Chicago, Jan. 09, 2023 (GLOBE NEWSWIRE) -- Markets N Research has recently released expansive research on Global Digital Banking Market with 100+ market data Tables, Pie Chart, and Graphs & Figures spread through Pages and easy to understand detailed analysis. The report endows with wide-ranging statistical analysis of the market’s continuous developments, capacity, production, production value, cost/profit, supply/demand and import/export. This market report provides best solutions for strategy development and implementation depending on client’s needs to extract tangible results. Teams of experienced and consummate market research professionals persistently track key industries to spot key developments, unmet needs and possible growth opportunities. A numerous markets, marketing strategies, trends, future products and rising opportunities have been considered while studying market for preparing this Digital Banking report. This market research report serves the clients by providing data and information on their business scenario with which they can stay ahead of the competition in today's rapidly changing business environment.
The global digital banking market is expected to exhibit strong growth, reaching USD 1400.3 billion by 2028. As per the report titled "Digital Banking Market Size, Share & COVID-19 Impact Analysis, Type (Credit Unions, Cooperative Banks, and Consumer Bank), By Services (Digital Payments and Digital Sales) and Regional Forecasts, 2022-2028" observes that the market size in 2021 stood at USD 848.9 billion and USD 1400.3 billion in 2028. The market is expected to exhibit a CAGR of 8.70% during the forecast period.
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Digital Banking Market Analysis:
The market is expanding due to greater digitization, increased usage of online banking tools, and rising demand for non-transactional services. Several financial institutions are combining with other financial corporations to improve their services to client requirements. Young people have an edge since they are quite comfortable with web apps. In a recent Oracle poll, it was discovered that 86% of customers stated they wanted to make payments online, while 60% said they wanted to create bank accounts online. Additionally, the government has made an effort to encourage digital banking, which is a fantastic potential for market growth. Due to this action, people are becoming more aware of the technology that is beneficial for society. Adhar Pay, BHIM UPI, and NEFT are just a few low-cost digital platforms the Indian government created in 2019 for Indian consumers. Another newly-emerging market development prospect is the progress of technology. Increasing the usage of blockchain, AI, and other emerging technologies. However, the risk of cyberattacks is impeding industry expansion.
List Of Key Companies Profiled:
- 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
Major Players Develop Acquisition Plans to Boost Brand Image
The leading businesses in the digital banking market plan acquisitions to improve their brand recognition globally. For instance, in April 2021, NCR increased the cloud availability of digital banking software, with NCR channels for banking and payment processing collaborating with Google Cloud.
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Driving Factors:
- Market is Expected to Grow as a result of Cost Effectiveness and User-Friendliness in Financial Transactions
The cost-effectiveness and ease of use advantages of digital banking over traditional banking systems, the rising popularity of electronic devices, and the accessibility of high-speed internet services are the main market drivers for the sector. These factors are anticipated to support growth over the forecast period. The market projection for digital banking may be affected by the rising risk of data breaches and cyberattacks on banking servers. Further supporting the global digital banking market are technological developments like the incorporation of blockchain technology.
- Mobile Phone and Internet Usage are Increasing, and Several Government Initiatives are Driving the Sector
Banks are turning to digital channels to deliver their services due to global trends in the digital banking market, which are driving up mobile phone usage and internet penetration globally. Additionally, they are collaborating with FinTech businesses and other third-party interfaces to develop new customer-centric products and services and, as a result, provide a better client experience. The government is also driving the usage of digital banking services through several worldwide initiatives. Demonetization is one policy implemented due to governments focusing on going cashless in various nations. Demonetization encourages and promotes different merchants to accept digital payments.
Restraining Factors:
- High Potential for Market Restriction due to Security Concerns with Consumer Personal Data
Consumers continue to trust the brick-and-mortar business model for transactions involving their money. Still, most people believe that banks are where they should go to handle their finances. Therefore, the largest barrier to the digital banking business's growth is consumer belief in physical and mortar. Most banks and financial institutions invest a lot of money in cyber security, but they must be proactive in catching fraudsters and reducing risks. Most consumers are still unwilling to take a chance when making purchases online, which is thought to be the main barrier to the market's expansion.
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Report Scope and Segmentation:
| Report Coverage | Details |
| Forecast Period | 2023-2030 |
| Forecast Period 2023 to 2030 CAGR | 14.80 % |
| 2028 Value Projection | 19.2 billion |
| Base Year | 2022 |
| Market Size in 2021 | 8.4 billion |
| Historical Data for | 2016 - 2021 |
| Segments covered | By Type, By Service and By Geography |
| Regional Scope | North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America |
Global Digital Banking Market Segmentations:
Global Digital Banking Market By Type:
- Credit Unions
- Cooperative Banks
- Consumer Bank
Global Digital Banking Market By Service:
- Digital Payments
- Digital Sales
Global Digital Banking Market Regional Insights:
North America is projected to hold the largest share of the digital banking market over the forecast period. One of the main objectives of most financial organizations is to keep a customer for life. As a result, large American banks like Bank of America and others are using crucial developmental methods like product releases and others to preserve the client and customer data so that they can get in touch with their current customers to increase their sales.
Further Report Findings
- The market in North America is expected to gain a huge portion of the global digital banking market share in the coming years. One of the main objectives of most financial institutions is to retain customers for life.
- Big American banks are using important product releases and other essential development strategies like Bank of America to preserve client and customer data so they can interact with their current customers and increase sales.
- In Asia Pacific, the growth in this region is primarily driven by the quick uptake of innovative technology.
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Digital Banking Market Report Answers the Following Questions:
- How much revenue will the Digital Banking market generate by the end of the forecast period?
- Which market segment is expected to have the maximum market share?
- What are the influencing factors and their impact on the Digital Banking market?
- Which regions are currently contributing the maximum share of the overall Digital Banking market?
- What indicators are likely to stimulate the Digital Banking market?
- What are the main strategies of the major players in the Digital Banking market to expand their geographic presence?
- What are the main advances in the Digital Banking market?
- How do regulatory standards affect the Digital Banking market?
Table of Content
Chapter 1: Preface
Chapter 2: Report Summary
Chapter 3: COVID 19 Impact Analysis
Chapter 4: Global Digital Banking Market, By Type Segment Analysis
Chapter 5: Global Digital Banking Market, By Service Segment Analysis
Chapter 6: Digital Banking Market – Regional Analysis, 2022 – 2030
Chapter 7: Digital Banking Market – Industry Analysis
Chapter 8: Competitive Landscape
Chapter 9: Company Profiles
Chapter 10: Research Methodology
Chapter 11: Questionnaire
Chapter 12: Related Reports
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