Global Open Banking Market Size to Reach USD 136.13 Billion by 2030, Growing at a 27.60% CAGR: MarkNtel Advisors (Capgemini, Oracle, Global Payments, Tata Consultancy, Finastra & others)
Global Open Banking Market Report Overview:
NEW DELHI, June 12, 2025 /PRNewswire/ -- The Global Open Banking Market size is experiencing significant growth, projected to rise from approximately USD 31.54 billion in 2024 to USD 136.13 billion by 2030, with a robust CAGR of around 27.60% during the 2025-2030 period, according to MarkNtel Advisors. This growth is driven by the ongoing digital transformation within the banking sector, where both innovative digital banks and traditional institutions are modernizing their operations to remain competitive.
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Approximately 23% of the population in the surveyed 28 countries have opened digital bank accounts, spurring financial institutions to accelerate their digital initiatives and securely share data with third-party providers, thereby enhancing Open Banking adoption. The open banking market report highlights that regions like Asia-Pacific and the Middle East are leading in digitalization efforts, prompting increased investment in open banking solutions.
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Global Open Banking Market Value & Statistics
-- Market Value in 2024: USD 31.54 Billion
-- Projected Valuation by 2030: USD 136.13 Billion
-- Forecast Period CAGR (2025-2030): 27.60%
-- Base Year: 2024
-- Historical Years: 2020-2023
-- Leading Segment by Service: Corporate Banking & Retail Banking
-- Leading Region: Europe
Industry Dynamic:
1.) Open Banking Market Trend
Transformation in Banking Onboarding - The onboarding process in banking is undergoing a significant transformation with the rise of open banking. Financial institutions are leveraging this trend to simplify the onboarding journey, reducing customer stress by allowing seamless access to user data and automating information retrieval. This not only enhances efficiency and user-friendliness but also prepares the way for a greater adoption of open banking solutions, ultimately contributing to substantial growth in the market as more consumers embrace these improvements.
2.) Factor Affecting Open Banking Market Growth
-- The The surge in digital transformation has significantly increased
online financial transactions, enhancing the convenience of banking
services. However, this growth comes with heightened data security
threats. Financial institutions are becoming increasingly cautious about
sharing sensitive financial information through APIs, driven by fears of
potential financial losses, reputational damage, and regulatory
penalties linked to security breaches.
-- This heightened sense of caution is impeding the widespread adoption of
open banking practices. As a result, the market's potential for growth
is being constrained, as institutions grapple with balancing innovation
and robust security measures in an evolving digital landscape.
3.) Open Banking Market Driver
-- In an increasingly globalized world, governments recognize the
importance of fostering connections between financial institutions and
consumers, both domestically and internationally. Countries such as the
UK, Mexico, and the US are actively promoting the adoption of open
banking services, which simplify cross-border financial transactions and
enhance global trade relationships. Over the past decade, North American
and European nations have also proactively worked to democratize access
to financial products and services.
-- A significant milestone in this effort was the European Banking
Authority's introduction of the Payment Services Directive Two (PSD2) in
2015, which officially marked the beginning of the open banking era.
Following this, the UK's Competition and Markets Authority (CMA)
implemented guidelines requiring banks to adopt open banking practices
by 2018. These regulatory mandates have compelled banks to share their
previously restricted financial data with third-party providers,
encouraging more entities to enter the market and significantly driving
the growth of the Global Open Banking Market.
4.) Global Open Banking Market Opportunity
The Impact of CBDCs on the Financial Landscape - The emergence of Central Bank Digital Currencies (CBDCs) is significantly transforming the financial landscape, with many countries exploring or implementing these digital versions of national currencies. Driven by the need to modernize financial systems and enhance monetary policy, over 10 nations have launched CBDCs, while over 100 others are exploring their possibilities, according to the Atlantic Council. China's digital yuan, a leading CBDC initiative, aims for expansion after its pilot began in 2014. As digital currencies gain traction, banks must adapt their systems to support these assets. This presents a unique opportunity for open banking solution providers to facilitate the integration of CBDCs into existing banking infrastructures, paving the way for growth in the Open Banking Market.
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Competitive Landscape: List of Emerging Open Banking Companies Globally
The competitive landscape of the open banking market is characterized by dynamic strategic initiatives among leading players. Companies are actively engaging in mergers, collaborations, and acquisitions to enhance their market presence. Key participants include:
-- F5 Solutions
-- Finleap
-- Financial Details
-- Revolut Ltd
-- Tink AB
-- Salesforce, Inc.
-- Worldline S.A.
-- TATA Consultancy Services Limited
-- Capgemini
-- Oracle
-- Finicity (Mastercard)
-- Jack Henry & Associates, Inc.
-- Finastra
-- Global Payments
-- Virtusa Corp.
-- Plaid Inc.
-- Others
These initiatives are aimed at strengthening their positions within the evolving open banking ecosystem, underscoring a commitment to innovation and competitiveness in the financial technology space.
