Global Digital Banking Market to Cross USD 9 Trillion By 2024

May 07, 2020

According to the research report titled ‘Digital Banking Market Size By Type, By Services), Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2018 – 2024’, available with Market Study Report LLC, worldwide digital banking market is predicted to exceed USD 9 trillion mark by the year 2024.

Increasing investments in fintech market and rising collaborations between banking institutes and fintech companies are major factors driving the digital banking market growth. There has been an upsurge in adoption rates of online & mobile banking platforms. Rising incorporation of advanced technologies including blockchain and AI are further fueling the market expansion. Favorable government initiatives which promote the use of digital banking solutions along with demonetization & digitalization policies introduced by government of some nations are also augmenting the market outlook.

As per type, retail banking segment currently accounts for 75% market share and is anticipated to record remunerative growth rate through 2024. Increasing utilization of smartphones and internet services have compelled banking institutes to offer better consumer experience. Introduction of electronic payment solutions and enticing incentives & offers provided by payment solution providers are stimulating the retail banking market share.

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In terms of service type, transactional segment holds 90% market share, primarily due to shifting consumer inclination towards mobile & electronic payment solutions. Growing millennial population has impelled the demand for safer and faster payment solutions which has compelled banking institutes to introduce their own online & mobile application to gain customer loyalty.

As per the regional analysis, Asia-Pacific accounted for 60% share of global digital banking market in the year 2017 and is predicted to expand consistently during the study period. Rising penetration of smartphone and internet services along with favorable digitalization initiatives introduced by public entities in China and India are swaying the business dynamics in Asia-Pacific.

The prominent companies operating in worldwide digital baking market are Temenos, Worldline, Tagit, Technisys, TCS, Sopra, Oracle, SAP, SAB, Kony, NF Innova, NETinfo, Halcom Intellect Design Arena, IE Digital, Fidor, Fiserv, Finastra, ebankIT ETRONIKA, EdgeVerve Systems, Appway Crealogix, BNY Mellon and Backbase.

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