Global Digital Banking Platforms Market Size and Share Will Reach USD 131.65 Billion By 2032, With 19.9% CAGR Growth: Polaris Market Research

NEW YORK, Sept. 13, 2023 /PRNewswire/ -- A latest research report [115+] pages with 360-Degree visibility, titled "Digital Banking Platforms Market Share, Size, Trends, Industry Analysis Report, By Component (Platforms, Services); By Deployment Type; By Banking Type; By Banking Mode; By Region; Segment Forecast, 2023-2032" published by Polaris Market Research in its research repository.

"According to research report, the global digital banking platforms market size/share was valued at USD 21.49 Billion in 2022 and is expected to touch USD 131.65 Billion By 2032, growing at a CAGR of 19.9% during the forecast period."

Digital Banking Platforms Market: Report Overview

Digital banking is banking executed through the digital platform, discarding all the paperwork such as cheques, pay-in slips, demand drafts, and so on. It indicates the obtainability of all banking activities online. The rapidly rising demand for the digital banking platforms market can be attributed to the fact that it can provide the individual with the opulence of candidly retrieving and executing all conventional banking activities 24/7 with opting out of going to the bank personally to get the work done.

The demand for digital banking platforms is escalating due to the growing reach of smartphones, computers, internet connectivity, IoT devices, and artificial intelligence. Many benefits are the outcome of the bank's prototype change from conventional networks to digital and automated platforms involving growing productivity, cost curtailment, and growing income expectations.

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(The sample of this report is readily available on request. The report sample contains a brief introduction to the research report, Table of Contents, Graphical introduction of regional analysis, Top players in the market with their revenue analysis and our research methodology.)

Our Sample Report May Includes:

• 2032 Updated Report Introduction, Overview, and In-depth industry analysis.
• 115+ Pages Research Report (Inclusion of Updated Research).
• Provide Chapter-wise guidance on Request.
• 2023 Updated Regional Analysis with Graphical Representation of Size, Share & Trends.
• Includes Updated List of table & figures.
• Updated Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis.

Some of the Top Market Players Covered Are:

• Alkami
• Apiture
• Appway
• Backbase
• BNY Mellon
• CR2
• EdgeVerve
• ebankIT
• Finastra
• Fiserv
• Intellect Design Arena
• Mambu
• MuleSoft
• nCino
• NCR
• NETinfo
• Oracle
• SAP
• Sopra Banking Software
• TCS
• Technisys
• Temenos
• TPS
• Velmie
• Worldline

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Digital Banking Platforms Market: Report Scope

Key Growth Driving Factors

• Technological progression: The digital banking platforms market size is expanding as the speedy technological progression has sanctioned digital banking platforms to offer consumers with inventive and steady banking services. For instance, utilizing AI, ML, and data analytics has sanctioned digital banks to provide tailored services to their customers.
• Lesser operating costs: Conventional banks have escalated overhead prices, rendering providing aggressive rates and fees difficult. The digital banking platforms market sales are soaring as the digital banking platforms have lesser operating costs, rendering it effortlessly for them to provide attractive rates and prices to customers.
• Reinforcement by government and regulatory bodies: Governments and regulatory bodies reinforce the evolution of digital banking platforms as they offer superior fiscal addition and reach to the banking services.
• Collaboration with fintech firms: Banks are cooperating more frequently with fintech firms and outside apps. This is a synergetic situation for both parties as it permits flexible money management for consumers and improvises the user episode without needing the bank to entirely redesign its system.

Recent Trends Influencing the Market

• Escalation in smartphone usage: The growing acquisition of smartphones is anticipated to ignite the market's growth. With the escalating usage of smartphones, people are retrieving digital banking platforms from their mobile devices. This has caused an upswing in demand for digital banking services and has permitted digital banking platforms to evolve.
• Foolproof banking services: Consumers are growingly requesting appropriate, tailored, and foolproof banking services. Digital banking platforms have offered the service and convenience, causing escalated acquisition. As per the online retailer Flipkart, in the first half of 2022, exclusive smartphone demand escalated by 25%, with Teir-2 towns driving growth.

