IT & Telecom

Digital Banking Market Segmentation by Type (Retail, and Corporate Banking); by Deployment (On-Premise, and Cloud); by Services (Transactional, and Non-Transactional) – Global Demand Analysis & Opportunity Outlook 2030

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Inflation and Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.


In The News

  • August 2021- W1TTY, a smart finance innovator announced the use of Oracle’s Banking Suite on Oracle Cloud Infrastructure for providing smart finance solutions to customers in European continent.


Global Digital Banking Market Highlights 2022 – 2030

The global digital banking market is estimated to garner a sizeable revenue and grow at a CAGR of 7% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the increasing adoption of analytics techniques by investment banks, growing need to offer enhanced experience to consumers, and rising developments in the ecommerce industry across the globe. It is calculated that by the end of 2021, there will be more than 2 billion digital buyers around the world. E-commerce sales are evaluated to account for about 18 percent of retail sales globally. Apart from these, digital banking offers cost effectiveness and ease of use in financial transactions, which is considered to be major factor expected to boost the demand for these services in the near future. Additionally, escalating usage of mobile phones and rise in penetration of internet around the world are projected to provide abundant opportunities for market growth in the forthcoming years.

Digital Banking Market

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The market is segmented by type into retail, and corporate banking, out of which, the retail banking segment is anticipated to hold the largest share in the global digital banking market on account of the increase in top-line revenue, and changing consumer behavior and expectations. In addition, growing usage of shopping websites among consumers worldwide is also assessed to drive growth to the market segment in the future. Moreover, on the basis of deployment, the on-premise segment is predicted to grab the largest share over the forecast period, which can be credited to the growing use of on-premise deployment amongst financial service providers. Along with this, this type of deployment offers organizations the ownership of digital rights and private individual data, which is also evaluated to boost the growth of the segment by the end of 2030.  


Major Macro-Economic Indicators Impacting the Market Growth

Research Expenditure

The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.


Global Digital Banking Market Regional Synopsis

On the basis of geographical analysis, the global digital banking market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in the North America is estimated to occupy the largest share over the forecast period on the back of the high usage of digital banking platforms, early adoption of technologies and growing emphasis on technological innovations in the region. By 2022, there will be approximately 197 million digital banking users in the United States, which is about 75 percent of the nation’s total population. The strong presence of prominent market players is also expected to accelerate market growth in the region in the coming years. Furthermore, the market in Europe is also predicted to garb a significant share during the forecast period owing to the growing digitization of businesses, increase in adoption of new banking technologies and rapidly changing consumer behavior in the region.

The global digital banking market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis


Digital Banking Market
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Market Segmentation

Our in-depth analysis of the global digital banking market includes the following segments:

By Type

  • Retail Banking
  • Corporate Banking

By Deployment

  • On-Premise
  • Cloud

By Services

  • Transactional
  • Non-Transactional


Growth Drivers
  • Increasing Adoption of Analytics Techniques by Investment Banks
  • Rising Developments in the Ecommerce Industry

Challenges

  • Prone to Security Threats Regarding Personal Data


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Top Featured Companies Dominating the Market

    • Etronika
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Appway AG
    • EBANKIT OMNICHANNEL INNOVATION, S.A.
    • Backbase B.V.
    • Fidor Bank
    • Oracle Corporation
    • SAP SE
    • Halcom d.d.
    • Sopra Steria Group
    • Kony, Inc.

Key Questions Answered in the Report

1) What are the major factors driving the growth of the digital banking market?

Ans: Increasing adoption of analytics techniques by investment banks and rising developments in the ecommerce industry are the major growth drivers for the market.

2) What would be the CAGR of digital banking market over the forecast period?

Ans: The market is anticipated to attain a CAGR of ~7% over the forecast period, i.e., 2022 – 2030.

3) What are the challenges affecting the digital banking market growth?

Ans: Security threats regarding personal data is estimated to hamper the market growth.

4) Which region will provide more business opportunities for growth of digital banking market in future?

Ans: Asia Pacific will provide more opportunities for market growth owing to the high usage of digital banking platforms, early adoption of technologies and growing emphasis on technological innovations in the region.

5) Who are the major players dominating the digital banking market?

Ans: The major players in the market are Etronika, Appway AG, EBANKIT OMNICHANNEL INNOVATION, S.A., Backbase B.V., and others.

6) How are the company profiles selected?

Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.

7) What are the segments in the digital banking market?

Ans: The market is segmented by type, deployment, services, and by region.

8) Which segment captures the largest market size in the type segment in the digital banking market?

Ans: The retail segment is anticipated to hold largest market size and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.

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