Selbyville, Del., Aug. 26, 2024 (GLOBE NEWSWIRE) —
The market value of open banking is expected to exceed $130.2 billion by 2032, according to a Research study by Global Market Insights Inc.
Increasing integration with digital currency platforms to enable seamless transactions between fiat currencies and cryptocurrencies will impact industry growth. Implementing robust security measures such as encryption, multi-factor authentication, and real-time monitoring has become critical to protecting sensitive financial data in open banking. Recently, leading financial institutions and fintech companies are exploring subscription-based models for open banking services to offer premium features and value-added services through tiered pricing plans.
Rapid advances in fraud detection technologies that use AI and machine learning to detect and prevent fraudulent activity in financial transactions will also support market expansion. For example, in May 2024, Mastercard accelerated the use of generative AI to double the speed of detecting potentially compromised cards, protecting cardholders while securing the card fraud detection ecosystem.
Request a sample of this research report @ https://www.gminsights.com/request-sample/detail/6210
Open banking’s market share in the digital currency financial services space is expected to grow exponentially between 2024 and 2032. By directly linking digital wallets to their banking systems, open banking simplifies the acceptance of digital currency payments by merchants. This integration lowers the hurdles for businesses looking to adopt cryptocurrencies. In addition, it enables connections to global financial institutions, simplifies cross-border transactions, and allows users to easily send and receive payments in different currencies worldwide.
The on-premise deployment model segment is expected to account for a significant share of the open banking industry by 2032. Financial institutions using on-premise open banking solutions can fully control sensitive customer data. With growing concerns about data breaches and cyberattacks, numerous banks are choosing to manage their data in-house rather than relying on third-party cloud services. On-premise deployments also allow banks to customize their open banking infrastructure to meet their specific needs. This flexibility is especially important for large financial institutions with complex IT environments that require customized solutions.
The open banking market in Asia Pacific is expected to reach a significant share by 2032. This will be driven by the rise in cross-border open banking services, especially in areas such as remittances and international payments. Countries such as India, Indonesia, and Vietnam are witnessing rapid expansion of open banking. With a large unbanked population and a strong mobile presence, these countries offer lucrative prospects for open banking solutions. The proliferation of digital payments in China and India will also influence regional industry growth.
Make an inquiry to purchase this report @ https://www.gminsights.com/inquiry-before-buying/6210
Some of the most prominent companies in the open banking market include Accenture, Tink, Finicity (Mastercard), Capgemini, F5, Inc., Virtusa Corp., MuleSoft (Salesforce), Yodlee (Envestnet), Plaid, TrueLayer, and Token.io. These industry players are adopting partnership strategies to meet the increasing needs of consumers and end users and expand their global presence. For example, in February 2024, leading financial technology provider FIS entered into a strategic collaboration with Banked, a well-known open banking solutions provider, to drive new pay-by-bank offerings for businesses and consumers.
Subchapter of the table of contents (TOC) of the report:
Chapter 1 Methodology and scope
1.1 Market scope and definition
1.2 Research design
1.2.1 Research approach
1.2.2 Methods of data collection
1.3 Basic estimates and calculations
1.3.1 Calculation of the base year
1.3.2 Important trends for market assessment
1.4 Forecast model
1.5 Primary research and validation
1.5.1 Primary sources
1.5.2 Data mining sources
Chapter 2 Summary
2.1 Open Banking Market 3600 Table of Contents, 2021 – 2032
Chapter 3 Open Banking Market Insights
3.1 Industry ecosystem analysis
3.2 Supplier landscape
3.2.1 API platforms and gateway providers
3.2.2 Security solution providers
3.2.3 RegTech providers
3.2.4 End users
3.3 Profit margin analysis
3.4 Technology and innovation landscape
3.5 Patent analysis
3.6 Important news and initiatives
3.7 Regulatory framework
3.8 Impact forces
3.8.1 Growth drivers
3.8.1.1 Increasing use of digital banking due to convenience and accessibility
3.8.1.2 Technological advances in big data analytics, artificial intelligence (AI) and APIs
3.8.1.3 Government initiatives and regulatory support to improve financial transparency
3.8.1.4 Consumer demand for personalized services
3.8.2 Pitfalls and challenges of the industry
3.8.2.1 Security and privacy concerns
3.8.2.2 Lack of consumer confidence and acceptance
3.9 Growth potential analysis
3.10 Porter’s analysis
3.11 PESTEL analysis
Browse Related reports:
Cryptocurrency Payment Apps Market Size – By Platform (Mobile Apps, Web-based Platforms), By Cryptocurrency (Bitcoin, Ethereum, Litecoin, Ripple), By Functionality, By Application, By End User & Forecast, 2024 – 2032
https://www.gminsights.com/industry-analysis/cryptocurrency-paid-apps-market
Payment processing solutions market size – By technology (NFC, QR code, EMV), by deployment (in-store, online, mobile), by payment type (credit cards, debit cards, e-wallets), by company size, by end user and forecast, 2024 – 2032
https://www.gminsights.com/industry-analysis/paid-processing-solutions-market
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, USA, is a global market research and advisory services provider offering syndicated and custom research reports and growth advisory services. Our business intelligence and industry research reports provide clients with in-depth insights and actionable market data specifically designed and presented to support strategic decisions. These comprehensive reports are prepared using a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.