Global Open Banking API Market Growth (Status and Outlook) 2025-2031

The global Open Banking API market size is predicted to grow from US$ 28950 million in 2025 to US$ 70450 million in 2031; it is expected to grow at a CAGR of 16.0% from 2025 to 2031.

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 (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.

LPI (LP Information)' newest research report, the “Open Banking API Industry Forecast” looks at past sales and reviews total world Open Banking API sales in 2024, providing a comprehensive analysis by region and market sector of projected Open Banking API sales for 2025 through 2031. With Open Banking API sales broken down by region, market sector and sub-sector, this report provides a detailed analysis in US$ millions of the world Open Banking API industry.

This Insight Report provides a comprehensive analysis of the global Open Banking API landscape and highlights key trends related to product segmentation, company formation, revenue, and market share, latest development, and M&A activity. This report also analyses the strategies of leading global companies with a focus on Open Banking API portfolios and capabilities, market entry strategies, market positions, and geographic footprints, to better understand these firms’ unique position in an accelerating global Open Banking API market.

This Insight Report evaluates the key market trends, drivers, and affecting factors shaping the global outlook for Open Banking API and breaks down the forecast by Type, by Application, geography, and market size to highlight emerging pockets of opportunity. With a transparent methodology based on hundreds of bottom-up qualitative and quantitative market inputs, this study forecast offers a highly nuanced view of the current state and future trajectory in the global Open Banking API.

This report presents a comprehensive overview, market shares, and growth opportunities of Open Banking API market by product type, application, key players and key regions and countries.

Segmentation by Type:
Payment Initiation Sevice API
Account Information Service API
Others

Segmentation by Application:
Consumer
Enterprise
Financial Institution

This report also splits the market by region:
Americas
United States
Canada
Mexico
Brazil
APAC
China
Japan
Korea
Southeast Asia
India
Australia
Europe
Germany
France
UK
Italy
Russia
Middle East & Africa
Egypt
South Africa
Israel
Turkey
GCC Countries

The below companies that are profiled have been selected based on inputs gathered from primary experts and analyzing the company's coverage, product portfolio, its market penetration.
Google
SAS
Mastercard
Salt Edge
Yodlee
TrueLayer
Plaid
Token
Tink
Bud Financial
Yapily
Klarna
Impress Solutions
Trovata
Basiq

Please note: The report will take approximately 2 business days to prepare and deliver.