New York, USA, April 12, 2023 (GLOBE NEWSWIRE) -- According to Research Dive’s newly published report, the global digital banking market is predicted to grow at a stable CAGR of 8.9%, thereby garnering a revenue of $1,610 billion in the 2019-2027 timeframe. This holistic report provides an overarching overview of the nature of the digital banking market including its main characteristics like growth drivers, growth opportunities, restraints, and hindrances in the 2019-2027 timeframe. The report also contains all the necessary and essential market figures to help new entrants gain an insight into the working of the market.
Dynamics of the Market
Drivers: In the last few years, there has been an increase in the penetration of mobiles and internet connections across the globe which is predicted to be the primary growth driver of the digital banking market in the forecast period. Along with this, various governmental initiatives to boost cashless transactions are anticipated to push the market forward.
Opportunities: Technological advancements like integration of blockchain technology are estimated to offer numerous growth opportunities to the market in the forecast period. Moreover, ease of financial transactions offered by digital platforms is expected to help the market grow in the analysis timeframe.
Restraints: Increasing threat of data breaches and cyber-attacks, however, might prove to be a hindrance in the growth trajectory of the digital banking market.
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Segments of the Market
The report has divided the digital banking market into certain segments based on type, services, and region.
Type: Consumer Banks Sub-Segment to be the Most Profitable
The consumer banks sub-segment is predicted to have the most dominant market share and generate a revenue of $1,661.1 billion by 2027. Increasing top-line revenue, cost reductions, and moderating risks are predicted to be the leading contributors to the growth of this sub-segment.
Services: Digital Sales Sub-Segment to be the Most Dominant
The digital sales sub-segment is predicted to have the highest market share and generate a revenue of $1,207.5 billion by 2027. Growth in sales of banking products and services through online platforms is predicted to be the leading factor behind the growth of this sub-segment.
Market in North America Region to be the Most Lucrative
By regional analysis, the digital banking market in the North America region is poised to become the most dominant sub-segment and is predicted to register a revenue of $721.3 billion in the 2019-2027 timeframe. Adoption of key developmental strategies by leading players of the market is expected to be the main growth driver of the market in this region.
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Prominent Market Players
Some prominent market players of the digital banking market are
- Industrial and Commercial Bank of China Limited
- Wells Fargo
- JPMorgan Chase
- Bank of China Limited
- Bank of America
- HSBC Group
- China Construction Bank
- Citigrou
- China Merchants Bank
- Agricultural Bank of China
These companies are coming up with various innovations using different scientific approaches to gain a prominent position in the market.
For instance, in March 2022, SoFi Technologies, a digital personal finance company, announced the acquisition of Technisys, a digital core banking solutions provider. This acquisition is predicted to help SoFi Technologies to expand its customer base significantly in the coming period.
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Finally, this report published by Research Dive also summarizes many crucial aspects of the digital banking industry including the latest strategic developments, SWOT analysis, financial performance of the key players, and product portfolio.
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- How has Digital Banking Transformed the Way People Work on Their Finances?
- Moving a step ahead from Online Banking!
