Growth in the open banking market is being accelerated by rising demand for personalized payment services, data-driven banking experiences, and the increasing traction from embedded finance integrations across non-bank digital platforms.
Hyderabad, India, Jan. 30, 2026 (GLOBE NEWSWIRE) — According to Mordor Intelligence’s latest report, the open banking market size is expected to rise from USD 25.91 billion in 2025 to USD 29.78 billion by 2026 and further expand to USD 59.81 billion by 2031, growing at a 14.95% CAGR through the forecast period. This acceleration is supported by a regulatory push in major economies, increasing appetite for insight-led financial products, and wider use of API-based connectivity. While payment initiation services currently account for the largest share of activity, solutions centered on data access and aggregation are advancing rapidly as financial institutions prioritize personalization. North America remains the leading revenue contributor, whereas Asia-Pacific is emerging as the fastest-growing region, driven by financial inclusion initiatives and digital-first banking models.
Open Banking Market Share by Region
Asia-Pacific is emerging as one of the most dynamic regions in the open banking landscape, supported by government-backed digital frameworks and forward-looking regulatory programs. Initiatives such as national payment rails and data-sharing mandates are helping markets move quickly without being constrained by legacy banking systems. Fintech-friendly policies and sandbox environments in several countries are further speeding up innovation and market entry. Together, these factors are enabling faster adoption of open banking models and strengthening the region’s role as a long-term growth engine for the global market.
North America holds a leading position in the global open banking market share, supported by industry-led data standards and the broad adoption of secure API-based data sharing across the financial ecosystem. Ongoing regulatory developments are reinforcing consumer data rights while encouraging deeper collaboration between banks, fintech providers, and merchants. Growing interest in account-to-account payment models is further strengthening market momentum, particularly as businesses seek alternatives to traditional card-based transactions. This combination of regulatory clarity, technology maturity, and consumer acceptance continues to anchor North America’s influence in the open banking landscape.
Open Banking Market Growth Drivers
Momentum Builds Around Account-to-Account and Instant Payments
Real-time, account-to-account payments are gaining rapid traction as consumers and merchants increasingly favor faster, bank-led transaction models over traditional cards. The global shift toward instant payments is being reinforced by regulatory mandates in Europe, wider rollout of pay-by-bank capabilities, and growing acceptance of variable recurring payment frameworks in mature markets. Major payment networks and open banking providers are investing heavily in direct-to-account infrastructure, signaling a structural change in how digital payments are executed. Together, these developments point to open banking playing a central role in reshaping payment ecosystems and gradually reducing reliance on card-based transactions.
Stronger Regulatory Alignment Accelerates Open Banking Maturity
Evolving regulatory frameworks are emerging as one of the defining open banking market trends, as authorities push for greater standardization, transparency, and performance accountability. Updated rules are encouraging more structured API management and clearer consent mechanisms, helping streamline integrations and lower long-term operational costs for ecosystem participants. In parallel, data-access mandates in North America are reinforcing consumer control while aligning regional practices with global norms. By reducing dependence on custom-built connections and creating consistent access standards, these regulatory shifts are making it easier for smaller institutions to participate, ultimately supporting a more open, scalable, and inclusive global open banking environment.
Major Segments Highlighted in the Open Banking Market Report
Account Information Services
- Data Aggregation & Enrichment
- Funds Confirmation
- Others
By End User
- Retail Banking Customers
- SMEs
- Corporate & Commercial Enterprises
- Third-party Fintech Developers
- Others
By Distribution Channel
- Bank Channels
- App-based Platforms
- API Marketplaces
By Deployment Model
- Cloud
- On-premise
- Hybrid
By Geography
North America
- Canada
- United States
- Mexico
South America
- Brazil
- Peru
- Chile
- Argentina
- Rest of South America
Europe
- United Kingdom
- Germany
- France
- Spain
- Italy
- BENELUX (Belgium, Netherlands, Luxembourg)
- Nordics (Denmark, Finland, Iceland, Norway, Sweden)
- Rest of Europe
Asia-Pacific
- India
- China
- Japan
- Australia
- South Korea
- South-East Asia
- Rest of Asia-Pacific
Middle East and Africa
- United Arab Emirates
- Saudi Arabia
- South Africa
- Nigeria
- Rest of the Middle East and Africa
Overview – Open Banking Industry
| Study Period | 2020-2031 |
| Market Size in 2026 | USD 29.78 Billion |
| Market Size Forecast 2031 | USD 59.81 Billion |
| Industry Expansion | Growing at a CAGR of 14.95% during 2026-2031 |
| Fastest Growing Market for 2026-2031 | Asia Pacific is projected to record the fastest growth rate |
| Segments Covered | By Service Offering, By End User, By Distribution Channel, By Deployment Model, and By Geography |
| Regions Covered | North America, Europe, Asia-Pacific, South America, and the Middle East & Africa |
| Customization Scope | Choose tailored purchase options designed to align precisely with your research requirements. |
Open Banking Companies
- Tink AB
- Plaid Inc.
- TrueLayer Ltd.
- Trustly Group AB
- Yapily Ltd.
- Finicity (Mastercard)
- MX Technologies Inc.
- Figo GmbH
- Bud Financial Ltd.
- Token.io
- Volt.io
- Frollo
- Belvo
- Brankas
- Salt Edge Inc.
- Banco Bilbao Vizcaya Argentaria
- Revolut Ltd.
- Citi
Get in-depth industry insights on the open banking market research report: https://www.mordorintelligence.com/industry-reports/open-banking-market?utm_source=globenewswire
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