According to a new report Global Digital Banking Platform Market, published by KBV research, The Global Digital Banking Platform Market size is expected to reach $9 billion by 2026, rising at a market growth of 16% CAGR during the forecast period.
By mode, the global digital banking platform market, led by the online banking group, is expected to remain dominant during the forecast period in 2019. Digital banking involves a high degree of process automation, web-based infrastructure, and application programming interfaces (APIs) and enables real-time integration with multiple host banking systems that fuel the growth of the digital banking platform market. Nevertheless, the mobile banking segment is projected to rise at the fastest rate during the forecast period, owing to an increase in smartphone usage and a growth in Internet penetration across the globe.
Retail banking is projected to have a substantial market share. The growth of the market is due to the widespread acceptance of electronic and mobile payment solutions by consumers. As the market dynamics are changing and customers are becoming more empowered, the banks are also developing new business models to cope with the changes.
Region wise, the demand for digital banking services was led by North America in 2019 and is projected to maintain its role throughout the forecast period. The key driver of market growth in this region is the early adoption of advanced technology among end-users and an increase in the adoption of digital banking platforms among end-users. Nevertheless, Asia-Pacific is also projected to see substantial growth over the forecast period, leading to the increasing acceptance of online and mobile banking by developing Asia-Pacific countries such as China, India and Singapore. The size of the European market is showing a steady growth trend over the forecast period. The rising of the industry is guided by a dramatic rise in e-commerce. The high degree of acceptance of mobile banking & internet banking in the area encourages the use of digital banking solutions for retail payments.
Structural Insights: https://www.kbvresearch.com/digital-banking-platform-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Infosys Limited (EdgeVerve Systems), Fidelity Information Services (FIS), Inc., Fiserv, Inc., Oracle Corporation, SAP SE, Temenos AG, The Bank of New York Mellon Corporation, Appway AG, COR Financial Solutions Ltd., and VSoft Corporation.
Global Digital Banking Platform Market Segmentation
By Deployment Type
- Retail Banking
- Corporate Banking
By Banking Mode
- Online Banking
- Mobile Banking
- Rest of North America
- Rest of Europe
- South Korea
- Rest of Asia Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA
- Infosys Limited (EdgeVerve Systems)
- Fidelity Information Services (FIS), Inc.
- Fiserv, Inc.
- Oracle Corporation
- SAP SE
- Temenos AG
- The Bank of New York Mellon Corporation
- Appway AG
- COR Financial Solutions Ltd.
- VSoft Corporation