What is the global market size of Mobile Banking Market?

Mobile Banking Market size was valued at USD 6.91 billion in 2021 and is poised to grow from USD 7.72 billion in 2022 to USD 18.7 billion by 2030, growing at a CAGR of 11.7% in the forecast period (2023-2030).

Global Mobile Banking Market Size, Share, Growth Analysis, By Type(Balance Enquiry, Fund Transfers), By Application(Account Management, Transactional Services) - Industry Forecast 2024-2031

Report ID: SQMIG40G2009 | Region: Global | Published Date: March, 2024
Pages: 207 | Tables: 65 | Figures: 75

Global Mobile Banking Market Insights

Global Mobile Banking Market size was valued at USD 7.72 billion in 2022 and is poised to grow from USD 8.62 billion in 2023 to USD 20.90 billion by 2031, growing at a CAGR of 11.7% in the forecast period (2024- 2031).

Mobile banking sector has witnessed significant growth and transformation in recent years, becoming an integral part of the global banking industry. The market analysis of the global mobile banking market reveals several key insights into its current state and future prospects. The global mobile banking market is experiencing rapid expansion due to the increasing adoption of smartphones and the growing demand for convenient banking services. With smartphones becoming more affordable and accessible, a larger portion of the population now has access to mobile banking services. This has resulted in a surge in mobile banking users worldwide. One of the primary factors driving the growth of the mobile banking market is the convenience it offers to users. Mobile banking allows customers to perform a wide range of banking transactions anytime and anywhere, eliminating the need to visit physical bank branches. Users can check account balances, transfer funds, pay bills, and even apply for loans using their mobile devices. This convenience factor has attracted a large number of customers towards mobile banking services, fueling market growth.

Security and trust have been critical concerns for mobile banking users. However, advancements in mobile technology and robust security measures have significantly enhanced the security of mobile banking applications. Biometric authentication methods, such as fingerprint scanning and facial recognition, provide an extra layer of security, instilling confidence in users to carry out financial transactions through their mobile devices. This has helped alleviate security concerns and boost the adoption of mobile banking services.

US Mobile Banking Market is poised to grow at a sustainable CAGR for the next forecast year.

Global Mobile Banking Market Report Snapshots

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The global mobile banking market is highly competitive, with numerous players vying for market share. The competitive landscape of the global mobile banking market is characterised by various factors, including technological advancements, market penetration, customer experience, and strategic partnerships. Market penetration is another key aspect of competition in the mobile banking market. Companies that have established a strong presence in the market and have a large customer base possess a competitive advantage. Their extensive reach allows them to offer a wide range of banking services and target a diverse customer segment. Additionally, these players often have the resources to invest in marketing campaigns, customer acquisition strategies, and product development, further solidifying their market position. 'Ant Group (China)', 'PayPal Holdings, Inc. (US)', 'Alipay (China)', 'Tencent Holdings Ltd. (China)', 'Square, Inc. (US)', 'JPMorgan Chase & Co. (US)', 'Bank of America Corporation (US)', 'Wells Fargo & Company (US)', 'Citigroup Inc. (US)', 'BBVA (Spain)', 'HSBC Holdings plc (UK)', 'Barclays PLC (UK)', 'Standard Chartered PLC (UK)', 'Banco Santander, S.A. (Spain)', 'Industrial and Commercial Bank of China Limited (China)', 'Goldman Sachs Group, Inc. (US)', 'Capital One Financial Corporation (US)', 'UBS Group AG (Switzerland)', 'Deutsche Bank AG (Germany)', 'UniCredit S.p.A. (Italy)'

Mobile banking provides unparalleled convenience and accessibility to customers, enabling them to conduct a wide range of financial transactions at any time and from any location, eliminating the need to visit physical bank branches. This level of convenience has resulted in an increased adoption of mobile banking services among consumers, enhancing their overall banking experience.

The increasing adoption of open banking is a key market trend in the global mobile banking market. Open banking is a financial technology that allows third-party financial service providers to access customer banking data with their consent. This allows customers to share their banking data with a wider range of financial services providers, which can give them access to a wider range of financial products and services.

North America holds a significant share in the global mobile banking market. The region's advanced digital infrastructure, high smartphone penetration, and well-established banking systems contribute to its dominant position. The US, in particular, has been at the forefront of mobile banking adoption, with major banks offering comprehensive mobile banking apps and services. The region's strong regulatory framework and robust security measures also instil confidence in consumers, further driving the growth of mobile banking.

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Global Mobile Banking Market Size, Share, Growth Analysis, By Type(Balance Enquiry, Fund Transfers), By Application(Account Management, Transactional Services) - Industry Forecast 2024-2031

Global Mobile Banking Market Insights

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