Market Analysis
Market Research Future (MRFR) projects the global Mobile Banking Market to grow at a significant pace from 2020 to 2027 (forecast period)
High Adoption of Mobile Banking Apps
In order to promote and increase customer satisfaction and expectations, the global mobile banking market is implementing a number of new initiatives and challenges. New clients are installing the most recent banking applications in order to make the best use of the technology that has been offered to benefit consumers. This is one of the primary factors that will directly accelerate the mobile banking industry during the anticipated assessment period. Aside from that, advanced smartphone applications are dynamic, the fundamental banking method that may also be the driving force behind market expansion. Due to the increased number of smartphone users worldwide, mobile banking's new subscribers are expected to increase significantly. Mobile banking also encourages and enables the recording, mapping, and close examination of the customer's financial situation. As a result, it has had a favorable impact on the growth of the mobile banking market.
COVID-19 Pandemic to Positively Impact the Market
According to the global mobile banking market analysis, customers make up a sizable portion of the whole market. There are numerous potential aspects in the mobile banking industry analysis that are reliant on a variety of factors. The COVID-19 pandemic has had a significant impact on the mobile banking market share and way of life around the world. People are conducting a growing number of transactions online in order to avoid visiting a bank branch. Many organizations have to fight a never-ending battle for survival and client relationships.
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Major Key Players:
Notable players in the global mobile banking market include Dais Software Company (Bulgaria), Strands Inc. (U.S.), Ebanq B.V (Netherlands), Nymbus Inc. (U.S.), Apex Software Ltd. (Kenya), Temenos Group AG (Switzerland), Neptune Software PLC (U.K.), Fisa System (U.S.), Capital Banking Solutions (U.S.).
Segmental Analysis:
The global market for mobile banking has been segmented based on solution, technology, and deployment.
On basis of the solution, the global market for mobile banking has been segmented into customer management, mobile banking features, mobile payment features, mobile trading features, and others. Mobile banking features include balance inquiry, recent transaction information, transfer of funds, transfer of money via the email address or mobile number, and alert services. By giving a missed call from the registered mobile number to the bank's official number, the customer is given details of the account's balance. These services meet the customer's needs and satisfaction, which has contributed to a rise in demand for mobile banking on the market.
On basis of technology, the global market for mobile banking has been segmented into wireless application protocol (WAP) and standalone mobile application
On basis of deployment, the global market for mobile banking has been segmented into On-cloud and On-premise.
Regional Analysis:
North America to Dominate the Global Market
North America is expected to capture the biggest market share due to the rapid adoption of mobile banking via the latest smartphones, where consumers are more likely to connect with banks via mobile channels rather than personally visiting the banks.
Europe to Witness Fastest Growth Rate
European countries are predicted to be the quickest and fastest-growing market due to enormously faster transactions and basic mobile payments performed by premium banks, which has resulted in an increase in the adoption of basic mobile banking used by many Europeans to make transactions.
Industry Update:
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Table of Contents
1 Market Introduction
1.1 Introduction
1.2 Scope of Study
1.2.1 Research objective
1.2.2 Assumptions
1.2.3 Limitations
1.3 Market Structure
2 Research Methodology
2.1 Research Type
2.2 Primary Research
2.3 Secondary Research
2.4 Forecast Model
2.4.1 Market Data Collection, Analysis & Forecast
2.4.2 Market Size Estimation
Continued….
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