New York, NY, June 15, 2023 (GLOBE NEWSWIRE) -- Polaris Market Research has published a new research report titled “Digital Banking Platforms Market Share, Size, Trends, Industry Analysis Report, By Component (Platforms, Services); By Deployment Type; By Banking Type; By Banking Mode; By Region; Segment Forecast, 2023-2032” in its research database.
“As per the latest research analysis, the global digital banking platforms market size/share will be valued at roughly USD 21.49 billion in 2022, and its revenue is projected to reach about USD 131.65 Billion By 2032. The market is forecasted to expand at a compound annual growth rate of approximately 19.9% between 2023 and 2032.”
What are Digital Banking Platforms? How Big is Digital Banking Platforms Market Size & Trends?
- Overview
In contrast to online banking, which refers to certain online banking elements with physical locations (traditional banking), digital banking platforms, or DBP, provide financial services exclusively online. Digital banking systems depend on web-based services, process automation, and APIs to build fully digital banking services.
With DBPs, customers can access various features and capabilities, including mobile apps, financial management tools, real-time transaction alerts, digital wallets, remote deposits, free ATM transactions, and more. This further creates a broad range of opportunities for digital banking platforms market growth in the upcoming years.
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(The sample of this report is readily available on request. The report sample contains a brief introduction to the research report, a Table of Contents, a Graphical introduction of regional analysis, Top players in the market with their revenue analysis, and our research methodology.)
Our Sample Report Covers:
- 2032 Updated Report Introduction, Overview, and In-depth industry analysis.
- 115+ Pages Research Report (Inclusion of Updated Research).
- Provide Chapter-wise guidance on Requests.
- 2023 Updated Regional Analysis with Graphical Representation of Size, Share & Trends
- Includes Updated List of tables & figures.
- Updated Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis.
Some of the Top Market Players Are:
- Alkami
- Appway
- Backbase
- BNY Mellon
- EdgeVerve
- Finastra
- Fiserv
- Mambu
- MuleSoft
- NETinfo
- Oracle
- SAP
- Sopra Banking
- TCS
- Temenos
- TPS
- Velmie
- Worldline
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Prominent Growth Driving Factors
- Rising smartphone adoption: The growing use of smartphones is anticipated to fuel the digital banking platforms market size expansion. As smartphone usage increases, more consumers use their mobile devices to access digital banking services. As a result, demand for digital banking services has increased, promoting the development of digital banking platforms.
- Strong networking infrastructure: There are 1.18 billion mobile connections, 700 million Internet users, and 600 million smartphones, according to the National Health Authority of India, and that number is increasing by 25 million every three months. Our network infrastructure is robust now. India has the highest monthly data use, with each person using almost 12 GB. This will further generate a wide range of digital banking platforms market growth prospects in the upcoming years.
- Technology advancements: The market benefits substantially from the rapid technological advances, as they have made it possible for digital banking platforms to offer their customers more innovative and secure financial services. Using technologies like Machine Learning (ML), Artificial Intelligence (AI), and data analytics, digital banks can provide highly personalized services to their customers.
- Cost optimization: The market is expanding due to the demand for cost optimization. Due to their high overhead charges, traditional banks need help to provide competitive rates and fees.
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Top Findings of the Report
- As more customers seek easy, accessible, and secure financial services from their mobile devices, the digital banking platforms market share is predicted to grow as smartphone usage rises.
- The market segmentation is based on deployment type, component, banking type, banking mode, and region.
- The Asia Pacific region is anticipated to witness the highest growth rate in the coming years.
Top Trends Influencing the Market
- Increased preference for convenient banking services: Customers want more convenient, customized, and user-friendly banking services. This service and convenience are offered by digital banking platforms, which have expanded acceptance.
- Lower operational costs: Due to decreased operating costs, digital banking platforms may more easily provide competitive rates and fees to consumers. Governments and regulatory agencies promote the expansion of digital banking platforms because they increase access to banking services and financial inclusion. As a result, the industry has seen a rise in investment and development.
