Open Banking Market is Predicted to Grow At More Than 22% CAGR till 2032

Open
Banking Market size is estimated to be valued at USD 130.2 Bn till 2032. The
rising integration with digital currency platforms to enable seamless
transactions between fiat currencies and cryptocurrencies will influence the
industry growth. The implementation of robust security measures, such as
encryption, multi-factor authentication, and real-time monitoring, has grown
critical for protecting sensitive financial data in open banking. Of late,
leading financial institutions and fintech firms are exploring
subscription-based models for open banking services to offer premium features
and value-added services through tiered pricing plans.

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Open banking market share from the digital
currencies financial services segment is expected to exponentially expand between
2024 and 2032. By directly linking digital wallets to their banking systems,
open banking streamlines the acceptance of digital currency payments by
merchants. This integration lowers the hurdles for businesses eager to embrace
cryptocurrencies. Furthermore, it enables connections with global financial
institutions, simplifying cross-border transactions and allowing users to
effortlessly send and receive payments in various currencies worldwide.

The on-premise deployment model segment is
expected to account for considerable share of the open banking industry by
2032. Financial institutions using on-premise open banking solutions can fully
control sensitive customer data. As concerns about data breaches and
cyberattacks grow, numerous banks are opting to manage data in-house instead of
depending on third-party cloud services. On-premise deployments further allow
banks to customize their open banking infrastructure as per their specific
needs. This flexibility is particularly important for large financial
institutions with complex IT environments that require bespoke solutions.

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Asia Pacific open
banking industry size is anticipated to reach a significant share by 2032. This
is propelled by the surge in cross-border open banking services, particularly
in areas, such as remittances and international payments. Countries like India,
Indonesia, and Vietnam are witnessing a swift expansion of open banking. With a
vast unbanked populace and a strong mobile presence, these nations present
lucrative prospects for open banking solutions. The proliferation of digital
payments in China and India will also influence regional market growth.

Partial chapters of
report table of contents (TOC):

Chapter 1   Methodology & Scope

1.1    Market scope & definition

1.2    Research design

1.2.1    Research approach

1.2.2    Data collection methods

1.3    Base estimates &
calculations

1.3.1    Base year calculation

1.3.2    Key trends for market
estimation

1.4    Forecast model

1.5    Primary research and validation

1.5.1    Primary sources

1.5.2    Data mining sources

Chapter 2   Executive Summary

2.1    Industry 360⁰ synopsis,
2021 - 2032

Chapter 3   Industry Insights

3.1    Industry ecosystem analysis

3.2    Supplier landscape

3.2.1    API platforms and gateway
providers

3.2.2    Security solutions providers

3.2.3    RegTech providers

3.2.4    End user

3.3    Profit margin analysis

3.4    Technology & innovation
landscape

3.5    Patent analysis

3.6    Key news & initiatives

3.7    Regulatory landscape

3.8    Impact forces

3.8.1    Growth drivers

3.8.1.1    Increase in adoption of
digital banking for convenience and accessibility

3.8.1.2    Technological advancements
in big data analytics, artificial intelligence (AI), and APIs

3.8.1.3    Government initiatives and
regulatory support to enhance financial transparency

3.8.1.4    Consumer demand for
personalized services

3.8.2    Industry pitfalls &
challenges

3.8.2.1    Security and privacy
concerns

3.8.2.2    Lack of consumer trust and
adoption

3.9    Growth potential analysis

3.10    Porter’s analysis

3.11    PESTEL analysis

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