Digital Banking Market Size, Share & Industry Outlook 2030 (2024)

Report Scope & Overview:

The Digital Banking Market was worth USD 18.94billion in 2022and is expected to increase at a CAGR of 12.1% from 2023to 2030, reaching USD 47.24billion by 2030.

An electronic payment system that enables users to make financial transactions digital is known as digital banking. It's also referred to as internet banking or web banking, and it's supposed to be easy, offering a time-saving banking experience as well as real-time problem solutions. Banks, on the other hand, should strive to create a smoother integration across digital and mobile platforms, as well as to increase consumer interaction in order to match their demand, wants, and inclinations.

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With the unexpected COVID-18 crisis, demand for digital banking services continues to climb, owing to the closure of local branches and a shift in clients' financial needs to digital platforms during the lockdown.

Banks are primarily transitioning to digital or digitized banking by integrating technology in adapting to shifting consumer needs, lifestyles, and expectations. Cloud computing, application programming interfaces (APIs), robotic process automation (RPA), chatbots, machine learning, and blockchain are among key technologies that are accelerating the growth of the digital banking business. Furthermore, real-time payment solutions, comfort and quick access to digital banking, as well as increased smartphone usage, are driving the expansion of the digital banking industry.

However, privacy and technological constraints, as well as privacy concerns and transaction difficulties, are some of the obstacles limiting industry expansion. Furthermore, nations such as China, India, Japan, and Australia have a significant desire for widespread internet use in order to use digital banking services. As a consequence, substantial development possibilities for the industry are projected in the approaching years.

In 2018, the transactions segment dominated the digital banking market, and this trend is expected to continue throughout the projection period. As a result of a large number of consumers migrating to digital payment systems, which provide greater convenience and time-saving features than traditional payment methods.

MARKET DYNAMICS:

KEY DRIVERS:

• Low cost and easy accessibility

• In today's times, there is a greater acceptance of digital banking.

• The importance of literacy among the elderly regarding making digital transactions.

RESTRAINTS:

• The majority of people still believe in going to banks to conduct their financial transactions.

• Most banks and financial institutions invest much in cyber security, but they must be proactive in pursuing fraudsters and avoiding risks.

• The proportion of customers are still hesitant to accept risks while doing digital transactions, which is one of the largest roadblocks to the digital banking market's growth.

OPPORTUNITIES:

• As the usage of mobile phones and increased internet grows throughout the world, banks are increasingly relying on digital channels to deliver their services.

• Collaborations of banks with FinTech companies and other third-party interfaces to develop more client-centric goods and services, resulting in a better customer experience.

CHALLENGES:

• One of the most major hurdles for digital banking marketers is security.

• Cyberattacks and fraudulent conduct are still a reality, despite the fact that financial systems are meant to be nearly impervious.

• There are also issues regarding data and fund security. Every year, firms might lose $1.55 million due to downtime.

IMPACT OF COVID-18:

In the aftermath of the COVID-18 outbreak, the digital banking business has seen enormous growth and has continued to flourish internationally. Furthermore, due to widespread fear of the virus and a desire to preserve social distance, customers have been mostly using mobile phones and web browsers to access banking services. As a result, the expansion of the digital banking sector has been pushed by changing consumer habits toward digital banking services. Furthermore, COVID-18 had a good influence on digital banking, and it is likely to retain its supremacy during the projection period.

MARKET ESTIMATION:

The internet banking market is divided into three categories: service, banking, and area. Payments, processing services, customer & channel management, wealth management, and others are the different types of services. Retail banking, corporate banking, and investment banking are the three types of banking. The market is examined throughout North America, Europe, Asia-Pacific, South America, and the Middle East and Africa.

KEY MARKET SEGMENTS:

By Type:

• Informational services

• Transactional services

• Communicative services

By Software:

• Customized software

• Standard software

By Banking Type:

• Retail Banking

• Corporate Banking

• Investment Banking

By Service Type:

• Payments

• Processing Services

• Customer & Channel Management

• Wealth Management

• Others

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REGIONAL ANALYSIS:

North America led the worldwide digital banking market in 2021, and this trend is projected to continue over the forecast period. Furthermore, advances in information technology and the growing creation of dynamic and consumer-friendly user interfaces for websites and applications are driving the region's digital banking market growth.

