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Online Banking Market is Growing With the Highest CAGR of 22.6% from 2017 to 2023

04-17-2019 07:25 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Allied Market Research

Online Banking

Online Banking

Online Banking Market by Banking Type, and Solution Type,: Global Opportunity Analysis and Industry Forecast, 2017-2023, 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.

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.

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.

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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 smartphones, 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.

Top Impacting Factors

Customer Convenience and Better Rates of Interest

Online banking includes banking and financial services, mobile phones, social media, and internet providers. Actual account balances and other information are available at the touch of a few buttons. This makes banking faster, easier, efficient, and more effective because consumers are able to stay up to date with their account balances. Less bank staff, no cost of significant infrastructure, and overhead costs allow online banking portals to pay higher interest rates on savings and charge lower mortgage and loan rates.

Key Findings of the Online Banking Market:
• Europe leads the global online banking market, closely followed by North America.
• Asia-Pacific is growing with the highest CAGR of 26.1%, mainly because its population size and growing economy.
• The retail banking type segment accounted for the highest market share with nearly 52% in 2016; however, the corporate banking type is anticipated to witness highest demand during the forecast period.
• The transactional service type is expected to show better growth rate as compared to specialty stores and footwear stores.

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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.

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.).

Allied Market Research, a market research and advisory company of Allied Analytics LLP, provides business insights and market research reports to large as well as small & medium enterprises. The company assists its clients to strategize business policies and achieve sustainable growth in their respective market domain.

Allied Market Research provides one stop solution from the beginning of data collection to investment advice. The analysts at Allied Market Research dig out factors that help clients to understand the significance and impact of market dynamics. The company amplies client’s insight on the factors, such as strategies, future estimations, growth or fall forecasting, opportunity analysis, and consumer surveys among others. As follows, the company offers consistent business intelligent support to aid the clients to turn into prominent business firm.

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