New York, Oct. 11, 2021 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Global Digital Banking Industry” – https://www.reportlinker.com/p05817925/?utm_source=GNW
Personal cheques and hard currency are becoming less popular, while increasing investments in FinTech solutions have pushed up innovations such as PayPal, Square, Apple Pay and cryptocurrencies, thereby boosting the cashless age. Contactless card payments have made even smaller value transactions/payments faster and easier. Other major factors driving the world towards a cashless society include launch of chip and pin payment cards, broadening ecosystem of smartphone payments apps, convergence of finance, banking and telecommunications, and rapid changes in custom, culture and regulations elicited by Internet technologies, strong penetration of Internet enabled smartphones etc. Strong venture capital funding of financial technology start-ups and their commercial innovations are disrupting the status quo held by cash. Stringent regulations and policies and sops such as reduction in value-added tax (VAT) rates on card payments are additionally encouraging the evolution of cashless societies. A key reason for the regulatory clampdown on cash in developing countries is the growing burden of cash usage such as costs associated for handling the cash i.e. paper currency printing, deployment/maintenance of ATMs, high risk of money laundering, higher ability to manipulate cash transactions for tax avoidance, breeding of large unorganized sectors that create “shadow economies” that make no contribution to a economy`s GDP growth, inability of the government to impose fiscal controls, reduced productivity of the banking sector in terms of foregone interest, reduced corporate dividends, high counterfeiting costs, among others.
Amid the COVID-19 crisis, the global market for Digital Banking estimated at US$12.1 Billion in the year 2020, is projected to reach a revised size of US$30.1 Billion by 2026, growing at a CAGR of 15.7% over the analysis period. Retail Banking, one of the segments analyzed in the report, is projected to grow at a 14.3% CAGR to reach US$14.3 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Corporate Banking segment is readjusted to a revised 18.4% CAGR for the next 7-year period. This segment currently accounts for a 34.8% share of the global Digital Banking market.
The U.S. Market is Estimated at $4.3 Billion in 2021, China is Forecast to Reach $4.6 Billion by 2026
The Digital Banking market in the U.S. is estimated at US$4.3 Billion in the year 2021. The country currently accounts for a 28.78% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$4.6 Billion in the year 2026 trailing a CAGR of 19.9% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 11% and 13.1% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 14.5% CAGR while Rest of European market (as defined in the study) will reach US$5.2 Billion by the close of the analysis period.
Mobile banking sector has emerged as a channel to attract new customers and generate revenues. Several banks use the mobile channel as a strategic differentiator, as customers can use this channel to avail anywhere, anytime access to a wide range of banking products and services. Mobile platform is also considered as an essential service by financial institutions to compete effectively in the market. Mobile phones are increasingly being used to carry out banking related functions, for instance balance inquiries. Banks can reduce costs associated with call center operations by reducing transaction time and cost, and in the process ensure customer satisfaction. Mobile banking is emerging as a mainstream consumer banking channel, as against its earlier status as a niche segment. Mobile banking services are used for make payments, money transfers including account-to-account transfers, access account information, opening accounts, applying for credit extension or loans, locating bank branches or ATMs, make investments, and access content services. Demand for mobile banking services is forecast primarily come from customers in industrialized countries. On-the-go customers, and the younger generation are anticipated to drive demand for mobile banking services. Lack of bank branching infrastructure in developing markets is also expected to boost demand for mobile banking services and correspondingly boost the volume of mobile data traffic.
Investment Banking Segment to Reach $5 Billion by 2026
In the global Investment Banking segment, USA, Canada, Japan, China and Europe will drive the 13% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$1.8 Billion in the year 2020 will reach a projected size of US$4.2 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$615.6 Million by the year 2026.
Select Competitors (Total 222 Featured)
- Appway AG
- EdgeVerve Systems Limited
- Fidor Solutions AG
- Fiserv, Inc.
- NETinfo PLC
- NF Innova
- Oracle Corporation
- SAP AG
- Tata Consultancy Services Limited
- Temenos Group AG
Read the full report: https://www.reportlinker.com/p05817925/?utm_source=GNW
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
Internet Infrastructure Provides the Cornerstone for the Growth
of Digital Banking
Global Efforts to Go Cashless Provides Policy Led Support for
the Evolution of Digital Banking
EXHIBIT 1: Spurred by the Pandemic & Its Low Touch Norm, Rapid
Progress Towards a Cashless Society Provides Opportunities On
a Platter for Digital Banking Technologies & Services: Global
Volume of Non-Cash Transactions (In Billion) for the Years
2018, 2020 & 2022
The Race Between the Virus & Vaccines Intensifies. Amidst this
Chaotic Battle, Where is the World Economy Headed in 2021?
These are Times When Questions Abound & Answers Are Few
So How Fast Or Slow Are We Moving?
EXHIBIT 2: How Fast the World is Vaccinated Will Determine How
Soon the Pandemic Will End: Global Number of Annual COVID-19
Vaccine Doses (In Million) for Years 2020 through 2025 by
As India Burns Amid a Lethal Double & Triple Mutation Driven
Second Wave, Its Clear That Equity is Not a Part of Global
Policy on Tackling COVID
EXHIBIT 3: What We Know So Far – ?Vaccine Efficiency Against
New Strains is Decreasing?
Progress on Vaccinations, Why Should Businesses Care?
With IMF?s Upward Revision of Global GDP Forecasts for 2021,
Most Companies Are Bullish About a Global Economic Comeback
EXHIBIT 4: A Strong 2021 Economic Rebound Based On Pent-Up
Demand Comes as a Relief for Suffering Industries & Markets:
World Economic Growth Projections (Real GDP, Annual % Change)
for 2020 through 2022
EXHIBIT 5: Easing Unemployment Levels in 2021 Although Moderate
Will Infuse Hope for Industries Reliant on Consumer
Discretionary Incomes: Global Number of Unemployed People (In
Million) for Years 2019, 2020, 2021, and 2022
A Retrospective Review of Year 2020 as the Worst Year in
Humanity?s History that Left the World in Shambles &
Industries and Markets Upended
Digital Banking: Definition, Overview, Importance & Benefits
Recent Market Activity
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
Digital Lifestyles & the Ensuing Rise in FTTH Connections
Encourage Internet Banking Habits
EXHIBIT 6: More Homes With Fiber Internet Increases the Odds of
Digital Banking Adoption: Global Fiber-to-the-Home/Building:
(FTTH/B) Market (In US$ Million) for Years 2020, 2022, 2024,
Spectacular Rise in eCommerce and mCommerce Strengthens the
Business Case for Digital Banking
EXHIBIT 7: Global B2C E-Commerce Sales in US$ Trillion for the
Years 2019, 2020, 2021, 2022, 2023, 2024, and 2025
EXHIBIT 8: Retail M-Commerce Sales as % of Retail E-commerce
Sales Worldwide for the Years 2016, 2018, 2020 & 2022
Pandemic Fast Forwards eCommerce Growth
EXHIBIT 9: Global B2C e-Commerce Market Reset & Trajectory –
Growth Outlook (In %) For Years 2019 Through 2025
Mobile Wallets & Payments Go Mainstream…
Read More:Global Digital Banking Market to Reach $30.1 Billion by 2026