Digital Banking Market size was valued at USD 10.36 billion in 2023 and is anticipated to reach USD 68.98 billion by 2036, expanding at around 15.7% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of digital banking is assessed at USD 11.66 billion. 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.
Growth Drivers
Challenges
|
Base Year |
2023 |
|
Forecast Year |
2024-2036 |
|
CAGR |
15.7% |
|
Base Year Market Size (2023) |
USD 10.36 billion |
|
Forecast Year Market Size (2036) |
USD 68.98 billion |
|
Regional Scope |
|
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.
Our in-depth analysis of the global market includes the following segments
|
By Type
|
|
|
By Deployment |
|
|
By Services
|
|
On the basis of geographical analysis, the global market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. North America is expected to dominate majority revenue share by 2036, on the back of 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.
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.
Author Credits: Abhishek Verma
Copyright © 2024 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?