December 09, 2019
According to the research report titled ‘Digital Banking Platform Market to 2027 - Global Analysis and Forecasts by Deployment (Cloud and On-Premise); Type (Corporate Banking and Retail Banking)’ available with Market Study Report LLC, the global digital banking platform market was worth US $3.17 billion in 2018 and is estimated to grow with a CAGR of 12.07% during the period of 2019-2027, hence reaching US $8.67 billion by the year 2027.
Growing digitalization in banking sector and surging need of advanced digital banking services are major factors driving the growth of digital banking platform market. Escalating disposable income and increasing penetration of smart phone devices are also aiding the market expansion. Growing awareness regarding the benefits of bank accounts in developing nations, favorable federal reforms which promote banking, and rising number of automated branches are augmenting the adoption of digital banking platforms across the globe.
In terms of type, digital banking platform market is classified into retail banking and corporate banking. According to the report, retail banking segment led the market over recent past, due to digital revolution and implementation of innovative technologies across fintech, payment service directives, open banking, and SWIFT standards.
As per type of deployment, digital banking platform market is categorized into on-premise and cloud based solutions. Although on-premise banking segment is dominating the market, cloud-based banking segment is expected to see substantial growth over the forecast period. Cloud-based banking is cheaper and requires less IT resources as compared to on-premise banking, hence fueling the segmental growth.
Considering the geographical landscape, the global digital banking platform market is segmented into regions namely, North America, South America, Europe, Middle East & Africa, and Asia-Pacific.
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The prominent companies operating in the digital banking platform market are CREALOGIX Holding AG, Appway AG, EdgeVerve Systems Ltd., Oracle Corp., Fiserv Inc., Sopra Steria, SAP SE, Tata Consultancy Services Ltd., Wordline SA, and Temenos Headquarters SA.
The report analyzes the competitive landscape of digital banking platform market based on PEST analysis and offers insight about the mergers & acquisition, alongside the initiatives taken by the key players. Details about market dynamics are also encompassed.
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