TOKYO, JAPAN, Sept. 13, 2022 (GLOBE NEWSWIRE) -- Facts and Factors has published a new research report titled “Digital Banking Market Size, Share, Growth Analysis Report By Type (Credit Unions, Co-operative Banks and Consumer Bank), By Services (Digital payments and Digital sales), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028” in its research database.
“According to the latest research study, the demand of global Digital Banking Market size & share was valued at approximately USD 7.9 trillion in 2021. The market is expected to grow above a CAGR of 4.50% and is anticipated to reach over USD 10.3 trillion by 2028.”
The report analyses the Digital Banking market’s drivers and restraints, as well as the impact they have on-demand throughout the projection period. In addition, the report examines global opportunities in the global Digital Banking market.
Market Overview:
Digital banking platforms enable the automated provision of new and existing banking services and products to end users using informal communication channels. In addition, many banks and financial institutions are providing their clients with easy-to-use digital banking systems to broaden their clientele globally. To meet the needs of banks and customers, vendors of digital banking platforms are currently developing smarter and smarter banking systems.
This includes the necessity of channel integration support, a dynamic customer experience, easily implementable core banking, and the requirement for user-friendly and appealing devices. Digital banking allows banks and their clients to seamlessly handle completed transactions, daily operations, and other responsibilities. Modernized smart gadgets have enabled state bankers to adapt their old banking system into a modern one by incorporating the latest and most advanced technology into many parts of daily banking operations. Most banks adapt to client demands by establishing services such as ATMs, mobile banking, internet banking, SMS banking, and others.
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Our Free Sample Report Consists of the Following:
- Introduction, Overview, and in-depth industry analysis are all included in the 2022 updated report.
- The COVID-19 Pandemic Outbreak Impact Analysis is included in the package
- Provide detailed chapter-by-chapter guidance on Request
- Updated Regional Analysis with Graphical Representation of Size, Share, and Trends for the Year 2022
- Includes Tables and figures have been updated
- The most recent version of the report includes the Top Market Players, their Business Strategies, Sales Volume, Revenue Analysis, SWOT Analysis, Historical and Forecast Growth, Porter's 5 Forces Analysis
- Facts and Factors research methodology
Key Insights from Primary Research
- As per the analysis, the Digital Banking market is likely to grow above a CAGR of around 4.50% between 2022 and 2028.
- The Digital Banking market size was worth around US$ 7.9 trillion in 2021 and is estimated to hit approximately US$ 10.3 trillion by 2028. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
- The expanding millennial generation (aged 16 to 34) is pushing banks to offer digital banking services, which drives the growth of the digital banking market.
- By type, the consumer bank category dominated the market in 2021.
- By services, the digital payments category dominated the market in 2021.
- On the basis of region, North America dominated the global digital banking market in 2021.
Competitive Players
The report contains qualitative and quantitative research on the global digital banking Market, as well as detailed insights and development strategies employed by the leading competitors. The report also provides an in-depth analysis of the market's main competitors, as well as information on their competitiveness. The research also identifies and analyses important business strategies used by these main market players, such as mergers and acquisitions (M&A), affiliations, collaborations, and contracts. The study examines, among other things, each company's global presence, competitors, service offers, and standards.
Some of the main players in the global digital banking market include:
- Industrial and Commercial Bank of China Limited
- Bank of China Limited
- Bank of America
- Citigroup
- China Construction Bank
- Agricultural Bank of China
- Wells Fargo
- JPMorgan Chase
- HSBC Group
- China Merchants Bank
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Market Growth Drivers
Growing demand among banks for delivering enhanced customer experience to drive market growth
The main factors driving the market's expansion are the rising number of internet users and a shift from conventional banking toward online banking. The market is expanding due to increased cloud platform adoption, which allows for more scalability. The market for digital banking is expanding, yet there are security and compliance difficulties with digital lending platforms. Furthermore, it is anticipated that increased use of artificial intelligence and machine learning in digital banking, as well as an increase in advanced banking services and corporate investors, will create good market potential. Several banks and financial institutions use banking systems based on artificial intelligence to offer customers faster and more effective customer services. Additionally, many banks are implementing machine learning to predict fraud even before it occurs to enhance the security measures in the banking platform. These developments, which are always being made, present the industry with various opportunities. The market for digital banking is anticipated to benefit significantly from the increased incorporation of innovative technologies in the next years.
