Digital Banking Market Size, Share, Growth, and Global Industry Analysis, By Type (PC and Mobile), By Application (Individual, SME Digital Banking, Corporate Digital Banking), Regional Insights, and Forecast To 2031

Updated On: 20 November 2023

DIGITAL BANKING MARKET REPORT OVERVIEW

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The global digital banking market size was USD 9098.7 million in 2021 and is projected to touch USD 61664.18 million by 2031, exhibiting a CAGR of 19.0% during the forecast period. 

Digital banking is nothing but all the banking activities conducted through digital platforms. When paperwork like pay in slips, cheques, demand draughts and other banking functions are happening through digital platforms, it is really convenient for users, mainly because of its 24/7 availability. The auto-enable payment system in makes life easier as it helps pay the regular utility bills. There are a lot of apps available on the market. The most favorite feature of that is that customers can avoid being physically present in the bank and its long waiting time.

The digital banking market growth has been commendable for the last few years. As technology is growing day by day, companies coming up with a vast varieties of ideas and features to impress the customer and make their life effortless. And there is a huge bustle in the digital banking market due to which the investors also very much interested in it. Despite the fact that the threat of data breach and cybersecurity attack is a concern with the significant growth, the increasing penetration of internet usage and smart phones is beneficial to the industry.

COVID-19 Impact: Digitization to Speed up the Market Expansion

The global COVID-19 pandemic has been unprecedented and staggering, with the digital banking market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to the digital banking market growth and demand returning to pre-pandemic levels once the pandemic is over.

Even though the impact of the COVID-19 pandemic was almost the same on all industries, the digital banking market was something different. This was one of the solutions to the pandemic crisis, which allowed customers to perform all their banking practises through digital platforms. This made the world stop being dormant. From big companies to small-scale businesses, all were part of this winning game. And the number of people who signed up for it during the pandemic was huge. It helped the industry grow at a much faster rate.

LATEST TRENDS

"Technology Advancements to Expand the Market Size"

Ever since the concept of digital banking came up, companies have been running towards the new technologies to implement in the banking industry. Banks and other financial institutions are on the verge of making their systems one step better than their competitors. New technologies are developing day by day, and this is making customers' efforts easy. The use of artificial intelligence in the banking sector is a massive game changer. Chatbots, biometric services, and others are major developments in the industry.

DIGITAL BANKING MARKET SEGMENTATION

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• By Type

Based on type; the market is divided PC and mobile

Mobile is the leading part of the type segment.

• By Application

Based on application; the market is divided into individual, SME digital banking, and corporate digital banking. SME is the leading part of the application segment.

DRIVING FACTORS

"Perceived Usefulness to Increase the Market Growth"

Everyone is working for their personal benefits, irrespective of the industry. So whenever they adopt a change, they definitely look towards its profitability. The digital banking market is always coming up with new technologies that affect the customers positively and make their work and lives better. Since the digital banking market makes the world physically cashless, it is easy to be carried also.

"New Innovations to Accelerate the Market Growth"

The speed of technological innovation is beyond our imagination, and the new commodities in the name of hardware and software are plenty. The industry keeps on updating on a daily basis. Companies are trying to keep customers engaged online more. As time online increases, the usage of digital baking is increasing. It's a co-related process. There are a large number of mobile apps, gateways, and other services involved in this. Since technology is advancing, companies are competing with each other to take it to the market first.

RESTRAINING FACTORS

"Security  Concerns to Slow Down the Market Growth"

The digital banking market share is increasing each day and the possibility of new technology is showing a path towards it. Although the market is growing tremendously, there is a threat in the name of cyber security. This is the other side of the coin where new technology leads to securing the system as well as breaking the cyber locks. As a result, it must be updated on a regular basis to avoid fraud.

DIGITAL BANKING MARKET REGIONAL INSIGHTS

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"North America  to Lead Market Owing to Digitization"

North America holds the majority of the digital banking market industry. The demand for the product is showing a surge in this region due to urbanization, which will lead to the region's contributing a decent amount of growth in the upcoming years. New technologies, increased internet and smartphone usage, and the e-commerce boom are significant drivers of regional market expansion.

KEY INDUSTRY PLAYERS

"Key Participants to Uplift Market Growth"

The information provided in this report is based on study that was done on sufficient research, technological development, expanding manufacturing lines, mergers, and partnerships. Everything else, such as the region in which they operate, companies that provide novel products, employ cutting-edge technology, and generate the most revenue. As part of the research, this study offers information on the key industry players.

List of Market Players Profiled

• Urban FT (U.S.)
• Kony (U.S.)
• Backbase (Netherlands)
• Technisys (U.S.)
• Infosys (India)
• Digiliti Money (U.S.)
• Innofis (Spain)
• Mobilearth (Canada)
• D3 Banking Technology (U.S.)
• Alkami(U.S.)
• Q2(U.S.)
• Misys (India)
• SAP(Germany)

REPORT COVERAGE

The report assesses the components from all angles in order to project the growth of the industry throughout the forecast period. The study gives motivators, constraints, chances, and trends for the future. The regional market values for the product are also covered in this research. This study may need to be adjusted if the market participants or the factors that are likely to have an impact on prices and consumer and producer behavior change.