Market Executive Summary

Open banking APIs, or application program interfaces, facilitate open banking and enable financial institutions to share financial data with one another, typically through a third-party-developed application. Banking API providers such as emerging FinTech companies and collaborators create those third-party-developed applications to improve traditional banking systems and make the digital banking industry better for everyone.

The global Open Banking API market was valued at US$ 20300 million in 2023 and is anticipated to reach US$ 53920 million by 2030, witnessing a CAGR of 15.4% during the forecast period 2024-2030.

The global open banking API (application programming interface) market growth is being driven by several factors, including:

Increasing Demand for Financial Transparency and Control: Open banking APIs enable third-party providers to access customer financial data with their consent, providing consumers with greater transparency and control over their finances. This aligns with the growing demand for personalized financial services and enhanced user experiences.

Rise of Innovative Financial Products and Services: Open banking APIs facilitate the development of innovative financial products and services, such as personalized financial advice, automated savings tools, and seamless payment solutions. This fosters competition and drives innovation within the financial services industry.

Growing Adoption by Financial Institutions: Financial institutions are increasingly adopting open banking APIs to enhance customer engagement, expand their product offerings, and improve operational efficiency. This is driven by the recognition of the benefits of open banking and the potential to gain a competitive edge.

Regulatory Support and Open Banking Initiatives: Governments and regulatory bodies worldwide are supporting open banking initiatives to promote financial inclusion, increase competition, and protect consumer rights. This creates a favorable environment for the growth of the open banking API market.

Expansion of Open Banking beyond Traditional Banking: Open banking is expanding beyond traditional banking to include insurance, investment, and wealth management sectors. This broadening of scope further drives market growth and creates new opportunities for innovation.

Integration with Emerging Technologies: Open banking APIs are being integrated with emerging technologies such as artificial intelligence (AI), machine learning (ML), and blockchain, enabling the development of even more sophisticated and personalized financial solutions.

Focus on Data Security and Privacy: Data security and privacy are paramount in open banking, and providers are investing heavily in robust security measures and data governance practices to protect consumer information. This is essential to ensure consumer trust and adoption.

Standardization and Interoperability Efforts: Standardization and interoperability efforts are underway to ensure seamless data exchange and compatibility between different open banking platforms. This will further facilitate the adoption and growth of the open banking ecosystem.

Growing Demand in Emerging Markets: Open banking is gaining traction in emerging markets as economies develop and financial inclusion becomes a focus. This presents significant growth opportunities for open banking API providers.

Potential for Cross-Border Transactions: Open banking APIs can facilitate cross-border transactions, enabling consumers and businesses to make payments and manage finances seamlessly across different countries. This opens up new possibilities for international trade and financial services.

In conclusion, the open banking API market is poised for continued growth and expansion in the coming years, driven by the increasing demand for financial transparency, innovation, and regulatory support. As open banking APIs become more widely adopted and integrated with emerging technologies, they will play a transformative role in shaping the future of financial services and empowering consumers with greater control over their finances.

This report aims to provide a comprehensive presentation of the global market for Open Banking API, with both quantitative and qualitative analysis, to help readers develop business/growth strategies, assess the market competitive situation, analyze their position in the current marketplace, and make informed business decisions regarding Open Banking API.

Report Scope

The Open Banking API market size, estimations, and forecasts are provided in terms of revenue ($ millions), considering 2023 as the base year, with history and forecast data for the period from 2019 to 2030. This report segments the global Open Banking API market comprehensively. Regional market sizes, concerning products by Type, by Application, and by players, are also provided. 

For a more in-depth understanding of the market, the report provides profiles of the competitive landscape, key competitors, and their respective market ranks. The report also discusses technological trends and new product developments.

The report will help the Open Banking API companies, new entrants, and industry chain related companies in this market with information on the revenues, sales volume, and average price for the overall market and the sub-segments across the different segments, by company, by Type, by Application, and by regions.

Market Segmentation

Global Open Banking API Companies Covered

Google, SAS, Mastercard, Salt Edge, Yodlee, TrueLayer, Plaid, Token, Tink, Bud Financial, Yapily, Klarna, Impress Solutions, Trovata, Basiq

Global Open Banking API Market, by Region

North America (U.S., Canada, Mexico)

Europe (Germany, France, UK, Italy, etc.)

Asia Pacific (China, Japan, South Korea, Southeast Asia, India, etc.)

South America (Brazil, etc.)

Middle East and Africa (Turkey, GCC Countries, Africa, etc.)

Global Open Banking API Market, Segment by Type

Payment Initiation Sevice API

Account Information Service API

Others

Global Open Banking API Market, Segment by Application

Consumer

Enterprise

Financial Institution

Chapter Outline

Chapter 1: Introduces the report scope of the report, executive summary of different market segments (by Type, by Application, etc), including the market size of each market segment, future development potential, and so on. It offers a high-level view of the current state of the market and its likely evolution in the short to mid-term, and long term.

Chapter 2: Introduces executive summary of global market size, regional market size, this section also introduces the market dynamics, latest developments of the market, the driving factors and restrictive factors of the market, the challenges and risks faced by companies in the industry, and the analysis of relevant policies in the industry.

Chapter 3: Detailed analysis of Open Banking API companies’ competitive landscape, revenue market share, latest development plan, merger, and acquisition information, etc.

Chapter 4: Provides the analysis of various market segments by Type, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different market segments.

Chapter 5: Provides the analysis of various market segments by Application, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different downstream markets.

Chapter 6, 7, 8, 9, 10: North America, Europe, Asia Pacific, Latin America, Middle East and Africa segment by country. It provides a quantitative analysis of the market size and development potential of each region and its main countries and introduces the market development, future development prospects, market space, and capacity of each country in the world.

Chapter 11: Provides profiles of key players, introducing the basic situation of the main companies in the market in detail, including product sales, revenue, price, gross margin, product introduction, recent development, etc.

Chapter 12: The main points and conclusions of the report.