Press release
Digital Banking System Market to hinder Cyberattacks associated bank transactions are expected Higher Growth
Digital Banking System Market
Top Companies Leading the Market
The most prominent players in the global digital banking market include ackbase, BNY Mellon, Fiserv, Halcom, Appway, ebanklT, Crealogix, ETRONIKA, Fidor, Finastra, Intellect Design Arena, Oracle, IE Digital, Kony, NETinfo, EdgeVerve Systems, NF Innova, SAB, TCS, Temenos, and Technisys. These players are implementing various business strategies like mergers and acquisitions, collaborations & partnerships in order to gain a major market share in the global industry.
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COVID-19 Impact Analysis:
The world is facing an unexpected change and many of the industries are experiencing thought provoking situation due to the COVID-19 pandemic. Previous to the COVID-19 pandemic, there was high growth rate in digital banking market. But, since the occurrence of COVID- 19 outbreak it has been witnessed that digital banking has faced dual impact. The reason behind of this impact is the banks can utilize this disruption time as an opportunity for them by analyzing the need and importance of technologies to make their product and services digitalize across the globe. On the other side, larger use of technologies reduces completely the dependency on manual entities, person led reviews i.e. paper and employee intervention within banks. For example, According to RBI, for the financial year 2017-18, India’s banking sector witnessed a spike in cyber frauds and pegged the losses at $ 13.7 billion. With increased use of cashless and digital economy, it will be imperative for the banks to implement secure frameworks and systems. Some of the obvious cyber risks include financial frauds, money laundering, data loss, identity thefts and privacy breaches. In the course of this chaos, we are offering complete support to our clients in understanding the influence of COVID-19 on the global digital banking market. Our report consists of:
Our report includes:
Technological Impact
Social Impact
Investment Opportunity Analysis
Pre- & Post-COVID Market Scenario
Infrastructure Analysis
Supply Side & Demand Side Impact
Factors Affecting the Market Growth
As per the report, increasing penetration of internet and rise in adoption of smartphones among consumers and changing customer behavior are significantly driving the growth of the market. However, increasing chances of cyberattacks associated bank transactions are expected to hinder the digital banking s market growth.
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Consumer Banks Segment has Dominant Market Share
Based on types, the overall market is segmented into consumer banks, cooperative banks, and credit unions. Among these, consumer banks segment dominated the market in the year 2018 and is expected to register for $ 1,232.9 billion in 2026. These consumer banks are responsible for all the financial needs of customer as well as economy by providing funds to small and medium enterprises. Which will accelerate the growth of the market in the projected time.
Digital Payments services Will Grow at a Significant Rate throughout the Forecast Years
On the basis of services, the digital banking market is classified into digital payments, and digital sales. The market for digital payments will witness to rise at a faster rate of CAGR and is predicted to register for $425.6 billion till the end of 2026. Digital payment service is gaining popularity due to rise in demand for cash alternatives, this factor will fuel the market size in the forecast time.
Regional Outlook and Major Market Players
Regionally, the report evaluates the global market across North America, Europe, Asia Pacific, and LAMEA. Among these, Asia-Pacific market has dominated the global market share, which was approximately in previous years and is estimated to reach up to $ 161.7 billion till 2026. This dominance is attributed to the wide adoption of electronic and mobile payment solutions in china.
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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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