Digital Banking Market Size, Share, Growth Analysis, By Component(Solutions and Services), By Mode(Online and Mobile), By Region - Industry Forecast 2024-2031


Report ID: SQMIG40A2007 | Region: Global | Published Date: March, 2024
Pages: 207 |Tables: 59 |Figures: 77

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Digital Banking Market size was valued at USD 26.83 billion in 2022 and is poised to grow from USD 32.22 billion in 2023 to USD 139.48 billion by 2031, growing at a CAGR of 20.10% during the forecast period (2024-2031).

The competitive environment in the market for digital banking platforms is fragmented due to the presence of numerous regional and international market participants. Banks all across the world benefit from providing a good digital channel experience. A safe solution that gives a consistent user experience across channels and devices and provides the insights necessary for informed decision-making is required by banks. To maintain their competitiveness in the industry, the players are implementing measures like collaborations and others. 'ACI Worldwide Inc. (US)', 'Appway AG (Switzerland)', 'Backbase (Netherlands)', 'BNY Mellon (US)', 'Cachet Financial Solutions Inc. (US)', 'Capital Banking Solutions (US)', 'CR2 (Ireland)', 'EdgeVerve Systems Limited (India)', 'Fidelity National Information Services, Inc. (US)', 'Fiserv, Inc. (US)', 'Infosys Limited (India)', 'Kony, Inc. (US)', 'NETinfo Plc (Cyprus)', 'Oracle Corporation (US)', 'SAB Group (France)', 'SAP SE (Germany)', 'Sopra Banking Software (France)', 'Tata Consultancy Services Limited (India)', 'Temenos AG (Switzerland)', 'The Bank of New York Mellon Corporation (US)', 'Worldline (France)', 'Wipro Limited (India)'

The banking industry is facing increasing competition from non-traditional players such as fintech companies, payment service providers, and technology giants. Digital banking services can help traditional banks to stay competitive by offering innovative and convenient banking services to customers.

The increasing adoption of smartphones and mobile devices has led to a shift towards a mobile-first approach in digital banking. Banks are developing mobile apps that allow customers to conduct transactions, access account information, and engage with customer service representatives seamlessly.

North America contributed the most to revenue and is expected to expand at a CAGR of 12.7%. The digital transformation of North American countries' end-to-end credit journeys has greatly aided in providing a uniquely personalized and simple banking experience. It is clear that nations like the U.S. are already benefiting greatly from financial industry innovations and technical breakthroughs, such as digital lending. The greater creation of dynamic and user-friendly user interfaces for websites and applications brought about by information technology advancements has also changed consumers' preferences for financial services. Due to the presence of significant international businesses and a sizable youth population with strong product awareness, it has the most sophisticated online banking customer base.

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Global Digital Banking Market

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