Digital Banking Market Surpass $6 Billion By 2026 | CAGR 4%

Author: Acumen Research and Consulting

As indicated by Acumen Research and consulting, the global digital banking market size is evaluated to reach above USD 9 trillion by 2026 and CAGR to develop around 4% over the estimate time frame. growing adoption of online and mobile banking platforms, growth in Smartphone adoption and internet penetration, integration of advanced technologies, escalating need to provide improved customer experience, rise in retail banking and supportive government initiatives and policies have boosted the growth of the global digital banking market. The North America market is likely to expand at noteworthy CAGR due to improved adoption of digital technologies and lucrative growth in the IT industry. Growth in banking capabilities such as strong financial positions, digital offerings and digital structures in the region are expected to boost the growth of the regional digital banking market.

Non-Transactional Services Segment is Expected to Contribute Largest Market Share in the Market

On the basis of services, the digital banking market is bifurcated into transactional, non-transactional. Non-transactional services segment is forecasted to dominate the global digital banking market during the forecast period owing to escalating need to offer superior customer experience. The generational shift and digital disturbances cause primary changes in the behaviour of the customer that are speedily influencing the customer expectations from the banks. Consumers, particularly the younger populace who are hyper connected, choice conscious and has digital knowledge are rapidly inclining towards the technology oriented services with their ever changing preferences. The adoption of digital banking services by these customers is boosting the growth of the overall market. Due to the ease of operation and cost effectiveness of non transactional services, the demand for these services is increasing rapidly. Various technological advancements are being made in the digital banking services and this is resulting in the rapid growth in the global digital banking market.

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North America to Continue to Grow at Maximum Growth Rate during the Forecast Period

Geographically, the global digital banking market has been divided into North America, Europe, Asia Pacific, Latin America and Middle East and Africa. Asia Pacific is anticipated to grow at substantial growth rate during the forecast period owing to the improved adoption of digital technologies and lucrative growth in the IT industry. Growth in banking capabilities such as strong financial positions, digital offerings and digital structures in the region are expected to boost the growth of the regional digital banking market. Growing adoption of advanced technologies in the banking sector, increasing demand for easy and effective banking activities are some of the factors responsible for the rapid growth of the digital banking market across the globe. Growing non-cash and digital transactions in the region is prolife ring the regional market growth. Rising adoption of electronic and mobile payment solutions in economies such as India and China is supplementing the regional market growth. Additionally, the encouraging government policies and initiatives in the emerging countries and growth in the penetration of digital banking services in retail industry are fueling the growth of the market. North America is also anticipated to grow at substantial rate over the forecast period due to the growth in the penetration of mobile payment methods and increasing technological advancements in the banking industry. Europe is also anticipated to grow at substantial rate during the forecast period owing to the rapid surge in e-commerce. The demand for digital banking is growing in the retail sector owing to the increasing adoption of mobile banking and internet banking in the region. Growing usage of mobile applications in order to operate bank accounts is boosting the growth of the Europe digital banking market.

Fiserv, Halcom, EdgeVerve Systems, NF Innova and Oracle Likely to Continue to Lead the Global Digital banking Market

The digital banking market is consolidated with limited number of manufacturers. The company profiling of key players in the market includes company overview, major business strategies and revenues. The key players of the market Backbase, BNY Mellon, Fiserv, Halcom, Appway, ebanklT, Crealogix, ETRONIKA, Fidor, Finastra, Intellect Design Arena, Oracle, IE Digital, Kony, NETinfo, EdgeVerve Systems, NF Innova, SAB, TCS, Temenos, Technisys, and Worldline. Multiple prominent players from the market are collaborating with other players in order to offer technologically advanced banking services to their customers.

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