In terms of revenue, the Global Open Banking Market is expected to reach USD 37.73 Billion by 2028, growing at a CAGR of 23.98% from 2022 to 2028. The global Open Banking market is expected to witness significant growth over the forecast period due to the increasing adoption of Open Banking platforms across various industries. An increasing number of start-ups and established companies are adopting Open Banking solutions to provide their customers with the better customer experience and access to financial services. Some of these start-ups include Revolut, TransferWise, and Monzo. However, not all banks are embracing Open Banking. Some banks are concerned about security issues. Others are worried about losing control over customer data.

Key Highlights from the Report:

• The payment segment is anticipated to grow at a substantial CAGR. The market growth is attributed to the increasing usage of online platforms for making payments via debit cards, credit cards, online payments, and other methods.
• App market segment held a significant market share in 2021. The market growth is attributed to the escalation in the adoption of smartphones and an upsurge in awareness about the usage of banking applications.
• North America is the largest regional segment accounting for 42.5% in 2021. Australia, Canada, and Singapore are the largest consumers of Open Banking in the region. Thus, the presence of such countries in the region is further propelling the market growth in the region over the forecast period.

Some of the key players in the Open Banking market include, RLDatix (Canada), Riskonnect Inc. (Georgia), Verge Health (US), Clarity Group Inc. (US), The Patient Safety Company (Netherlands), RiskQual Technologies (US), Quantros Inc. (US), Conduent Inc. (US), Prista Corporation (US), Smartgate Solutions Ltd. (UK)..

Market Dynamics:

Open Banking Market has been gaining momentum over the past few years due to its ability to provide consumers with greater transparency and control over their financial data. This trend is expected to continue in to forecast period, as banks are increasingly adopting Open Banking platforms to compete against fintech companies that offer similar services.

The payment segment of Open Banking Market refers to the use of technology that enables customers to pay using their mobile phones. This can include payments through apps like Apple Pay, GooglePay, Samsung Pay, etc. Consumers are able to compare products and prices across different banks and credit unions. They can also make payments without having to share sensitive information with each bank individually.

The Open Banking market has several superior attributes as it enables financial institutions to provide their customers access to third-party services without having to share sensitive data. This includes providing customers with online access to account information, transaction history, bill payment options, and other features. Thus, owing to a wide range of applications; the demand for Open Banking is increasing at its wildest level. Consequently, propelling the market growth over the forecast period.

North America is expected to emerge as a potential market for Open Banking. The market growth in the region is attributed to the high penetration of mobile payment systems and the rising acceptance of online payments among consumers. Furthermore, strong advancement in the banking sector in Australia, Canada, Singapore, and Hong Kong is another important factor influencing this market's expansion in this region. Thus, the presence of such countries in the region is further propelling the market growth in the region over the forecast period.