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Open Banking Market Share

Report ID: GMI6210
Published Date: Jul 2024
Report Format: PDF

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Open Banking Market Share

Yodlee and Plaid dominate the market with over 5% market share. Yodlee is a prominent player in the open banking and financial data aggregation market. It provides data aggregation, financial wellness solutions, and analytics services to a diverse range of clients, including financial institutions, fintech companies, & developers. Yodlee's sophisticated APIs and financial cloud solutions facilitate seamless integration with client systems, allowing for real-time insights and enhanced financial decision-making.

Plaid is a leading fintech company specializing in financial data aggregation and open banking solutions. It has quickly become a key enabler of digital financial services by providing connectivity infrastructure that links consumer bank accounts to thousands of fintech applications. Plaid's platform facilitates secure access to bank account information, transaction histories, and financial analytics, allowing developers to create a wide range of financial products, from budgeting tools & lending platforms to payment processors.

Open Banking Market Companies

Major players operating in the open banking industry are:

Accenture
Capgemini
Virtusa Corp.
F5, Inc.
MuleSoft (Salesforce)
Yodlee (Envestnet)
Plaid
Tink
Finicity (Mastercard)
TrueLayer
Token.io

Authors: Preeti Wadhwani, Aishvarya Ambekar

Frequently Asked Questions (FAQ) :

Global industry size for open banking was valued at USD 23.5 billion in 2023 and is anticipated to register over 22% CAGR between 2024 and 2032 driven by increasing adoption of digital banking for convenience and accessibility.

The cloud segment in the open banking market is expected to reach USD 82.1 billion by 2032 due to efficient data management, rapid innovation, scalable infrastructure, reduced upfront investments, and easier bank-TPP collaboration in open banking.

North America market held 31% revenue share in 2023 due to fintech innovations, regulatory support, and collaborations between financial institutions and fintech firms for advanced financial services.

Accenture, Capgemini, Virtusa Corp., F5, Inc., MuleSoft (Salesforce), Yodlee (Envestnet), Plaid, Tink, Finicity (Mastercard), TrueLayer, and Token.io.