01-11-2019 07:29 PM CET - Business, Economy, Finances, Banking & Insurance
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Online Banking Market Leading Players Such as ACI Worldwide (U.S.), Microsoft Corporation (U.S.), Fiserv, Inc. (U.S.), Tata Consultancy Services (India), Cor Financial Solutions Ltd. (UK)

Press release from: Allied Market Research
Online Banking
Online Banking
The online banking market size was valued at $7,305 million in 2016, and is estimated to reach $29,976 million by 2023, registering a CAGR of 22.6% from 2017 to 2023. In 2017, online retail banking dominated the overall online banking market.

Customer convenience, higher interest rates, and technologically advanced interface majorly drive the market. High security risk of customer’s data hinders the market growth. Growth in smartphone usage, increase in internet penetration among consumers, and increasing technology and growth of developing economies in Asia-Pacific region are some of the key factors, which are fueling the market growth.

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The global online banking market is segmented on the basis of banking type, service type, and geography. Based on banking type, it is classified into retail banking, corporate banking, and investment banking. Based on solution type, it is divided into payments, processing services, customer & channel management, risk Management, and others. Geographically, it is analyzed across North America (U.S., Canada, and Mexico), Europe (Netherland, France, UK, Sweden, and rest of Europe), Asia-Pacific (South Korea, Australia, Singapore, China, India, and Rest of Asia-Pacific), and LAMEA (Latin America, Middle-East, and Africa). Key players profiled in the report include ACI Worldwide (U.S.), Microsoft Corporation (U.S.), Fiserv, Inc. (U.S.), Tata Consultancy Services (India), Cor Financial Solutions Ltd. (UK), Oracle Corporation (U.S.), Temenos Group AG (Switzerland), Rockall Technologies (Ireland), EdgeVerve Systems Limited (India), and Capital Banking Solutions (U.S.)

Europe is the market leader and accounts for nearly 31% share of the global market in 2017, closely followed by North America. In addition, Asia-Pacific is estimated to grow at the highest CAGR of 26.1% during the forecast period due to rise in internet users, and increase in consumer base due to higher population size.

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The online banking market share is on an increase in the developing economies of Asia-Pacific due to higher penetration of internet, and increased smartphone usage. Threat to security and service issues associated with online banking hinder the market growth.

The key driver of the global online banking market is associated with higher interest rates given in online banking compared with traditional banks and ease of usage. Also growth in use of smart phones, mobile banking, and e-commerce further fuels the market growth. Furthermore, majority of global players are increasingly competing for market share by improvising their services and coming up with better interest rates.

Asia-Pacific is anticipated to dominate the market later in the analysis period, due to the increase in internet penetration, smartphone usage, and higher population size. Also, Asia-Pacific is expected to witness the highest growth rate, owing to the presence of emerging countries, such as China and Japan.

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The key players profiled in this report include ACI Worldwide (U.S.), Microsoft Corporation (U.S.), Fiserv, Inc. (U.S.), Tata Consultancy Services (India), Cor Financial Solutions Ltd. (UK), Oracle Corporation (U.S.), Temenos Group AG, Rockall Technologies (Ireland), EdgeVerve Systems Limited (India), and Capital Banking Solutions (U.S.).

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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