Farmington, April 11, 2023 (GLOBE NEWSWIRE) -- The Digital Banking Solution Market size was valued at USD 3.92 Billion in 2022 and is projected to reach USD 9.29 Billion by 2030, growing at a CAGR of 11.30% from 2022 to 2030. Key factors of driving is escalating bank pressure to provide superior customer service
Customer-centric solutions allow banks to increase customer loyalty by delivering enhanced services and prompt responses to customer inquiries. The concentration of banks is on adopting customer retention policies and attracting new customers through effective communication. The omnichannel capabilities of a digital banking platform enable banks to effectuate personalized conversations across multiple channels, including voice, web, and mobile. It enables banks to interact with consumers at every touchpoint.
Request Sample Copy of Report [LS1] “The Digital Banking Solution market Size, Share & Trends Estimation Report By Component Outlook (Platforms, Services), By Deployment Type Outlook (On-premises, Cloud), By Banking Type Outlook (Retail Banking, Corporate Banking, Investment Banking),By Banking Mode Outlook (Online Banking, Mobile Banking) Region and Forecasts, 2023 - 2030”, published by Contrive Datum Insights.
Segmentation Overview:
By Component Outlook:
In 2021, the platform segment accounted for 59.6% of the digital banking platform market's revenue, making it the most significant segment. The services segment is projected to have the highest CAGR over the next five years, at 20%. Since fintech was introduced and tech titans began implementing reforms and developing new business tools, banks have been working toward digital transformation. Banks are embracing digital technology and utilizing it to meet customer demands and introduce new products in advance.
By Service Outlook:
In 2021, professional services dominated the market and accounted for 63.0% of the revenue. Alternatively, the managed service category is anticipated to have the maximum CAGR during the forecast period, at 21.7%. In a hybrid IT architecture, managed data centre services could improve the efficacy of business operations by automating business processes further and bolstering business management. As the number of cyberattacks rises, end-user businesses are likely to utilize managed security services to a greater extent.
By type Outlook:
In 2021, the retail banking sector had a revenue share of more than 29.4%, and a five-year CAGR of 20.8% is anticipated. As a result of the rise of digital banking, the development of new technologies, the merging of industrial ecosystems, and a greater emphasis on innovation, the banking industry is confronted with both challenges and opportunities. Customers are increasingly utilizing digital platforms and fintech solutions. This is severing the connections between fundamental financial services such as deposits, loans, payments, and investments. Invest India reports that as of May 2022, 323 institutions in India were utilizing the Unified Payments Interface (UPI) and that more than USD130 billion worth of transactions were conducted each month.
By Regional Outlook:
The global market for Digital Banking Solutions has been analyzed in various regions, including North America, Europe, Asia-Pacific, Latin America, the Middle East, and India, among others. In the near future, the global region will dominate this market.
Asia-Pacific held a 30.5% share of the regional market in 2021 and is anticipated to have the highest CAGR over the next five years, at 21.1%. The digital financial industry in Asia is about to expand at an unprecedented rate. As the demand for mobile and online banking options increases, new digital companies are entirely reshaping the industry and the banking practices of individuals and businesses. As regulators increase the number of licenses they issue and establish standards for a new era of banking, there is a strong possibility that both current players and new players will enter the industry.
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Scope of Report:
| Report Attributes | Details |
| Growth Rate | CAGR of 11.30% from 2023 to 2030. |
| Revenue Forecast by 2030 | $ 9.29 billion |
| By Component |
|
| By Deployment Type |
|
| By Banking Type |
|
| By Banking Mode |
|
| By Companies |
|
| Regions and Countries Covered |
|
| Base Year | 2022 |
| Historical Year | 2017 to 2022 |
| Forecast Year | 2023 to 2030 |
Market Dynamics:
Restraining Factors:
Emerging nations are plagued by a dearth of digital literacy.
Many people in developing countries are still unfamiliar with technology, which hinders the widespread adoption of online and mobile payments. This hinders the expansion of the market for digital financial platforms. Digital literacy encompasses a vast array of skills, such as the ability to read and comprehend technical information. These abilities help individuals operate and utilize digital technologies. The majority of African nations have low levels of digital literacy, preventing people from maximizing their use of digital technologies. Technology companies are reluctant to spend due to the low volume of digital transactions. Consequently, the lack of technological literacy in emerging economies is likely to slow the growth of the market for digital financial platforms.
Opportunity:
The emergence of the Banking as a Service (BaaS) model.
The Banking as a service (BaaS) model has experienced rapid expansion. It is a model in which licensed banks add their digital banking services directly to the products of non-banking enterprises. This means that a business that is not a bank can offer digital banking services to its consumers, such as mobile bank accounts, debit cards, loans, and payment services, without needing its own banking license. Through APIs, BaaS-compliant digital banking platforms can connect directly to bank networks. BaaS is a burgeoning technology trend that FinTech companies are utilizing to develop new financial services and bespoke digital strategies.
Key Segments Covered:
Top Market Players:
- Appway AG
- Alkami Technology Inc.
- Finastra
- Fiserv, Inc.
- Crealogix AG
- Temenos
- Urban FT Group, Inc.
- Q2 Software, Inc.
- Sopra Banking Software
- Tata Consultancy Service
- Infosys
- Digiliti Money
By Component:
- Platforms
- Services
- Professional Services
- managed services
By Deployment Type:
- On-premises
- Cloud
By Banking Type:
- Retail Banking
- Corporate Banking
- Investment Banking
By Banking Mode:
- Online Banking
- Mobile Banking
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
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Contrive Datum Insights (CDI) is a global delivery partner of market intelligence and consulting services to officials at various sectors such as investment, information technology, telecommunication, consumer technology, and manufacturing markets. CDI assists investment communities, business executives, and IT professionals to undertake statistics-based accurate decisions on technology purchases and advance strong growth tactics to sustain market competitiveness. Comprising of a team size of more than 100 analysts and cumulative market experience of more than 200 years, Contrive Datum Insights guarantees the delivery of industry knowledge combined with global and country-level expertise.
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