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Mobile Banking Market to Grow $1.82 Billion, Globally, by 2026 at 12.2% CAGR

03-24-2020 07:06 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Allied Market Research

Mobile Banking Market to Grow $1.82 Billion, Globally, by 2026

The global mobile banking market garnered $715.3 million in 2018, and is estimated to reach $1.82 billion by 2026, growing at a CAGR of 12.2% from 2019 to 2026.

Prime determinants of growth

Technological advancements, surge in consumer acceptance, and significant increase in smartphone usage drive the growth of the global mobile banking market. However, rise in concerns related to security and privacy along with improper connectivity and network infrastructure restrain the market growth. On the other hand, integration of new technologies creates new opportunities in the market.

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Consumer to business (C2B) segment to continue its dominant position by 2026

Based on transactions, the consumer to business (C2B) segment held nearly three-fourths of the total share of the global mobile banking market in 2018, and is estimated to continue its dominant position throughout the forecast period. Moreover, this segment is expected to register the highest CAGR of 12.4% from 2019 to 2026. This is due to customers' adoption for mobile banking on a daily basis for different purchases carried out online, payment of equated monthly installment (EMI), and other transactions. The research also analyzes the consumer to consumer (C2C) segment.

Android segment to maintain its lead in terms of revenue during the forecast period

On the basis of platforms, the android segment held the highest market share in the global mobile banking market in 2018, accounting for nearly three-fourths of the total share, and will continue to maintain its lead in terms of revenue during the forecast period. This is attributed to the developing economies that are at the forefront in the adoption of android platform, which in turn, made banks to focus more on offering mobile banking services. However, the iOS segment is estimated to register the fastest CAGR of 12.7% from 2019 to 2026, owing to financial institutions being highly capable of meeting continuous requirements and demands of their customers through mobile applications.

North America to maintain its dominance during the forecast period

Based on region, North America contributed to the highest market share in terms of revenue, contributing to nearly half of the global mobile banking market in 2018, and is expected to maintain its dominance during the forecast period. This is due to investment of banks in advanced technologies in a large scale along with enhanced product portfolio. However, Asia-Pacific is expected to register the highest growth rate with a CAGR of 16.0% from 2019 to 2026, owing to development of digital banking, rise in internet usage, and implementation of next generation mobile technologies.

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Leading market players:
oAmerican Express Company
oBank of America Corporation
oBNP Paribas S.A.
oCitigroup Inc.
oCrdit Agricole Group
oHSBC Holdings plc
oJPMorgan Chase & Co.
oMitsubishi UFJ Financial Group, Inc.
oSocit Gnrale S.A.
oWells Fargo & Company

About Us:

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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