Segmental Analysis
- Platforms Sector Witnesses the Fastest Growth
Open APIs (Application Programming Interfaces) are made available by digital banking platforms so outside developers can create products and services that work with the platform. This gives both banks and clients more personalization and freedom. This will drive the digital banking platforms market growth.
Moreover, customers may easily access and use the forum due to the user-friendly interface of digital banking systems. It has tools like chatbots and virtual assistants that may assist users and respond to inquiries. This presents a variety of prospects for the market's expansion.
- Mobile Banking Holds the Greatest Revenue Share
A greater revenue share is anticipated for the mobile banking market. An increasing number of customers may now access mobile banking services with the growing popularity of smartphones. Customers and organizations can manage their funds conveniently and efficiently with mobile banking.
Furthermore, customers may access their accounts anywhere and anytime using mobile banking, making payments, checking account balances, and completing other financial operations simpler. This will accelerate the digital banking platforms market demand in the upcoming years.
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Digital Banking Platforms Market: Report Scope
| Report Attribute | Details |
| Revenue Forecast in 2032 | USD 131.65 Billion |
| Market size value in 2023 | USD 25.73 Billion |
| Expected CAGR Growth | 19.9% from 2023- 2032 |
| Base Year | 2022 |
| Forecast Year | 2023 – 2032 |
| Top Market Players | Alkami, Apiture, Appway, Backbase, BNY Mellon, CR2, EdgeVerve, ebankIT, Finastra, Fiserv, Intellect Design Arena, Mambu, MuleSoft, nCino, NCR, NETinfo, Oracle, SAP, Sopra Banking Software, TCS, Technisys, Temenos, TPS, Velmie and Worldline. |
| Segments Covered | By Component, By Deployment Type, By Banking Type, By Banking Mode, By Region |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options |
Geographical Overview
Asia Pacific: The digital banking platforms market in Asia Pacific is anticipated to witness the highest growth rate in the next few years. The region has seen the rise of numerous fintech startups that have disrupted traditional banking methods and introduced innovative DBPs. Also, fintech has been the preferred space for Indian entrepreneurs, investors, and customers over the past few years mainly because of the smartphone revolution and cheap data plans. The high fintech adoption rate fosters innovation and drives regional market growth.
North America: With high technology adoption, strong customer demand, and massive investments from large banks, the North American region is expected to hold the highest market share. North America, one of the most technologically advanced regions worldwide, is expected to have the most increased adoption of 5G services by 2025. This creates a favorable environment for DBPs to flourish.
Browse the Detail Report “Digital Banking Platforms Market Share, Size, Trends, Industry Analysis Report, By Component (Platforms, Services); By Deployment Type; By Banking Type; By Banking Mode; By Region; Segment Forecast, 2023-2032” with in-depth TOC: https://polarismarketresearch.com/industry-analysis/digital-banking-platforms-market
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Recent Developments
- Apiture introduced Data Direct, an upgrade to its Data Intelligence solution, in January 2023. Banks and credit unions can now access a variety of data points that their company generates thanks to the new service.
- Alkami Technology stated in December 2022 that one of its customers, Ideal Credit, had implemented Segment data & marketing solutions via its "Alkami Platform" to give them a powerful new method of connecting members with the financial products they most need.
The Report Answers Questions Such as
- What is the demand for digital banking platforms in terms of revenue?
- What are the major factors driving the digital banking platforms market growth?
- Who are the digital banking platforms market key players?
- At what CAGR is the market predicted to grow within the forecast period?
- Which regions are leading the global market?
- Which segment accounted for the largest share?
- What are the opportunities and trends driving the market in the future?
Polaris Market Research has segmented the digital banking platforms market report based on component, deployment type, banking type, banking mode, and region:
By Component Outlook
- Platforms
- Services
By Deployment Type Outlook
- On-Premises
- Cloud
By Banking Type Outlook
- Retail banking
- Corporate banking
- Investment banking
By Banking Mode Outlook
- Online banking
- Mobile banking
By Region Outlook
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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