Portland, Nov. 03, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global online banking market was pegged at $11.43 billion in 2019 and is expected to hit $31.81 billion by 2027, registering a CAGR of 13.6% from 2020 to 2027. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and changing market trends.
With changing consumer demands, lifestyle, and expectations toward banking, the banks are largely switching toward internet or digitalized banking by implementing technologies. This factor has driven the global online banking market. At the same time, security & technical issues, privacy concerns, and transaction difficulties impede the growth to some extent. However, countries, such as China, India, Japan, and Australia, have high demand for massive internet usage to avail banking services online. This, in turn, has created a number of opportunities in the industry.
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Covid-19 scenario-
- The outbreak of the pandemic has increased the demand for online banking services, as shutdown of physical branches has led to shift of consumers toward online platforms.
- Also, the growing drift of social distancing has reinforced the incorporation of electronic payment system among consumers.
The global online banking market is analyzed across service type, banking type, and region. Based on service type, the payments segment contributed to nearly one-third of the total market revenue in 2019 and is expected to rule the roost by the end of 2027. The wealth management segment, on the other hand, would grow at the fastest CAGR of 15.7% throughout the forecast period.
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Based on banking type, the retail banking segment accounted for nearly half of the total market share in 2019 and is projected to retain its dominance till 2027. Simultaneously, the investment banking segment would showcase the fastest CAGR of 15.7% from 2020 to 2027.
Based on region, North America garnered the major share in 2019, holding nearly one-third of the global market. At the same time, Asia-Pacific would register the fastest CAGR of 15.2% till 2027. The other two provinces studied in the report include Europe and LAMEA.
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The key market players analyzed in the global online banking market report include Inc., Capital Banking Solution, CGI Inc., Temenos Headquarters SA., Tata Consultancy Services Limited, ACI Worldwide, COR Financial Solutions Limited, EdgeVerve Systems Limited, Microsoft, Oracle, and Fiserv, Inc. These market players have taken recourse to several strategies including partnership, expansion, collaboration, joint ventures, and others to heighten their stand in the industry.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.