Austin, TX, USA, June 21, 2023 (GLOBE NEWSWIRE) -- Custom Market Insights has published a new research report titled “API Banking Market Size, Trends and Insights By Application (Personal Banking, Corporate Banking, Wealth Management, Others), By Type (Account Information and Payment Initiation, Customer Information, Transaction Processing, Others), By Deployment Model (Cloud-based, On-Premises), By Organization Size (Large Enterprises, SMEs), By Industry (Banking, Insurance, Healthcare, Retail, Others), and By Region - Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2023–2032” in its research database.

“According to the latest research study, the demand of global API Banking Market size & share was valued at approximately USD 3.5 Billion in 2022 and is expected to reach USD 4.9 Billion in 2023 and is expected to reach a value of around USD 17.5 Billion by 2032, at a compound annual growth rate (CAGR) of about 23%during the forecast period 2023 to 2032.”

CMI research report offers a 360-degree view of the API Banking market’s drivers and restraints, coupled with the impact they have on demand during the projection period. Also, the report examines global opportunities and competitive analysis for the API Banking market.

Click Here to Access a Free Sample Report of the Global API Banking Market @ https://www.custommarketinsights.com/request-for-free-sample/?reportid=23924

API Banking Market: Overview

API banking refers to using application programming interfaces (APIs) to access financial services and data. Banks and other financial institutions can use APIs to make their services and data available to third-party developers and organizations, who can then use that information to create new applications and services.

The market for API banking is growing rapidly, driven by the increasing demand for financial data and services and the growing popularity of open banking and fintech.

Growth Factors

API banking is driven by several factors fueling the market’s growth. The increasing demand for financial data and services from individuals, businesses, and other organizations is a key driver of the API banking market. The growing popularity of open banking and fintech is also driving the use of APIs in the banking industry, as these technologies rely on APIs to access financial data and services.

The increasing digitization of banking operations is also a key driver of the API banking industry. It enables banks to provide customers with digital services such as online and mobile banking. Government regulations such as the revised Payment Services Directive (PSD2) in Europe, which promotes open banking, also drive the adoption of APIs in the banking industry.

Additionally, banks can reduce costs by using APIs to automate certain processes and reduce the need for manual labor. Improved customer experience is also a key driver of the API banking market. Banks can use APIs to improve customer experience by providing personalized services and quick access to financial information.

The increasing competition among banks and fintech companies is also driving the adoption of APIs to create new services and improve existing ones. And last but not least, advancements in technology, such as cloud computing and big data analytics, are also driving the use of APIs in the banking industry, enabling banks to process and analyze large amounts of data.

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Segmental Overview

The API Banking market can be segmented into application, type, deployment model, organization size, and industry.

Based on application, the personal banking segment is likely to lead the market due to the increased number of digital banking users and the growing adoption of mobile banking.

Also, by type, the account information and payment initiation segment is expected to grow significantly, driven by the increasing adoption of open banking and the implementation of government regulations such as PSD2.

Moreover, the cloud-based deployment model is expected to grow at a higher rate than the on-premises model due to its flexibility, scalability, and cost-effectiveness.

Based on organization size, Small and Medium-sized Enterprises (SMEs) are expected to lead the market due to the increasing adoption of digital banking solutions among SMEs to automate their operations.

(A free sample of the API Banking report is available upon request; please contact us for more information.)


Our Free Sample Report Consists of the following:

(Please note that the sample of the API Banking report has been modified to include the COVID-19 impact study prior to delivery.)

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Regional Overview

The API banking market is segmented into different regions, including North America, Europe, Asia Pacific, Latin America, the Middle East & Africa.

North America is expected to lead the API banking market due to major players in the banking and fintech industries, the early adoption of digital banking solutions, and government regulations promoting open banking.

Europe is also anticipated to witness significant growth in the API banking market due to the revised Payment Services Directive (PSD2) implementation, which promotes open banking and the use of APIs in the banking industry.

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The Asia Pacific region is expected to grow significantly due to the increasing adoption of digital banking solutions and the growing number of fintech companies in the region.

Latin America, the Middle East & Africa are also expected to witness growth in the API banking market due to the increasing adoption of digital banking solutions and the growing number of fintech companies in the region.

Overall, the API banking market is expected to grow significantly during the forecast period, driven by the increasing demand for financial data and services, the growing popularity of open banking and fintech, and the increasing digitization of banking operations.

Key questions answered in this report:

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Key Offerings:

Report Scope

Feature of the ReportDetails
Market Size in 2023USD 4.9 Billion
Projected Market Size in 2032USD 17.5 Billion
Market Size in 2022USD 3.5 Billion
CAGR Growth Rate23% CAGR
Base Year2022
Forecast Period2023-2032
Key SegmentBy Application, Type, Deployment Model, Organization Size, Industry and Region
Report CoverageRevenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends
Regional ScopeNorth America, Europe, Asia Pacific, Middle East & Africa, and South & Central America
Buying OptionsRequest tailored purchasing options to fulfil your requirements for research.

Competitive Landscape/ Key Players Insights

Our market analysis includes a section specifically devoted to key players operating in the API Banking market. Our analysts give an overview of each player’s financial statements, along with product benchmarking and SWOT analysis.

The competitive landscape section includes key development strategies, market share analysis, and market positioning analysis of the mentioned competitors globally.

Some of the prominent players

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Browse the full “API Banking Market Size, Trends and Insights By Application (Personal Banking, Corporate Banking, Wealth Management, Others), By Type (Account Information and Payment Initiation, Customer Information, Transaction Processing, Others), By Deployment Model (Cloud-based, On-Premises), By Organization Size (Large Enterprises, SMEs), By Industry (Banking, Insurance, Healthcare, Retail, Others), and By Region - Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2023–2032” Report at https://www.custommarketinsights.com/report/api-banking-market/

The global API Banking market is segmented as follows:

By Application

By Type

By Deployment Model

By Organization Size

By Industry

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By Region

North America

Europe

Asia Pacific

The Middle East & Africa

Latin America

This API Banking Market Research/Analysis Report Contains Answers to the following Questions.

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Custom Market Insights is a market research and advisory company delivering business insights and market research reports to large, small, and medium-scale enterprises. We assist clients with strategies and business policies and regularly work towards achieving sustainable growth in their respective domains.

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