Digital Banking Market Size

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.