SkyQuest Technology Group recently introduced Open Banking Market study with in-depth overview, describing about the Product/Industry Scope and elaborates market outlook and status (2025-2032). The market Study is segmented by key regions which is accelerating the marketization. The Open Banking Market has witnessed Excellent growth over the past decade and is expected to maintain its upward trajectory.
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).
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.
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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. 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.
Offering
Solutions (Payment initiation, Account Information, Identity Verification & Authentication, API Management, Other), Services (Professional Services, Managed Services)
Deployment
Cloud, On-premise
Digital Channel
Web Portals, Mobile Apps
Application
Payment, Banking, Digital Lending, Wealth Management, Other
End User
Central Banks, Retail & Commercials Banks, Investment Banks, Insurance Companies, Credit Unions, Mortgage/Loan Providers, Wealth Management Firms, Fintechs, Payment Service Providers
Open Banking Market Regional Insights:
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. Furthermore, the market growth is facilitated by the fact that there are many respectable fintech companies, banks, and technology providers in Europe. During the later phases of evolution, open banking ecosystems will raise new possibilities for financial institutions to enhance the security of transactions and the overall customer experience throughout the region.
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
Open Banking Key Market Trends:
Cooperation Between Fintech and Banks: Increased cooperation between fintech firms and traditional banks is the newest development in the open banking market. In collaboration, banks will be able to gain access to innovative technology and customer-centric solutions, and fintechs will be able to take advantage of reputable brands and customers of such well-established financial houses. This collaboration gives rise to new service developments such as fast payments, budgeting applications, and tailored loans.
AI and Machine Learning Integration: The open banking systems rapidly take on AI and machine learning to improve decision-making and customer services. It would enable the banks and third-party vendors to produce the relevant risk scores, predictive analytics, and personal recommendations for the customers. It has transformed service delivery and significantly enhanced open banking’s capacity to respond to client needs through the exploitation of vast financial data.
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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.
About Company:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
Contact Details:
SkyQuest Technology Group
USA (+1) 351-333-4748
Email: sales@skyquestt.com
