Digital Banking Platform Market Size, Share, Growth Analysis, By Deployment(On-Premise, and Cloud), By Type(Retail Banking, Corporate Banking) - Industry Forecast 2024-2031

In 2022, Asia Pacific emerged as the dominant region in the global digital banking platform market, holding a significant share of 30.5%. This region is poised for remarkable expansion as new digital firms disrupt the sector and reshape banking experiences for individuals and businesses. The increasing demand for mobile and online banking alternatives is driving this growth. The market presents exceptional opportunities for both existing players and new entrants, as regulators allocate licenses and define standards for a new era of banking. Notably, WeRize, an India-based digital banking platform startup, has successfully tapped into this potential by offering financial products to over 1,000 small cities. In a recent funding round, WeRize raised USD 8 million, showcasing the appetite for innovative digital banking solutions in the region.

North America, the second-largest regional market in 2022, accounted for a revenue share of 27.2%. The region is expected to demonstrate a healthy CAGR of 19.9% during the forecast period. One of the key trends in the North American market is the increasing adoption of cloud-based solutions across various industries, including banking and finance. Banks are actively embracing cloud-based digital banking platform solutions, and this trend is projected to continue. The appeal lies in the low startup costs and the ability to receive quick updates and enhancements, enabling financial institutions to stay agile in a rapidly evolving market.