.
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