The Latin America, Middle East and Africa Open Banking Market would witness market growth of 27.5% CAGR during the forecast period (2022-2028).
It is anticipated that as technology develops and big data analytics as well as artificial intelligence (AI) become more prevalent, the use of open banking systems will rise. In the open banking industry, big data analytics are used to customize the services and improve the user experience, which is expected to draw in more clients. Additionally, open banking benefits from the whole value chain of the financial services sector, including consumers, businesses, Fintech companies, banks, as well as financial institutions.
A consumer in financial services receives access to high-quality banking services along with cutting-edge individualized financial products owing to the adoption of open banking throughout the sector since they have a number of options or service providers to choose from for their financial needs. Due to the surge in popularity of online payment systems, the open banking sector is growing. The market is expanding as a result of the shifting payment ecosystem, rising e-commerce platform usage, better broadband access, and increasing application programming interface (API) acceptance.
The National Bank of Rwanda has established a law to codify the method for mining and analyzing client data, and there is a growing market for financial technology in Rwanda. In Nigeria, API standards are being created for usage with bill payments, ATMs, direct debit, transaction history, and other scenarios. Banks and financial technology companies can now engage with their clients across Africa with the use of payment and communication APIs from organizations like Africa's Talking. Innovative banks and fintech firms are driving the Open Banking trend in South Africa. Hence, the growth of the regional market is estimated to flourish in the coming years.
The Brazil market dominated the LAMEA Value Added Services Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $74.2 million by 2028. The Argentina market is showcasing a CAGR of 29.4% during (2022 - 2028). Additionally, The UAE market would experience a CAGR of 28.7% during (2022 - 2028).
Based on Deployment, the market is segmented into On-premise and Cloud. Based on Distribution Channel, the market is segmented into App Markets, Bank Channels, Distributors, and Aggregators. Based on Services, the market is segmented into Banking & Capital Markets, Payments, Digital Currencies, and Value-added Services. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global Open Banking Market is Predict to reach $75.7 Billion by 2028, at a CAGR of 24.7%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Banco Bilbao Vizcaya Argentaria SA, Finastra Group Holdings Limited, NCR Corporation, Crédit Agricole CIB, Demyst Data, Ltd., Finleap connect GmbH, FormFree Holdings Corporation, Jack Henry & Associates, Inc., Mambu B.V, and MineralTree, Inc.
By Deployment
By Distribution Channel
By Services
By Country
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