Mobile Banking Market Size is Projected to Reach USD 1,824.7 Million by 2026 at CAGR 12.2% | Valuates Reports USA - English

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Feb 24, 2021, 09:30 ET

BANGALORE, India, Feb. 24, 2021 /PRNewswire/ -- Mobile Banking Market is Segmented by Type (Consumer to Consumer, Consumer to Business), by Application (Android, iOS, Others): Global Opportunity Analysis and Industry Forecast, 2021-2026. This report is published on Valuates Reports in the Banking Category.

The global mobile banking market was valued at USD 715.3 Million in 2018 and is expected to reach USD 1,824.7 Million by 2026, registering a CAGR of 12.2% from 2019 to 2026.

Major factors driving the growth of mobile banking market size are:

Increasing in smartphone penetration
Increase in demand for self-service and personalization on products and services
Technological advancements in mobile banking

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TRENDS INFLUENCING MOBILE BANKING MARKET SIZE

An increase in the number of smartphone users is expected to increase the growth of the mobile banking market size. The rising number of smartphone users has created the need for banks to shift their attention to mobile consumer transactions. By offering mobile banking, banks make it easy for customers to perform transactions, offering banks the ability to gain a competitive advantage over others and position themselves in the market better.

The growth of the mobile banking market size industry is fueled by a rise in demand for self-service and personalization of goods and services. In addition, technological developments in mobile banking, such as the provision of personalized real-time customer service through smart bots, the increase in mobile device use that enables users to receive immediate customer support, drive market development.

The convenience offered by mobile banking is increasing its adoption, thereby increasing the mobile banking market size. Customers use mobile banking mainly to transfer funds on a daily basis for various online transactions, paying the corresponding monthly installment (EMI) and other financial remittances in their daily lives. Furthermore, mobile banking provides convenient and timely services to complete financial transactions through a mobile banking application, enhancing self-service banking.

However, connectivity and network infrastructure are an obstacle to user base growth. Poor network connectivity results in poor user experience, calling for an emphasis on improving overall experience through needed investment in the development of reliable but scalable apps, technology platforms, and applications.

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MOBILE BANKING MARKET SHARE ANALYSIS

Based on the platform, the android segment is expected to hold the largest mobile banking market share during the forecast period.

This is due to the fact that the developing economies are at the forefront in the usage of the android platform usage, resulting in banks concentrating more on providing mobile banking services on this platform. In addition, creative finance applications are helping to bring people into the formal banking field, providing a forum for accessing various banking products and services, reducing queuing times, and providing access through Android applications to personal banking information.

In terms of sales, North America and Europe dominated the mobile banking industry in 2018 and are predicted to continue their dominance over the forecast period. Because of the advent of new-age FinTech technology, banks are investing in updating their mobile banking apps to provide their customers with personalized product offers, better customer service, and convenience.

During the forecast period, Asia-Pacific is expected to rise at the highest CAGR. Growth is being driven by increased digital banking channels and the region's strong economic growth.

By Region:

North America

U.S.
Canada
Mexico

Europe

Germany
France
UK
Rest of Europe

Asia-Pacific

Australia
Japan
India
China
Rest of Asia-Pacific

LAMEA

Latin America
Middle East
Africa
Rest of LAMEA

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MOBILE BANKING MARKET SEGMENTATION

By Transaction

Consumer-to-consumer
Consumer-to-business.

By Platform

Android
iOS
Others

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