Worldwide $37+ Billion Open Banking Market is Expected to Grow at a CAGR of over 23.98% During 2022-2028 | Vantage Market Research

WASHINGTON, April 12, 2022 (GLOBE NEWSWIRE) — Vantage Market Research’s recent analysis of the Global Open Banking Market finds that the rise in the number of people who are using new services and apps is driving the Open Banking Market. In addition, attending banking customers need and increase in customer engagement boost the Open Banking Market growth.

The total Global Open Banking Market is estimated to reach USD 37.73 Billion by 2028. The Market stood at a revenue of USD 10.39 Billion in the year 2021, and is expected to grow at a Compound Annual Growth Rate (CAGR) of 23.98%.

Furthermore, the growing adoption of artificial intelligence and blockchain technology for risk analytics is also anticipated to augment the growth of the Global Open Banking Market, states Vantage Market Research, in a report, titled “Open Banking Market Size, Share & Trends Analysis Report by Financial Services (Banking & Capital Markets, Payments, Digital Currencies, Value Added Services), by Distribution channel (Bank Channel, App market, Distributors, Aggregators), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) – Global Industry Assessment (2016 – 2021) & Forecast (2022 – 2028)”.   

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Market Dynamics:

Driver: Increase in Adoption of Mobile Devices to Fuel Global Open Banking Market

The key factor which contributes to the market growth of Open Banking Market include rise in the number of people who are using new services and apps is augmenting the market growth. In addition, increase in engagement of customer and attending banking need of customers quickly boost the market growth in Open Banking Market. Furthermore, the increase in benefits of a platform for Open Banking Market which makes beneficial to all stakeholders in the industry for financial services includes businesses, Fintech’s, innovators, consumers, and banks. This is a major factor that supports the growth of the Open Banking Market.

Key Insights & Findings from the Report:

• According to our primary respondents’ research, the Open Banking market is predicted to grow at a CAGR of roughly 23.98% during the forecast period.
• The Open Banking market was estimated to be worth roughly USD 10.39 Billion in 2021 and is expected to reach USD 37.73 Billion by 2028; based on primary research.
• On the basis of region, North America is projected to dominate the worldwide Open Banking market.

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Segmentation of Open Banking Market:

• Financial Services
  • Banking & Capital Markets
  • Payments
  • Digital Currencies
  • Value Added Services
• Distribution channel
  • Bank Channel
  • App market
  • Distributors
  • Aggregators
• Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa

Read Full Research Report @ https://www.vantagemarketresearch.com/industry-report/open-banking-market-1455

Restraint: Frauds & Risks Associated with it

An Open Banking Market environment may include numerous players such as third-party providers, data providers, customers, government agencies, and regulators. That’s a lot of promising points of data security failure, and fraudsters are proficient at targeting the weakest connection in a chain. Frauds in Open Banking Market sees bad agents who take advantage of this type banking to exploit services, financial products, and customer data. It is increasing at an alarming rate, simply by virtue of introducing new points of failure between financial organizations and users.

COVID-19 Impact Analysis:

The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the IT industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:

1. Impact Assessment of COVID-19 Pandemic
   1. North America
   2. Europe
   3. Asia Pacific
   4. Latin America
   5. Middle East & Africa
2. Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
3. Key Strategies Undertaken by Companies to Tackle COVID-19
4. Long Term Dynamics
5. Short Term Dynamics

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The report on Open Banking Market highlights:

• Assessment of the market
• Premium Insights
• Competitive Landscape
• COVID Impact Analysis
• Historic Data, Estimates and Forecast
• Company Profiles
• Global and Regional Dynamics

Regional Analysis:

North America to Dominate the Global Open Banking Market

North America has dominated the Global Open Banking Market in 2021 and is likely to continue the same trend during the forecast period, due to anticipated swift adoption of advanced and new technologies and existence of major of key players of the market. Moreover, healthy innovation in the banking industry, is another key reason that provides toward the growth of Open Banking Market.

Asia Pacific is expected to grow at a fastest CAGR during the forecast period. This is attributable to the increasing adoption of online platforms for several purposes in the region. Nations, including Japan, Singapore, India, and South Korea, do not have compulsory or formal Open Banking Market regimes currently, but their policy makers are proposing a range of measures to accelerate and promote the take-up of information sharing structures in banking.

List of Prominent Players in the Open Banking Market:

• RL Datix (Canada)
• Riskonnect Inc. (Georgia)
• Verge Health (US)
• Clarity Group Inc. (US)
• The Patient Safety Company (Netherlands)
• Risk Qual Technologies (US)
• Quantros Inc. (US)
• Conduent Inc. (US)
• Prista Corporation (US)
• Smart gate Solutions Ltd. (UK)

Browse market data Tables and Figures spread through 165 Pages and in-depth TOC on “Open Banking Market Size, Share & Trends Analysis Report by Financial Services (Banking & Capital Markets, Payments, Digital Currencies, Value Added Services), by Distribution channel (Bank Channel, App market, Distributors, Aggregators), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) – Global Industry Assessment (2016 – 2021) & Forecast (2022 – 2028)” View detailed Research Report here – https://www.vantagemarketresearch.com/press-release/open-banking-market-443404

Key questions answered in the report:

• Which regional market will show the highest and rapid growth?
• Which are the top five players of the Open Banking Market?
• How will the Open Banking Market change in the upcoming six years?
• Which application and product will take a lion’s share of the Open Banking Market?
• What is the Open Banking market drivers and restrictions?
• What will be the CAGR and size of the Open Banking Market throughout the forecast period?         

Value of Open Banking Market will initiate majorly in retail industry. Strategic partnerships within mutually beneficial, larger ecosystems will position banks to be present and visible to sell their offers wherever and whenever there’s an opportunity.

This market titled “Open Banking Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:

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