Account Aggregators Market Scope
An Account Aggregator (AA) is an RBI-regulated organization (with an NBFC-AA licence) that helps individuals safely and digitally transfer information from one financial institution to any other authorized financial institution in the AA network. Data cannot be shared without the subject's agreement. There will be a number of Account Aggregators to opt from. Account Aggregator integrates complicated terms and conditions with detailed, process permission and control over data usage.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | MX Technologies Inc. (United States), Fiserv Inc. (United States), Finicity (United States), Yodlee Inc. (United States), Finvu (United States), Onemoney (India), Zauba Technologies & Data Services Private Limited (India), NESL (India), Perfios Account Aggregation Services Pvt. Ltd. (India) and Verizon Media (United State) |
CAGR | % |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Account Aggregators market throughout the predicted period.
MX Technologies Inc. (United States), Fiserv Inc. (United States), Finicity (United States), Yodlee Inc. (United States), Finvu (United States), Onemoney (India), Zauba Technologies & Data Services Private Limited (India), NESL (India), Perfios Account Aggregation Services Pvt. Ltd. (India) and Verizon Media (United State) are some of the key players that are part of study coverage.
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Account Aggregators market by Type and Region with country level break-up.
On the basis of geography, the market of Account Aggregators has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2022.
Market Leaders and their expansionary development strategies
In June 2022, State Bank of India (SBI), HDFC Bank, and ICICI Bank made a joint acquisition of a 9.54 percent stake each in Perfios Account Aggregation Services Private Limited (Perfios AA). Each of these banks purchased 8,05,520 equity shares at a cost of Rs 4.03 crore for their respective stakes.
In September 2021, Eight major Indian banks revealed their plans to introduce or are on the verge of launching a revolutionary system called Account Aggregator. This system aims to empower consumers by allowing them to consolidate their financial data from multiple sources into a single platform. The participant banks include HDFC, Kotak, ICICI, Axis, SBI, IndusInd, IDFC, and Federal. While four banks have already commenced the rollout of the system, the remaining banks have expressed their intention to introduce the new system in the near future. The primary goal of the Account Aggregator (AA) is to provide individuals with a centralized platform to access and manage all their financial information conveniently.
Influencing Trend:
Integration of AI And ML Technology
Market Growth Drivers:
Growing Demand of Account Aggregators for Financial Services Such As Lenders, or Portfolio Management Service and Rising Utilization of Online Banking
Challenges:
Security Threat From Hacker and Fraudulent Actives
Restraints:
Data Privacy Concerns Rise in Sharing Client Data and Low Accuracy in Performance and System Slowdown Issues
Opportunities:
Increasing Adoption of Account Aggregation System in Financial Sector
Key Target Audience
Account Aggregators provider, New Entrants and Investors, Venture Capitalists, Government Bodies, Corporate Entities, Government and Private Research Organizations and Others