Written by MarkNtel Advisors » Updated on: June 17th, 2025
As per the analytical report published by Markntel Advisors (one of the leading consulting, data analytics, and market research firms) i.e., Global Open Banking Market Research Report: Forecast (2025-2030), the market is expected to grow significantly in the coming years. According to the report, the Global Open Banking Market size was valued at around USD 22.31 billion in 2023 and is estimated to grow at a CAGR of about 25.47% during the forecast period, i.e., 2024-30. The market growth is further driven by the rising interference of the government sector to uplift the industry growth. Countries such as the UK, Mexico, and the US have actively adopted open banking services, facilitating cross-border financial transactions, and enriching global trade relationships. These government mandatory regulations compel the bank to open up their closely held financial data to third-party providers, further encouraging industrial growth and expansion.
The revolution of the onboarding process through open banking is evolving as a vital trend in the global market. The major reason behind the adoption of open banking by financial institutions is it facilitates simplified onboarding, alleviates customer stress by providing seamless access to user data, and also eliminates the need for manual input. This rising trend led to accelerating the growth of the open banking industry.
Ley players in the Open Banking Industry include Finleap, Revolut Ltd., Tink AB, Salesforce Inc., Worldline S.A., Tata Consultancy Services Limited, Capgemini, Oracle, Finicity (Mastercard), Jack Henry & Associates, Inc., Finastra, Global Payments, Virtusa Corp, Plaid Inc, etc.
Europe comprises prominent companies such as the Netherlands, Switzerland, Spain, etc., that demonstrate outstanding performance in digital evolution. Additionally, the UK, and France, stand out as a leader in API standardization, laying a strong foundation for Open banking initiatives. This standardized approach aids seamless integration and therefore contributes to the growth of the industry.
Open Banking is a system that enables external financial services to securely retrieve and utilize information from a user's bank account. This sharing of data is facilitated through standardized interfaces, or APIs, which ensure a secure and controlled exchange of information between banks and authorized third-party providers. This practice is designed to promote innovation, competition, and the development of new financial services by allowing external entities to build upon the existing infrastructure and offer more tailored and innovative solutions to consumers.
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