Global digital banking market is predicted to observe striking a growth over the forecast period, primarily owing to numerous benefits offered by digital banking as compared to normal banking system. By type, the consumer banks sub-segment is estimated to be most profitable by 2027. Regionally, the North America region is anticipated to lead the industry in the estimated timeframe.
As per a newly published report by Research Dive, the global digital banking market is estimated to reach up to $1,610 billion by 2027 and exhibit a CAGR of 8.9% over the forecast period from 2020 to 2027. Our analysts state that the numerous benefits associated with digital banking such as ease of use and cost efficiency as compared to normal banking system are the major factors expected to drive the growth of the global market during the forecast period. In addition, easy access to high-speed internet coupled with the rising penetration of electronic gadgets are other factors that are predicted to propel the market growth by 2027. Conversely, the increasing threat of cyber-attacks and data breaches on banking servers and the high belief of customers in brick-and-mortar model are factors expected to hinder the market growth in the estimated timeframe.
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Consumer Banks Sub-Segment to Hold Largest Market Share
Based on type, the consumer banks sub-segment valued for $574.4 billion in 2019 and is anticipated to account for the majority of market share by the end of 2027. This is mainly due to the increasing top-line revenue, moderating risks, and reductions in cost.
Digital Sales Sub-segment to Witness Significant Growth
Based on service, the digital sales sub-segment is estimated to experience rapid growth and generate a revenue of $1,207.5 billion by 2027. This significant growth can be due to the increasing sale of banking products & services through online platforms.
North America to Dominate the Industry
Based on region, the North America market for digital banking accounted for $376.2 billion in 2019 and is expected to reach up to $721.3 billion by 2027. The dominance of the region can be attributed to major goals of banks to preserve a customer for a lifetime. Besides, key development strategies adopted by banks in the region such as product launches and others is predicted to accelerate the regional market growth in the coming future.
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Major Market Players
Some of the top players operating in the global digital banking industry include
Industrial and Commercial Bank of China LimitedBank of China LimitedChina Construction BankAgricultural Bank of ChinaWells FargoBank of AmericaCitigroupJPMorgan ChaseHSBC GroupChina Merchants BankFurther, the report outlines and presents several aspects of these key players such as business performance, product portfolio, recent strategic moves, SWOT analysis, and recent developments.
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These players are adopting various strategies to attain a leading position in the global industry. For instance, in October 2019, Bank of America, an American multinational investment bank and financial services holding company, launched its newly designed mobile banking app that provides a more streamlined and seamless experience for its around 29 million mobile clients. The latest version of the mobile app includes improvements to the bank’s artificial intelligence (AI) -driven virtual financial assistant, ‘Erica,’ which is specifically designed to help clients to manage their finances in a better way.
About Research Dive
Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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