Online Banking Market Size to Grow $31.81 Billion by 2027, at 13.6% CAGR | ACI Worldwide, Inc., Capital Banking Solution, CGI Inc

According to the report published by Allied Market Research, the global online banking market was pegged at $11.43 billion in 2019 and is expected to hit $31.81 billion by 2027, registering a CAGR of 13.6% from 2020 to 2027. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and changing market trends.

Online banking is an electronic payment system, which enables digitization of all traditional banking activities & programs such as money deposits, withdrawals, transfers, savings account management, application for financial products, loan management, bill payments, and other account services.

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Increase in preference of digitization & automation and rise in internet penetration & smartphone usage drive the growth of the online banking market. In addition, security issues & privacy concerns among consumers and technicality issues arising while availing transaction & processing services are a few factors that hamper the market growth.

Covid-19 scenario-

The outbreak of the pandemic has increased the demand for online banking services, as shutdown of physical branches has led to shift of consumers toward online platforms.
Also, the growing drift of social distancing has reinforced the incorporation of electronic payment system among consumers.

The global online banking market is analyzed across service type, banking type, and region. Based on service type, the payments segment contributed to nearly one-third of the total market revenue in 2019 and is expected to rule the roost by the end of 2027. The wealth management segment, on the other hand, would grow at the fastest CAGR of 15.7% throughout the forecast period.

Key Market Segments

By Service Type
1. Payments
2. Processing Services
3. Customer & Channel Management
4. Wealth Management
5. Others

By Banking Type
1. Retail Banking
2. Corporate Banking
3. Investment Banking

By Region

1. North America
2. Europe
3. Asia-Pacific
4. LAMEA

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Based on banking type, the retail banking segment accounted for nearly half of the total market share in 2019 and is projected to retain its dominance till 2027. Simultaneously, the investment banking segment would showcase the fastest CAGR of 15.7% from 2020 to 2027.

Based on region, North America garnered the major share in 2019, holding nearly one-third of the global market. At the same time, Asia-Pacific would register the fastest CAGR of 15.2% till 2027. The other two provinces studied in the report include Europe and LAMEA.

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The key market players analyzed in the global online banking market report include ACI Worldwide, Inc., Capital Banking Solution, CGI Inc., COR Financial Solutions Limited, EdgeVerve Systems Limited, Fiserv, Inc., Microsoft, Oracle, Tata Consultancy Services Limited, and Temenos Headquarters SA. These market players have taken recourse to several strategies including partnership, expansion, collaboration, joint ventures, and others to heighten their stand in the industry.

Key benefits for stakeholders

1. The study provides in-depth analysis of the online banking market share along with the current & future trends to explain the imminent investment pockets.
2. The key drivers, restrains, & opportunities and their impact analysis on the online banking market size are provided in the report.
3. Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the industry.
4. An extensive analysis of the key segments of the industry helps to understand the online banking market trends.
5. The quantitative analysis of the global online banking market from 2020 to 2027 is provided to determine the market potential.

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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 domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.
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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