The Europe API Banking Market would witness market growth of 23.4% CAGR during the forecast period (2023-2030).
The rising digitization of banking operations is also a significant factor propelling the industry. It enables institutions to offer digital services to consumers, like online and mobile banking. Government regulations promoting open banking, like the revised Payment Services Directive (PSD2) in Europe, also drive the implementation of APIs in the banking industry.
In addition, banks can reduce expenses by automating specific processes with APIs and reducing the need for manual labor. Enhanced customer experience is also a significant market driver for API banking. Banks can use APIs to enhance the consumer experience by providing customized services and fast access to financial data.
Increasing competition between banks and fintech firms also drives the adoption of APIs to create new services and enhance existing ones. In addition, technological advancements, like cloud computing and big data analytics, are propelling the use of APIs in the banking industry, allowing banks to process and analyze massive quantities of data.
Banks with digital awareness and a desire to progress increasingly consider API strategy 2.0. With consistency and uniformity, API strategy 2.0 is scalable from 10 to 100 public APIs to thousands of bundle-ready building components. Large institutions are also broadening this portfolio of APIs and services to maximize the use of scarce talent and increase the usage of APIs and services within digital teams and to reveal extant capabilities. In addition to consumer preference for electronic payments, the need for uncomplicated cross-border transactions, and the imminent release of the official European Digital Identity Wallet, the demand for digital payments in Europe is rising significantly. These factors are likely to contribute to the expansion of the regional market.
The Germany market dominated the Europe API Banking Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $8,280.9 million by 2030. The UK market is exhibiting a CAGR of 22.3% during (2023 - 2030). Additionally, The France market would experience a CAGR of 24.3% during (2023 - 2030).
Based on Component, the market is segmented into Solution and Service. Based on Deployment, the market is segmented into On-premise and Cloud. Based on Enterprise Size, the market is segmented into Large Enterprises and Small & Medium-sized Enterprises. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Google LLC (Alphabet Inc.), BankProv (PROVIDENT BANCORP, INC.), TIBCO (The Information Bus Company) Software. Inc., FidyPay (Jambopay Express Pvt Ltd), Oracle Corporation, Razorpay Software Private Limited, Infosys Limited, IBM Corporation, SAP SE and Salesforce, Inc
Scope of the Study
Market Segments covered in the Report:
By Component

  • Solution
  • Service

By Deployment

  • On-premise
  • Cloud

By Enterprise Size

  • Large Enterprises
  • Small & Medium-sized Enterprises

By Country

  • Germany
  • UK
  • France
  • Russia
  • Spain
  • Italy
  • Rest of Europe

Companies Profiled

  • Google LLC (Alphabet Inc.)
  • TIBCO (The Information Bus Company) Software. Inc.
  • FidyPay (Jambopay Express Pvt Ltd)
  • Oracle Corporation
  • Razorpay Software Private Limited
  • Infosys Limited
  • IBM Corporation
  • SAP SE
  • Salesforce, Inc.

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