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Key Trends and Opportunities in the Global Open Banking Market 2022-2026: Big Data Analytics Used to Personalize Customer Experience Services

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Dublin, May 27, 2022 (GLOBE NEWSWIRE) -- The "Open Banking Global Market Report 2022" report has been added to's offering.

The global open banking market is expected to grow from $15.13 billion in 2021 to $19.14 billion in 2022 at a compound annual growth rate (CAGR) of 26.5%. The market is expected to grow to $48.13 billion in 2026 at a compound annual growth rate (CAGR) of 25.9%.

North America was the largest region in the open banking market in 2021. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The surge in usage of online platforms for making payments is contributing to the growth of the open banking market. The digital payment system is rapidly expanding with developing payment methods, increased e-commerce use, improved broadband access, and the advent of new technologies. Payment gateway APIs are used by online platforms such as phone pay, Paytm, and Google Pay to manage recurring billing, and these APIs are often used in open banking.

For instance, in August 2021, Google Pay, a US-based digital wallet platform crossed 1 billion transactions. Additionally, in July 2021, PhonePe, a digital payments network, set a new milestone by processing 1.5 billion transactions through the unified payments interface (UPI). Therefore, the rise in the use of online platforms for making payments is expected to propel the growth of the open banking market in the coming years.

Big data analytics is an emerging trend in the open banking market. Big data analytics collects, processes, and analyzes structured, and unstructured data. The major use of big data analytics is to get business insights into the data. In the open banking market, big data analytics is used to personalize the services for improving the customer experience. For instance, in 2020, HSBC Bank plc, a UK-based investment banking company increased its investment in the use of artificial intelligence (AI) and big data analytics techniques to manage financial crime risk.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography. It places the market within the context of the wider open banking market, and compares it with other markets.

  • The market characteristics section of the report defines and explains the market

  • The market size section gives the market size ($b) covering both the historic growth of the market, the influence of the COVID-19 virus and forecasting its growth

  • Market segmentations break down market into sub markets

  • The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.

  • Competitive landscape gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified

  • The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers

  • The open banking market section of the report gives context. It compares the open banking market with other segments of the open banking market by size and growth, historic and forecast. It analyses GDP proportion, expenditure per capita, open banking indicators comparison

Report Scope:

Markets Covered:

1) By Service Type: Transactional Services; Communicative Services; Information Services
2) By Financial Services: Bank And Capital Markets; Payments; Digital Currencies; Value Added Services
3) By Deployment Type: Cloud; On-Premises; Hybrid
4) By Distribution Channel: Bank Channels; App Market; Distributors; Aggregators

Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA

Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa

Time series: Five years historic and ten years forecast.

Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,

Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.

Companies Mentioned:

  • Capital One

  • HSBC Bank plc.

  • Banco Bilbao Vizcaya Argentaria S.A

  • NatWest Group plc.

  • DBS Bank

  • Barclays

  • Lloyds Banking Group

  • Citigroup

  • Banco Santander S.A.

  • Credit Agricole

  • NCR Corporation

  • DemystData

  • Figo GmbH

  • Finastra

  • Jack Henry & Associates Inc.

  • MineralTree Inc.

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