Market Size of Open Banking Industry
| Study Period | 2020-2029 |
| Market Size (2024) | USD 20 Billion |
| Market Size (2029) | USD 40.22 Billion |
| CAGR (2024 - 2029) | > 15.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Open Banking Market Analysis
The Open Banking Market size is estimated at USD 20 billion in 2024, and is expected to reach USD 40.22 billion by 2029, growing at a CAGR of greater than 15% during the forecast period (2024-2029).
Open Banking is a new financial paradigm that is gaining traction as the digital revolution spreads around the world. It symbolizes a change in banking towards a more unified, customer-focused strategy supported by technology and data sharing. Open banking, which provides application programming interfaces (APIs) for third parties to access financial data while adhering to data privacy regulations, is becoming increasingly popular. With this, customers can access a wide range of financial services and products. Numerous startups have invested in frontier fintech ideas and related advancements. Banks can use actionable insights from account aggregation by utilizing Open Banking APIs. Banks can learn more about their consumers and how to better serve them by partnering with third-party aggregators or becoming their aggregators. With the backing of US financial institutions and the FDX standard, Envestnet has expanded its Open Banking links significantly in recent times. Leading banks and fintechs in the sector have already teamed up to create innovative solutions utilizing the FDX API, which provides 660 data elements.
