Global Digital Banking Market Report 2021-2026
DUBLIN, October 7, 2021 / PRNewswire / – “Digital Banking – Global Market Trajectory & Analytics” report has been added to ResearchAndMarkets.com offer.
Global digital banking market to reach $ 30.1 billion by 2026
Amid the COVID-19 crisis, the global digital banking market is estimated to be US $ 12.1 billion in 2020, is expected to reach a revised size of US $ 30.1 billion by 2026, with a CAGR of 15.7% over the analysis period. Retail banking, one of the segments analyzed in the report, is expected to grow at a CAGR of 14.3% to reach US $ 14.3 billion at the end of the analysis period.
After a thorough analysis of the business implications of the pandemic and the induced economic crisis, the growth of the Corporate Banking segment is readjusted to a revised CAGR of 18.4% for the next 7-year period. This segment currently represents a 34.8% share of the global digital banking market.
Cash is becoming more and more obsolete as IT makes a revolutionary entry into the retail banking industry. Personal checks and hard currencies are becoming less popular, while growing investments in FinTech solutions have driven innovations like PayPal, Square, Apple Pay, and cryptocurrencies, spurring the cashless era. Contactless card payments have made smaller value transactions / payments even faster and easier.
Other major factors pushing the world towards a cashless society include the launch of chip and PIN payment cards, the expansion of the smartphone payment application ecosystem, the convergence of finance, banking and telecommunications, and the rapid changes in customs, culture and regulations brought about by Internet technologies, a high penetration of Internet-enabled smartphones, etc. The strong venture capital funding of fintech startups and their business innovations is disrupting the cash-held status quo.
The US market is estimated at $ 4.3 billion in 2021, China is expected to reach 4.6 billion dollars by 2026
The digital banking market in the United States is estimated at 4.3 billion US dollars in 2021. The country currently represents a 28.78% share of the global market. China, the world’s second-largest economy, is expected to reach an estimated market size of 4.6 billion US dollars during the year 2026, with a CAGR of 19.9% ââduring the analysis period.
Other notable geographic markets include Japan and Canada, each projects growth of 11% and 13.1% respectively during the analysis period. In Europe, Germany is expected to grow by around 14.5% CAGR while the rest of the European market (as defined in the study) will reach US $ 5.2 billion before the end of the analysis period.
The mobile banking industry has become a channel for attracting new customers and generating income. Several banks use the mobile channel as a strategic differentiator, as customers can use this channel to access a wide range of banking products and services anytime, anywhere.
The mobile platform is also seen as an essential service by financial institutions to compete effectively in the market. Cell phones are increasingly used for banking functions, such as checking balance. Banks can reduce the costs associated with call center operations by reducing the time and cost of transactions and in doing so ensure customer satisfaction.
Mobile banking is emerging as a mainstream consumer banking channel, compared to its earlier status as a niche segment. Mobile banking services are used to make payments, money transfers including account-to-account transfers, access account information, open accounts, apply for credit extension or loans, locate bank branches or ATMs, make investments and access content services. The demand for mobile banking services is expected to come mainly from customers in industrialized countries.
Customers on the move and the younger generation are expected to drive demand for mobile banking services. The lack of branch bank infrastructure in developing markets is also expected to stimulate the demand for mobile banking services and hence increase the volume of mobile data traffic.
Investment banking segment to reach $ 5 billion by 2026
In the global investment banking segment, United States, Canada, Japan, China and Europe will lead to the estimated 13% CAGR for this segment. These regional markets representing a combined market size of US $ 1.8 billion in 2020 will reach a projected size of 4.2 billion US dollars before the end of the analysis period.
China will remain among the most dynamic of this group of regional markets. Led by countries such as Australia, India, and South Korea, the market of Asia Pacific should reach US $ 615.6 million by 2026.
Main topics covered:
1. MARKET OVERVIEW
- Internet infrastructure is the cornerstone of digital banking growth
- Global efforts to go cashless provide political support for the evolution of digital banking
- The race between the virus and vaccines is intensifying. In the midst of this chaotic battle, where is the global economy heading in 2021?
- These are times when questions abound and answers are scarce
- So how fast or slowly are we moving?
- As India burns amid deadly second wave driven by double and triple mutation, it is clear that fairness is not part of global COVID policy
- Progress on vaccinations, why should companies care?
- With IMF’s Upward Revision of Global GDP Forecast for 2021, Most Companies Are Optimistic on Global Economic Return
- A look back at 2020 as the worst year in human history that left the world in shambles and industries and markets in turmoil
- Digital banking: definition, overview, importance and benefits
- Recent market activity
- New arrivals
2. FOCUS ON CERTAIN PLAYERS (Total 222 featured)
- Appway SA
- Rear base
- EdgeVerve Systems Limited
- Fidor Solutions SA
- Fiserv, Inc.
- NETinfo API
- NF Innova
- Oracle Corporation
- SAP SA
- Tata Consultancy Services Limited
- Temenos AG Group
3. MARKET TRENDS AND FACTORS
- Digital lifestyles and the resulting increase in FTTH connections are encouraging internet banking habits
- Dramatic increase in e-commerce and mobile commerce strengthens the business case for digital banking
- Rapid growth of e-commerce in the event of a pandemic
- Mobile Wallets and Payments Gain Mainstream as Mobile Banking Gains in Popularity
- Mobile banking: an introduction
- The share of mobile payments is increasing
- Developments in mobile wallets are driving the rise of mobile payments
- Mobile money flourishes in developing countries
- The rise of the on-demand economy and customer self-service is pushing digital banking technologies into mass adoption
- Solid developments in biometrics to fight fraud and instill confidence in digital banking
- Here’s how the role of biometrics in banks and financial institutions is growing
- Regulatory mandates drive adoption of biometric technology in banking
- The growing ubiquity of electronic invoice presentation and payment (EBPP) systems is forcing customers to shift to electronic payment methods
- Growing focus on environmental sustainability for the benefit of digital banking
- The role of artificial intelligence in the banking sector is growing
- Blockchain emerges to disrupt the banking industry
- Online Bank Fraud Could Become a Story with Blockchain
- Blockchain-based payment processing: an active area of ââinterest for banks
- Big Data explosion, fallout from the digitization of banking activities
- Is quantum computing ripe for the banking industry?
4. WORLD MARKET PERSPECTIVE
III. REGIONAL MARKET ANALYSIS
For more information on this report, visit https://www.researchandmarkets.com/r/juunc4
Research and markets
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SOURCE Research and Markets