Mobile Banking Market to Reach $7 billion, Globally, by 2032 at 16.8% CAGR: Allied Market Research

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Nov 23, 2023, 10:01 ET

Growth in awareness about personal finance management, increase in demand for convenient banking services, and integration of advanced technologies contribute towards the growth of the market.

WILMINGTON, Del., Nov. 23, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Mobile Banking Market by Transaction (Consumer-to-consumer, and Consumer-to-business), and Platform (Android, iOS, and Others): Global Opportunity Analysis and Industry Forecast, 2022-2032". According to the report, the global mobile banking industry generated $1.5 billion in 2022, and is anticipated to generate $7 billion by 2032, witnessing a CAGR of 16.8% from 2023 to 2032.

(We are providing report as per your research requirement, including the Latest Industry Insight's Evolution, Potential and COVID-19 Impact Analysis)

100 - Tables
63 - Charts
319 – Pages

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Prime determinants of growth

The increase in demand for personalization on products & services and instant self-service assistance via mobile application propel the growth of the mobile banking market. However, lack of proper connectivity and unavailability of network infrastructure in developing countries for integrating mobile banking usage, are some of the factors that limit the mobile banking market growth. Conversely, utilization of chatbots, blockchain, and other services is expected to improve consumer engagements which fuel the growth of the market.

Report coverage & details:

Report Coverage	Details
Forecast Period	2023–2032
Base Year	2022
Market Size in 2022	$1.5 billion
Market Size in 2032	$7 billion
CAGR	16.8 %
No. of Pages in Report	319
Segments covered	Transaction, Platform, and Region.
Drivers	Increased smartphone penetration Increase in demand for convenient banking services Growth in awareness about personal finance management
Opportunities	Integration of advanced technologies The emergence of fintech startups
Restraints	Rise in security and privacy concerns

COVID-19 Scenario

The pandemic accelerated the adoption of mobile banking services. As physical bank branches closed or operated with restrictions, consumers turned to their smartphones for their banking needs. The convenience and safety of mobile banking apps became more apparent, and people increasingly relied on them for everything from checking balances to making transactions. Moreover, the fear of handling physical cash and the need for contactless payments led to a surge in mobile wallet and contactless payment usage.
Overall, Mobile banking apps integrated with mobile wallets and made it seamless for users to pay for goods and services without using cash or cards. Furthermore, the increase in digital transactions prompted the development of advanced cybersecurity measures and fraud prevention mechanisms within mobile banking apps, ensuring the safety of online transactions. Therefore, the COVID-19 pandemic had a positive impact on the mobile banking market.

The consumer-to-business segment to maintain its leadership status throughout the forecast period

By transaction, the consumer-to-business segment held the highest market share in 2022, accounting for more than three-fourth of the global mobile banking market revenue, owing to the fact that the customers are primarily using mobile banking for transferring money on a daily basis for various purchases made online, paying equated monthly instalment (EMI), and other such financial transactions in their day-to-day life. However, the consumer-to-consumer segment is projected to manifest the highest CAGR of 20.4% from 2023 to 2032. This is attributed to the widespread adoption of smartphones, the development of user-friendly applications, and a broader trend towards decentralization in the financial landscape.

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The Android segment to maintain its leadership status throughout the forecast period

By platform, the android segment held the highest market share in 2022, accounting for two-thirds of the global mobile banking market revenue and is estimated to maintain its leadership status throughout the forecast period. This is owing to the fact that developing economies are at the forefront in the usage of android platform, resulting in banks concentrating more on providing mobile banking services on this platform, becoming a major mobile banking market trend. However, the iOS segment is projected to manifest the highest CAGR of 20.2% from 2023 to 2032. This is due to the fact that iOS mobile banking apps are leveraging voice-activated AI, such as Siri, to offer users voice-assisted banking services, allowing them to perform transactions, check balances, and get information through voice commands.

North America to maintain its dominance by 2032

By region, North America held the highest market share in terms of revenue in 2022, accounting for more than one-third of the global mobile banking revenue, owing to the fact that North American mobile banking apps are increasingly incorporating biometric authentication methods, such as fingerprint recognition and facial recognition. However, the Asia-Pacific region is expected to witness the fastest CAGR of 20.0% from 2023 to 2032, and is likely to dominate the market during the forecast period. This is due to then development of digital banking, increase in usage of internet, implementation of next generation payment technologies such as UPI, and a robust economy driving strong mobile banking industry growth in the region.

Leading Market Players: -

American Express Company
Bank of America Corporation
BNP Paribas
Capital One
Citigroup Inc.
JPMorgan Chase & Co.
Mitsubishi UFJ Financial Group, Inc.
UBS
HSBC Holdings plc
Wells Fargo & Company

The report provides a detailed analysis of these key players of the global mobile banking market. These players have adopted different strategies such as partnership, product launch, and expansion to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

Key benefits for stakeholders

This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the mobile banking market forecast from 2022 to 2032 to identify the prevailing market opportunities.
Market research is offered along with information related to key drivers, restraints, and opportunities of mobile banking market outlook.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the mobile banking market segmentation assists in determining the prevailing mobile banking market opportunity.
Major countries in each region are mapped according to their revenue contribution to the global mobile banking market.Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.

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Mobile Banking Market Report Highlights

Aspects Details Market

By Transaction

Consumer-to-business
Consumer-to-consumer

By Platform

Android
iOS
Others

By Region

North America (U.S., Canada)
Europe (UK, Germany, France, Itlay, Spain, Rest of Europe)
Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)
LAMEA (Rest of Latin America, Rest of Middle East, Central African Republic)

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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