REGIONAL COVERAGE:

• North America

  • USA

    See Also

    Digital Banking Market Size, Share, Trends, Analysis and Forecast to 2025Global Near Field Communication (NFC) Tags Market to Reach $15.58 Billion by 2030: Allied Market ResearchIs India's Digital Rupee a Cryptocurrency? How to Use & Buy It Explained as RBI Launches CBDC TodayImpact of PSD2 on the European Banking System - VIBIDSOFT PVT LTD

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • France

  • Italy

  • Spain

  • The Netherlands

  • Rest of Europe

• Asia-Pacific

  • Japan

  • south Korea

  • China

  • India

  • Australia

  • Rest of Asia-Pacific

• The Middle East & Africa

  • Israel

  • UAE

  • South Africa

  • Rest of Middle East & Africa

• Latin America

  • Brazil

  • Argentina

  • Rest of Latin America

Key Market Players

The key players include ACI Worldwide (U.S.), Microsoft Corporation (U.S.), Fiserv, Inc. (U.S.), Tata Consultancy Services (India), Cor Financial Solutions Ltd. (UK), Oracle Corporation (U.S.), Temenos Group AG (Switzerland), Rockall Technologies (Ireland), EdgeVerve Systems Limited (India) & Other Players

ACI Worldwide - Company Financial Analysis

Table of Contents

1. Introduction

1.1 Market Definition

1.2 Scope

1.3 Research Assumptions

2. Research Methodology

3. Market Dynamics

3.1 Drivers

3.2 Restraints

3.3 Opportunities

3.4 Challenges

4. Impact Analysis

4.1 COVID-19 Impact Analysis

4.2 Impact of Ukraine- Russia war

4.3 Impact of ongoing Recession

4.3.1 Introduction

4.3.2 Impact on major economies

4.3.2.1 US

4.3.2.2 Canada

4.3.2.3 Germany

4.3.2.4 France

4.3.2.5 United Kingdom

4.3.2.6 China

4.3.2.7 Japan

4.3.2.8 South Korea

4.3.2.9 Rest of the World

5. Value Chain Analysis

6. Porter’s 5 forces model

7. PEST Analysis

8. Digital Banking Market Segmentation, by Type

8.1Informational Services

8.2Transactional Services

8.3Communicative Services

9. Digital Banking Market Segmentation, by software

9.1 Customized Software

9.2 Standard Software

10. Digital Banking Market Segmentation, By Banking Type

10.1 Retail Banking

10.2 Corporate Banking

10.3 Investment Banking

11. Digital Banking Market Segmentation, By Service Type

11.1Payments

11.2Processing Services

11.3Customer & Channel Management

11.4Wealth Management

11.4Others

12. Regional Analysis

12.1 Introduction

12.2 North America

12.2.1 USA

12.2.2 Canada

12.2.3 Mexico

12.3 Europe

12.3.1 Germany

12.3.2 UK

12.3.3 France

12.3.4 Italy

12.3.5 Spain

12.3.6 The Netherlands

12.3.7 Rest of Europe

12.4 Asia-Pacific

12.4.1 Japan

12.4.2 South Korea

12.4.3 China

12.4.4 India

12.4.5 Australia

12.4.6 Rest of Asia-Pacific

12.5 The Middle East & Africa

12.5.1 Israel

12.5.2 UAE

12.5.3 South Africa

12.5.4 Rest

12.6 Latin America

12.6.1 Brazil

12.6.2 Argentina

12.6.3 Rest of Latin America

13. Company Profiles

13.1 ACI Worldwide (U.S.)

13.1.1 Financial

13.1.2 Products/ Services Offered

13.1.3 SWOT Analysis

13.1.4 The SNS view

13.2 Microsoft Corporation (U.S.)

13.3 Fiserv, Inc. (U.S.)

13.4 Tata Consultancy Services (India)

13.5 Cor Financial Solutions Ltd. (UK)

13.6 Oracle Corporation (U.S.)

13.7 Temenos Group AG (Switzerland)

13.8 Rockall Technologies (Ireland)

13.8 EdgeVerve Systems Limited (India)

13.9 Capital Banking Solutions (U.S.)

14. Competitive Landscape

14.1 Competitive Benchmarking

14.2 Market Share analysis

14.3 Recent Developments

15. Conclusion

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