Industry Recent Development:
-- 2024: Paysend formed a partnership with Tink, an open banking platform
and Visa solution provider, to strengthen and speed up money transfers
powered by open banking. Through the integration of Tink's advanced open
banking technology, Paysend now allows customers, especially within the
EU, to verify and fund international transfers directly from their bank
accounts. This removes the need for manual data input or complex
security procedures, offering a faster, smoother, and more secure
payment process while minimizing errors and the risk of fraud.
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Open Banking Market Segments
-- By Service (Retail Banking [Aggregation & Financial Management, Credit
Risk Decisioning, Payments, Origination & Onboarding, Others], Corporate
Banking [Corporate Treasury, Financial Management, Credit Decisioning,
Payments, Value Added Services, Others], Capital Markets, Others)
-- By Distribution Channel (Bank Channel, App Market, Distributors,
Aggregators)
-- By Deployment (On-premise, Cloud, Hybrid)
Payments, a Segment Under Corporate Banking & Retail Banking Segment Leads in Market
The open banking market is increasingly segmented into various service categories, including Retail Banking, Corporate Banking, and Capital Markets. Among these, payment services in both Retail and Corporate Banking are experiencing notable growth and capturing a significant market share.
Innovative fintech companies like Google, Amazon, Facebook, and Apple are harnessing open banking principles to develop solutions that enhance and simplify payment processes for individuals and businesses. As a result, the adoption of open banking for payments is witnessing a considerable increase, showcasing its potential to transform financial transactions.
Global Open Banking Market Regional Breakdown:
Geographically, the Global Open Banking Market expands across:
-- North America
-- South America
-- Europe
-- The Middle East & Africa
-- Asia-Pacific
Europe's Rapid Growth in Open Banking
Europe has emerged as a frontrunner in the Open Banking Market, primarily driven by widespread adoption and several key factors. Standardized APIs, diverse national standards, strong expertise in non-retail payments, and influential mobile payment associations play vital roles in this growth. The UK and France have taken the lead in API standardization, laying a solid groundwork for successful Open Banking initiatives, which enhances integration and compatibility across the region.
Additionally, countries like the Netherlands, Switzerland, and Spain are notable for their advancements in digital technologies and the establishment of trust in digital practices. Spain, in particular, excels in digital engagement, boasting the highest number of "passported-in" third-party providers (TPPs). As a result, the adoption of Open Banking is witnessing significant momentum throughout Europe.
Open Banking Market Report: List of Tables
1. Table 1: Market Segmentation
2. Table 2: Global Open Banking Startup Ecosystem
3. Table 3: Global Open Banking Current Status of Integration &
Implementation - A Survey of Financial Institutions
4. Table 4: Results of Integrating Open Banking
5. Table 5: Global Open Banking Case Studies
6. Table 6: Global Open Banking Market Porter's Five Forces Analysis
7. Table 7: Global Open Banking Market Trends & Insights
8. Table 8: Global Open Banking Market Dynamics
9. Table 9: Global Open Banking Market Value Chain Analysis
10. Table 10: Global Open Banking Market Policies, Regulations, and Service
Standards
11. Table 11: Global Open Banking Market Size & Analysis by Revenues
12. Table 12: Market Share & Analysis by Service
13. Table 13: North America Open Banking Market Outlook, 2020-2030F
14. Table 14: The US Open Banking Market Outlook, 2020-2030F
15. Table 15: Canada Open Banking Market Outlook, 2020-2030F
16. Table 16: Europe Open Banking Market Outlook, 2020-2030F
17. Table 17: The Middle East & Africa Open Banking Market Outlook,
2020-2030F
18. Table 18: Asia-Pacific Open Banking Market Outlook, 2020-2030F
19. Table 19: Global Open Banking Market Strategic Imperatives for Success &
Growth
20. Table 20: Competitive Outlook
21. Table 21: Company Profiles - Overview
22. Table 22: Recent Developments of Key Players
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Open Banking Market Report: List of Figures
1. Figure 1: Evolution of Open Banking
2. Figure 2: Region-wise Current Status of Integrating Open Banking
3. Figure 3: Region-wise Purpose of Adopting Open Banking
4. Figure 4: Top Applications for Which Open Banking has been Implemented by
Financial Institutions
5. Figure 5: Global Open Banking Market Hotspots & Opportunities
6. Figure 6: Market Size & Forecast for Retail Banking Services
7. Figure 7: Distribution Channel Analysis
8. Figure 8: Deployment Analysis of Open Banking Services
9. Figure 9: Trends in Global Open Banking Market
10. Figure 10: Key Players in the Global Open Banking Ecosystem
About Us -
MarkNtel Advisors is a leading consulting, data analytics, and market research firm that provides an extensive range of strategic reports on diverse industry verticals. We being a qualitative & quantitative research company, strive to deliver data to a substantial & varied client base, including multinational corporations, financial institutions, governments, and individuals, among others.
We have our existence across the market for many years and have conducted multi-industry research across 80+ countries, spreading our reach across numerous regions like America, Asia-Pacific, Europe, the Middle East & Africa, etc., and many countries across the regional scale, namely, the US, India, the Netherlands, Saudi Arabia, the UAE, Brazil, and several others.
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