New York, USA, Oct. 18, 2021 (GLOBE NEWSWIRE) -- Research Dive states that the global digital banking market is likely to register a revenue of $1,610.0 billion by 2027, at a CAGR of 8.9% during the forecast period from 2019 to 2027. The all-inclusive report provides a brief summary of the current market scenario comprising major aspects of the market such as growth factors, restraints, challenges, and numerous growth opportunities. The report also provides all the market estimations making it easier as well as helpful for the new participants to get better idea of the market.
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Market Dynamics
As per the analysts of Research Dive, the ease of use in financial transactions, cost efficiency, and various other advantages of digital banking compared to normal banking system, easy access to high speed internet services, and the increasing penetration of electronic gadgets are the major factors anticipated to accelerate the growth of the global digital banking market over the forecast period. Besides, the growing usage of mobile phones and internet penetration across the globe, and the growing shift of banks towards digital channels to provide improved services are other factors anticipated to boost the digital banking market growth in the analysis period.
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Moreover, the integration of block chain technology and other technological advancements in digital banking are predicted to create massive growth opportunities for the digital banking market by 2027. However, the rising threat of cyber-attacks and data breaches on banking servers may restrict the market growth in the coming years.
Consumer Banks Sub-segment to be Most Lucrative
By type, the consumer banks sub-segment valued for $574.4 billion in 2019 and is projected to witness significant growth by 2027. The prominent growth of the sub-segment can be attributed to the increasing top-line revenue, moderating risks, and cost reductions associated with consumer banks.
Check out all Banking, Financial services, and Insurance (BFSI) Industry Reports: https://www.researchdive.com/banking-financial-services-and-insurance
Digital Payments Sub-segment to be Most Profitable
By services, the digital payments sub-segment witnessed striking growth in 2019 and is expected to surpass $402.5 billion during the forecast period. The increasing sale of banking products and services via online platforms is boosting the digital sales of banks across the globe, which is driving the sub-segment’s growth in the digital banking market.
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North America Region to Dominate in the Market
By region, the North America digital banking market is predicted to account for $721.3 billion by 2027 and dominate in the global industry over the forecast period. This growth is attributed to the key developmental strategies adopted by major American banks such as Bank of America and others to preserve the customer as well as customer data to contact their existing customer for enhancing their sales.
Prominent Market Players
1. Industrial and Commercial Bank of China Limited
2. Bank of China Limited
3. China Construction Bank
4. Agricultural Bank of China
5. Wells Fargo
6. Bank of America
7. Citigroup
8. JPMorgan Chase
9. HSBC Group
10. China Merchants Bank
For instance, in June 2021, ICICI Bank, a leading private sector bank in India, launched customized digital banking solutions for corporates in over 15 industrial sectors.
These players are currently focusing on R&D activities, mergers, acquisitions, partnerships, and collaborations to sustain the growth of the market. The report offers many strategies and ideas of the top industry players functioning in the industry such as the current strategic plans & developments, financial performance, SWOT analysis, and product/service range. Click Here to Get Absolute Top Companies Development Strategies Summary Report
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