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Open Banking Solutions Market Size, Trends Report and Forecast to 2028

by Press Room

(EMAILWIRE.COM, March 19, 2024 ) The Open Banking Solutions Market size is expected to grow from USD 5.5 billion in 2023 to USD 11.7 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 16.0% during the forecast period, according to new research report by MarketsandMarkets™

Stringent regulations like PSD2 and CMA Order drive adoption of the market, innovations in APIs, data analytics, and cybersecurity, and Fintech companies offering agile solutions that disrupt traditional banking models are a few fundamental driving forces to leverage Open Banking solutions adoption across verticals and regions.

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The managed services segment will record a higher CAGR by services during the forecast period.

Managed services play a vital role in the open banking solutions market by offering comprehensive support throughout the lifecycle of available banking platforms. Support and maintenance services ensure systems’ continuous functionality and reliability, addressing technical issues and facilitating software updates. Concurrently, performance monitoring and optimization services track system performance, identify bottlenecks and optimize operational efficiency, enabling organizations to deliver seamless and responsive user experiences. Additionally, managed services assist in vendor selection and procurement, aiding organizations in choosing suitable technology partners and negotiating contracts. This involves evaluating vendors based on their capabilities, security protocols, and compliance with regulatory requirements. By leveraging managed services in open banking, businesses can streamline operations, enhance system performance, and make informed decisions in vendor selection, ultimately ensuring their open banking initiatives’ sustained success and resilience.

Based on the Application segment, Payment holds the largest Open Banking solutions market share during the forecast period.

Payment services are a cornerstone of open banking solutions, revolutionizing transactions and enhancing the overall customer experience. By leveraging open banking APIs, third-party providers (TPPs) gain secure access to customer accounts, enabling seamless payment initiation directly from bank accounts. This facilitates a wide range of payment options, including peer-to-peer transfers, bill payments, and online shopping, all executed with unprecedented speed and convenience. Furthermore, open banking fosters competition and innovation in the payment space as TPPs develop new and innovative payment solutions that cater to specific consumer needs and preferences. With real-time access to account data and enhanced security measures, open banking payment services offer consumers greater control, transparency, and confidence in their financial transactions. As a result, payment solutions within the open banking ecosystem drive efficiency, convenience, and trust, ultimately reshaping how individuals and businesses interact and transact in the digital economy.

By region, the Middle East & Africa region recorded the highest CAGR during the forecast period.

The Middle Eastern countries are rapidly adopting technological advancements and investing in knowledge-based economies. Saudi Arabia and the UAE are leading the way in adopting API management, leading to their development dominance. As Middle Eastern organizations focus on generating revenue and outsourcing to third-party managed service providers, adopting Open Banking solutions is accelerating in the region to reduce costs and save time.

The Middle East & Africa (MEA) region, the open banking solutions market is gradually emerging as a transformative force in the financial industry. While the adoption of open banking is still in its early stages compared to other regions, there is growing momentum driven by regulatory initiatives, technological advancements, and changing consumer behaviors. Regulatory bodies in several MEA countries are exploring frameworks to promote open banking to increase competition, improve financial transparency, and enhance customer choice. Fintech startups and traditional banks are beginning to collaborate to leverage open banking APIs and develop innovative financial products and services. Key focus areas include digital payments, peer-to-peer lending platforms, personal finance management tools, and digital identity solutions. As awareness and understanding of open banking grow in the MEA region, it is expected to catalyze further innovation, drive financial inclusion, and transform how people access and manage their finances.

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Key Market Players
Some of the key players operating in the Open Banking solutions market are Plaid (US), Envestnet (US), Tink (Sweden), Finicity (US), Trustly (Sweden), MX Technologies (US), Worldline (France), Volt.io (UK), Temenos (UK), among others.

About MarketsandMarkets™

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MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

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