Global Digital Banking Markets Report 2021-2026 - The Rise of the On-Demand Economy & Customer Self-Service Tilts Digital Banking Technologies into the Mass Adoption Stage

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Oct 07, 2021, 11:00 ET

DUBLIN, Oct. 7, 2021 /PRNewswire/ -- The "Digital Banking - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.

Global Digital Banking Market to Reach $30.1 Billion by 2026

Amid the COVID-19 crisis, the global market for Digital Banking estimated at US$12.1 Billion in the year 2020, is projected to reach a revised size of US$30.1 Billion by 2026, growing at a CAGR of 15.7% over the analysis period. Retail Banking, one of the segments analyzed in the report, is projected to grow at a 14.3% CAGR to reach US$14.3 Billion by the end of the analysis period.

After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Corporate Banking segment is readjusted to a revised 18.4% CAGR for the next 7-year period. This segment currently accounts for a 34.8% share of the global Digital Banking market.

Cash is increasingly becoming obsolete as IT makes a revolutionizing entry into the retail banking sector. Personal cheques and hard currency are becoming less popular, while increasing investments in FinTech solutions have pushed up innovations such as PayPal, Square, Apple Pay and cryptocurrencies, thereby boosting the cashless age. Contactless card payments have made even smaller value transactions/payments faster and easier.

Other major factors driving the world towards a cashless society include launch of chip and pin payment cards, broadening ecosystem of smartphone payments apps, convergence of finance, banking and telecommunications, and rapid changes in custom, culture and regulations elicited by Internet technologies, strong penetration of Internet enabled smartphones etc. Strong venture capital funding of financial technology start-ups and their commercial innovations are disrupting the status quo held by cash.

The U.S. Market is Estimated at $4.3 Billion in 2021, China is Forecast to Reach $4.6 Billion by 2026

The Digital Banking market in the U.S. is estimated at US$4.3 Billion in the year 2021. The country currently accounts for a 28.78% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$4.6 Billion in the year 2026 trailing a CAGR of 19.9% through the analysis period.

Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 11% and 13.1% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 14.5% CAGR while Rest of European market (as defined in the study) will reach US$5.2 Billion by the close of the analysis period.

Mobile banking sector has emerged as a channel to attract new customers and generate revenues. Several banks use the mobile channel as a strategic differentiator, as customers can use this channel to avail anywhere, anytime access to a wide range of banking products and services.

Mobile platform is also considered as an essential service by financial institutions to compete effectively in the market. Mobile phones are increasingly being used to carry out banking related functions, for instance balance inquiries. Banks can reduce costs associated with call center operations by reducing transaction time and cost, and in the process ensure customer satisfaction.

Mobile banking is emerging as a mainstream consumer banking channel, as against its earlier status as a niche segment. Mobile banking services are used for make payments, money transfers including account-to-account transfers, access account information, opening accounts, applying for credit extension or loans, locating bank branches or ATMs, make investments, and access content services. Demand for mobile banking services is forecast primarily come from customers in industrialized countries.

On-the-go customers, and the younger generation are anticipated to drive demand for mobile banking services. Lack of bank branching infrastructure in developing markets is also expected to boost demand for mobile banking services and correspondingly boost the volume of mobile data traffic.

Investment Banking Segment to Reach $5 Billion by 2026

In the global Investment Banking segment, USA, Canada, Japan, China and Europe will drive the 13% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$1.8 Billion in the year 2020 will reach a projected size of US$4.2 Billion by the close of the analysis period.

China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$615.6 Million by the year 2026.

Key Topics Covered:

I. METHODOLOGY

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW

Internet Infrastructure Provides the Cornerstone for the Growth of Digital Banking
Global Efforts to Go Cashless Provides Policy Led Support for the Evolution of Digital Banking
The Race Between the Virus & Vaccines Intensifies. Amidst this Chaotic Battle, Where is the World Economy Headed in 2021?
These are Times When Questions Abound & Answers Are Few
So How Fast Or Slow Are We Moving?
As India Burns Amid a Lethal Double & Triple Mutation Driven Second Wave, Its Clear That Equity is Not a Part of Global Policy on Tackling COVID
Progress on Vaccinations, Why Should Businesses Care?
With IMF's Upward Revision of Global GDP Forecasts for 2021, Most Companies Are Bullish About a Global Economic Comeback
A Retrospective Review of Year 2020 as the Worst Year in Humanity's History that Left the World in Shambles & Industries and Markets Upended
Digital Banking: Definition, Overview, Importance & Benefits
Recent Market Activity
Innovations

2. FOCUS ON SELECT PLAYERS (Total 222 Featured)

Appway AG
Backbase
EdgeVerve Systems Limited
Fidor Solutions AG
Fiserv, Inc.
NETinfo PLC
NF Innova
Oracle Corporation
SAP AG
Tata Consultancy Services Limited
Technisys
Temenos Group AG

3. MARKET TRENDS & DRIVERS

Digital Lifestyles & the Ensuing Rise in FTTH Connections Encourage Internet Banking Habits
Spectacular Rise in eCommerce and mCommerce Strengthens the Business Case for Digital Banking
Pandemic Fast Forwards eCommerce Growth
Mobile Wallets & Payments Go Mainstream as Mobile Banking Gains Popularity
Mobile Banking: A Primer
Share of Mobile Payments Becomes Bigger
Developments in Mobile Wallets Encourage Increase in Mobile Payments
Mobile Money Flourishes in Developing Countries
The Rise of the On-Demand Economy & Customer Self-Service Tilts Digital Banking Technologies into the Mass Adoption Stage
Robust Developments in Biometrics to Counter Fraud to Infuse Confidence in Digital Banking
Here's How Biometrics Role in Banking and Financial Institutions is Getting Bigger
Regulatory Mandates Promote Adoption Biometrics Technology in Banking Sector
Growing Ubiquity of Electronic Bill Presentment & Payment (EBPP) Systems Forces Customers to Move Towards Electronic Modes of Payment
Growing Focus on Environmental Sustainability to Benefit Digital Banking
Role of Artificial Intelligence in Banking Gets Bigger
Blockchain Emerges to Disrupt the Banking Industry
Online Banking Fraud Could Become History With Blockchain
Blockchain-based Payments Processing: An Active Area of Interest for Banks
Big Data Explosion, a Fallout of Digitalization of Banking Activities
Is Quantum Computing Ripe for the Banking Industry?

4. GLOBAL MARKET PERSPECTIVE

III. REGIONAL MARKET ANALYSIS

IV. COMPETITION

For more information about this report visit https://www.researchandmarkets.com/r/juunc4

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SOURCE Research and Markets