Dublin, Feb. 11, 2022 (GLOBE NEWSWIRE) -- The "Digital Banking Market By Component, By Banking Type, By Services, And By Regions - Global & Regional Industry Perspective, Comprehensive Analysis, and Forecast 2021 - 2026" report has been added to ResearchAndMarkets.com's offering.
The global Digital Banking Market is predicted to be valued at approximately USD 7.9 Billion in 2020 and is expected to reach a value of around USD 13.9 Billion by 2026, at a CAGR of around 9.9% between 2021 and 2026.
Digital banking is the automation of banking activities in which all the banking facilities can be availed as well as provided through the use of the internet. Traditionally, all the services offered by the banks were made available to the consumers by the nominated representatives. Nonetheless, with the beginning of the digital banking era, customers can access financial data and avail personalized banking services with the help of their mobile phones or desktops.
Furthermore, digital banking encompasses high levels of mechanized processes and web-based solutions. Moreover, digital banking services also include an application programming interface that facilitates the effective delivery of banking products & services along with improving the speed & proficiency of the banking transactions. Digital banking activities also aid businesses to easily transfer the payments from one banking account to another one.
Beneficial features to drive the market trends over the forecast period
The growth of the digital banking industry is credited to its easy access, reduced costs, and optimum utilization by the customers. Moreover, the massive acceptance of digital banking activities across the globe will further proliferate business growth. Furthermore, banks are launching new services like internet banking, mobile banking, and SMS banking to proficiently fulfill the end-user requirements.
Apparently, prominent utilization of digital equipment in effectively handling business, burgeoning demand for cloud-based services, and a mounting number of smartphone devices are the key aspects likely to steer the expansion of the digital banking market over the forecast timeline. However, a low level of organized internet infrastructure facility along with the growing security concerns is a few of the challenges that can diminish the growth of the industry during the forecast period.
Retail banking to dominate the banking type segment over the forecast period
The growth of the retail banking segment during the period from 2019 to 2027 is owing to the large-scale acceptance of mobile payment services by the customers.
Payments segment to contribute majorly towards the overall market revenue share by 2027
Digitization in the payment sector has helped in improving the efficiency of banking activities. Apart from this, the escalating demand for cashless transactions among the end-users has lucratively influenced the expansion of digital banking. Moreover, digitization of the payment activities saves time, cost of delivery, reduces risks, and enhances the security of the deals.
North America to account for the major revenue chunk of the overall market share by 2027
The growth of the regional market is due to the acceptance of new technologies and a large focus on innovation in banking services. Apart from this, the massive utilization of digital banking tools in countries like Canada and the U.S. will push the regional market growth trends over the forecast timeframe.
Top Market Players
The key market participants for the global digital banking market are
- Alkami
- Apiture
- Appway
- Backbase
- BNY Mellon
- Intellect Design Area
- EdgeVerve
- ebankIT
- Finastra
- Fiserv
- Oracle
- MuleSoft
- nCino
- NCR
- NETinfo
- SAP
- Sopra Banking Software
- TCS
- Technisys
- Temenos
- TPS
- Velmie
- Worldline
- JPMorgan Chase
- China Merchants Bank
- Wells Fargo
- HSBC Group
Report Scope
Global Digital Banking Market: By Component Segment Analysis
- Platforms
- Services
- Professional Services
- Managed Services
Global Digital Banking Market: By Banking Type Segment Analysis
- Retail Banking
- Corporate Banking
- Investment Banking
Global Digital Banking Market: By Services Segment Analysis
- Transactional Services
- Cash Deposits & Withdrawals
- Fund Transfers
- Auto-Debit/Auto-Credit Services
- Loans
- Non-Transactional Services
- Information Security
- Risk Management
- Financial Planning
- Stock Advisory
Global Digital Banking Market: Regional Segment Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
For more information about this report visit https://www.researchandmarkets.com/r/chhbi7