Digital Banking Market: COVID-19 Impact Analysis
During the COVID-19 pandemic, many banks and other financial institutions are providing their customers with new digital tools and strategies to help them deal with the challenges that they face in their operations. Among these, the expansion of digital banking has been particularly notable. In addition, there is room for growth in the market for digital banking as a result of the increasing popularity of mobile and online banking among end consumers throughout the pandemic. In addition, a large number of financial institutions and fintech companies have developed appealing banking methods to entice customers and small and medium-sized enterprises (SMEs) to use digital banking, which has opened the door to a vast array of market potential.
Browse the full “Digital Banking Market Size, Share, Growth Analysis Report By Type (Credit Unions, Co-operative Banks and Consumer Bank), By Services (Digital payments and Digital sales), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028" report at https://www.fnfresearch.com/digital-banking-market
Digital Banking Market: Segmentation Analysis
The global digital banking market is segregated based on type, services, and region.
The market is segmented based on type: credit unions, cooperative banks and consumer banks. In 2021, the consumer bank segment dominated the market over the forecast period. The market is segmented based on services: digital payments and digital sales. In 2021, digital payments' largest service sector in the digital banking market was anticipated to dominate during the forecast period.
Regional Analysis:
The global digital banking market is divided into geographic regions: North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. North America dominated the global digital banking market in 2021. Keeping a customer for life is one of the primary goals of most financial organizations. Due to this, major American banks like Bank of America and others are employing key development techniques like product releases and others to protect client and customer data so they may connect with their current clients and boost sales.
The key elements fostering the market's expansion in this area are sizable rivals and the rapid adoption of cutting-edge technology. Due to significant players, this region competes with other regions of Canada and the US.
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Recent Industry Developments:
- In April 2021: NCR expanded the cloud availability of the digital banking software where the NCR channels for banking and payment processing were through cooperation with Google Cloud.
- In July 2020: Microsoft and Finastra joined together to hasten the transformation of bank services to the digital age. They provide businesses with integrated solutions that consider their client's needs and way of life.
Key questions answered in this report:
- What is the market size and growth rate forecast for Digital Banking industry?
- What are the main driving factors propelling the Digital Banking Market forward?
- What are the leading companies in the Digital Banking Industry?
- What segments does the Digital Banking Market cover?
- How can I receive a free copy of the Digital Banking Market sample report and company profiles?
Report Scope:
| Report Attribute | Details |
| Market Size in 2021 | USD 7.9 Trillion |
| Projected Market Size in 2028 | USD 10.3 Trillion |
| CAGR Growth Rate | 4.50% CAGR |
| Base Year | 2021 |
| Forecast Years | 2022-2028 |
| Key Market Players | Industrial and Commercial Bank of China Limited, Bank of China Limited, Bank of America, Citigroup, China Construction Bank, Agricultural Bank of China, Wells Fargo, JPMorgan Chase, HSBC Group, and China Merchants Bank |
| Key Segment | By Types, Services, and Region |
| Major Regions Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
| Purchase Options | Request customized purchase options to meet your research needs. |
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The global Digital Banking market is segmented as follows:
By Type
- Credit unions
- Cooperative Banks
- Consumer Bank
By Services
- Digital payments
- Digital sales
By Region
- North America
- The U.S.
- Canada
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Southeast Asia
- Rest of Southeast Asia
- The Middle East & Africa
- GCC
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
Key Offerings:
- Market Size, Trends, & Forecast by Revenue | 2022−2028
- Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
- Market Segmentation – A detailed analysis by Type, Services, and Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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