Increase in use of internet in European countries for making payments, more use of e-commerce, enhanced internet connectivity and the launch of new products and technologies are factors propelling the growth of the Europe open banking market. Based on financial service, the banking & capital markets segment held the lion’s share in 2020 and is likely to continue its dominance through 2030. Country wise, Italy is expected to grow at the fastest CAGR of 29.7% through 2030.
Portland, OR, June 23, 2022 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the Europe open banking market stood at a revenue of $6.14 billion in 2020, and is predicted to reach 48.30 billion by 2030, witnessing a CAGR of 23.18% from 2021 to 2030. The report provides a detailed analysis of the changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
Rise in internet usage for making payments brought in by the introduction of new payment methods in European nations, greater use of ecommerce, enhanced internet connectivity, and the rise in the adoption of big data analytics are the main driving forces behind the Europe open banking market . However, increase in data breaches and cyber-attacks in the banking industry impede the growth of the market. On the contrary, improved decision-making for customers due to open banking and technological advancements in the banking industry were expected to provide opportunities for expansion of the industry.
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The Covid-19 pandemic had a positive impact on the Europe open banking market due to increased adoption of online and digitalized payment methods among consumers. Consumers got acquainted with new types of banking services and their benefits, which in turn, augmented the market growth.
Initiatives taken by governing bodies across European nations to curb the spread of the virus by bringing several policies for banking processes also promoted the market growth.
The report offers a detailed segmentation of the Europe open banking market based on financial service, distribution channel, application, and region.
Based on financial service, the banking & capital markets segment held the lion’s share, grabbing nearly half of the total market in 2020, and is predicted to continue its dominance through 2030. However, the value added services segment is likely to exhibit the fastest CAGR of 28.2% during the forecast period.
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By distribution channel, the app market segment captured the largest market share of around two-fifths of the global market in 2020. On the other hand, the aggregators segment is anticipated to grow at the highest CAGR of 28.2% through 2030.
By country, the UK held the largest share, accounting for more than one-fourth of the global market in 2020 and is expected to lead the trail through the forecast period, however, Italy is expected to grow at the fastest CAGR of 29.7% 2030.
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Key players of the Europe open banking market analyzed in the research include Banco Bilbao Vizcaya Argentaria, SA, Deposit Solutions, Finastra, Klarna Inc., Nordigen Solutions, Plaid Inc., Revolut Ltd., Tink (Visa Inc.), TrueLayer, Yapily Ltd.
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