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Segmental Analysis

• The platforms segment is anticipated to observe the fastest growth during the forecast period

Based on components, the platforms segment is anticipated to observe the fastest growth during the forecast period. The digital banking platforms market demand is on the rise as the digital baking platforms offer open APIs (Application Programming Interfaces) that sanction third-party innovators to make applications and services that amalgamate with the platform. This permits for considerable personalization and flexibility for both banks and consumers. This will push the growth of the market. Digital banking platforms are intended to offer an instinctual and user-friendly interface that renders it effortless for customers to traverse and utilize the forum. These involve attributes such as chatbots and virtual assistants that can respond to customer questions and offer reinforcement.

• The cloud segment witnessed the highest market share

Based on deployment type, the cloud segment witnessed the highest market share. The digital banking platforms market trends include the advantages of cloud-based deployment, propelling the advancement of the market as more banks acquire digital banking platforms to enhance their customer service, lessen prices, and remain competitive. The cloud segment also profits from the escalating acquisition of cloud computing technology covering industries. As many businesses proceed their functionalities to the cloud, there is a growing demand for cloud-based digital banking platforms that combine with other cloud-based systems.

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Geographical Overview

Asia Pacific: This region held the largest digital banking platforms market share due to it being home to several fintech start-ups initiating inventive digital banking platforms and deranging conventional banking models. Fintech has influenced India's investors, customers, and enterprises over the past few years because of the extensive smartphone revolution and economical data plans. As per the EY analysis, India has a fintech acquisition rate of 87%, and astonishing 20% higher than the global average of 64%.

North America: This region has a large revenue share owing to the region's escalated extent of technological acquisition, robust consumer demand for digital banking services, and extensive banks funding in digital banking infrastructure. North America is one of the most technologically progressive regions globally, with a high percentage of technological acquisition amongst consumers and businesses. By 2025, 5G acquisition is credited to entirely dominate the wireless services market in North America as per the GSMA intelligence.

Browse the Detail Report "Digital Banking Platforms Market Share, Size, Trends, Industry Analysis Report, By Component (Platforms, Services); By Deployment Type; By Banking Type; By Banking Mode; By Region; Segment Forecast, 2023-2032" with in-depth TOC: https://polarismarketresearch.com/industry-analysis/digital-banking-platforms-market

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Recent Developments

• In January 2023, Apiture launched Data Direct, an enhancement to its Data Intelligence product. With the new service, banks and credit unions can now access a wide range of data points their organization produces.
• In December 2022, Alkami Technology announced that one of its clients, Ideal Credit, has introduced Segment data & marketing solutions via its "Alkami Platform" to give it a potent new way to connect members with the banking products they require most.

Key Questions Answered in The Report

• What are the key segments in the market?
• How much is the digital banking platforms market worth?
• At what CAGR is the market predicted to grow during the forecast period?
• Which region is leading the global market?
• What are the key driving factors in the digital banking platforms market growth?

Polaris Market Research has segmented the digital banking platforms market report based on component, deployment type, banking type, banking mode and region:

By Component Outlook

• Platforms
• Services

By Deployment Type Outlook

• On-Premises
• Cloud

By Banking Type Outlook

• Retail Banking
• Corporate Banking
• Investment Banking

By Banking Mode Outlook

• Online Banking
• Mobile Banking

By Region Outlook

• North America (U.S., Canada)
• Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
• Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
• Latin America (Brazil, Mexico, Argentina)
• Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

About Polaris Market Research:

Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR's clientele spread across different enterprises. We at Polaris are obliged to serve PMR's diverse customer base present across the industries of healthcare, technology, semi-conductors and chemicals among various other industries present around the world. We strive to provide PMR's customers with updated information on innovative technologies, high growth markets, emerging business environments and latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced and extremely qualified team of experts comprising SMEs, analysts and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR's customers.

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SOURCE Polaris Market Research

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