Digital Banking Platforms Market Size, Share and Global Market Forecast to 2026 : MarketsandMarkets™
Digital Banking Platforms Market Size, Share and Global Market Forecast to 2026 : MarketsandMarkets™
Digital banking platforms market size, share, analysis, trends & forecasts. The global market for digital banking platforms categorized by component, banking type, banking mode, deployment type, and region.

According to newmarket research report "Digital Banking Platforms Market  by Component(Platforms and Services), Banking Type (Retail Banking, Corporate Banking, andInvestment Banking), Banking Mode (Online Banking and Mobile Banking),Deployment Type, and Region - Global Forecast to 2026 publishedby MarketsandMarkets™, the DigitalBanking Platforms Market size expected to grow USD 8.2 billion in 2021 to USD13.9 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 11.3% duringthe forecast period.

The Digital BankingPlatforms Market is gaining traction due to the increasing adoption ofsmartphones is contributing to the growth of the Digital Banking PlatformsMarket. Countries such as India, Indonesia, South Africa, and China have seenhigh growth in smartphone sales in the last few years. According to the GSMAssociation (GSMA) Mobile Economy 2020 report, there will be 7.1 billionsmartphone connections by 2025 from 5.2 billion in 2019. The adoption ratewould increase from 65% to 80% by 2025.

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Corporate Bankingsegment to grow at the highest CAGR during the forecast period

Among the BankingType segment, Corporate Banking is expected to grow at the highest CAGR duringthe forecast period. Corporate banking solutions provide banks and corporates witha seamless, connected corporate banking experience and a 360° view of thebusiness. This results in integrating payments, treasury, lending, trade, andsupply chain finance, benefiting both customers and corporates. Severalorganizations are incorporating corporate suites that provide superior featuresto corporate banks.

Mobile Bankingsegment is expected to grow at a higher CAGR during the forecast period

Mobile bankingplatforms offer an intuitive and secure mobile banking experience to retail andcorporate banks. The platforms offer a responsive User Interface (UI) andsupport the bank customers’ entire banking journey, from onboarding totransactional banking requests, on their mobile devices. Banks are increasinglyadopting the mobile banking platform due to the changing customer preferencetoward mobile banking across all segments. This helps drive the business growthof the mobile banking segment. This is substantiated by the 2018 Mobile BankingStudy from Citi Bank. The study revealed that 46% of US consumers haveincreased their use of mobile banking in the past year. Furthermore, 91%preferred using apps over going to a branch, whereas 68% of millennials saidthey could see their smartphones replacing their physical wallets.

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Asia Pacific (APAC)region to record the highest growing region in the Digital Banking PlatformsMarket

The APAC countrieshave seen a rise in the number of FinTech startups, which has led to thedisruption in the Digital Banking Platforms ecosystem. However, to keep up withthis rapid pace of advancements, traditional banking firms are undertakingdigital transformation projects. There is a huge untapped market for thebanking industry in India, China, Bangladesh, and several other countries ofAPAC; this has proven to be a driver for the growth of banking firms in theregion. Hence, this motivates bankers to adopt strategies for thedigitalization of their services. With the rise in the number of mobile deviceusers, there is also an increasing use of digital banking technologies andonline commerce. These factors together are expected to fuel the growth of theDigital Banking Platforms Market in the region.

Key and innovativevendors in Digital Banking PlatformsMarket are Alkami (US), Apiture (US), Appway (Switzerland), Backbase(Netherlands), BNY Mellon (US), CR2 (Ireland), EdgeVerve (India), ebankIT(England), Finastra (UK), Fiserv (US), Intellect Design Arena (India), Mambu(Germany), MuleSoft (US), nCino (US), NCR (US), NETinfo (Cyprus), Oracle (US),SAP (Germany), Sopra Banking Software (France), TCS (India), Technisys (US),Temenos (Switzerland), TPS (Pakistan), Velmie (US), and Worldline (France).


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