Online Banking Market Expectation Surges With Rising Demand and Changing Trends 2030

Allied Market Research published a research report on the online banking market. The findings of the report states that the global market for online banking generated $11.43 billion in 2019, and is projected to reach $31.81 billion by 2027, witnessing a CAGR of 13.6% from 2020 to 2027. The report offers valuable information on changing market dynamics, major segments, top investment pockets, and competitive scenario for market players, investors, shareholders, and new entrants.

A lead analyst at AMR highlighted the online banking market in North America is anticipated to dominate, in terms of revenue, during the forecast period, owing to advancements in information technology and increased development of interactive & consumer-friendly user interface of websites & applications.

“Corporate banking is expected to attain significant growth in the upcoming years, owing to rise in investor interest toward a digital future. Online banking provides real-time track of customers’ investment portfolio while they can invest or trade online with continuous access to their funds. Therefore, this is becoming the major trend in the market.” said Pramod Borasi, Research Analyst, and BFSI at Allied Market Research.

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The report provides a detailed scenario of impact of the Covid-19 pandemic on the online banking market globally. The outbreak of covid-19 has augmented the demand for online banking services, since shutdown of physical branches, especially during the first phase of the lockdown, led to shift of consumers toward online platforms. At the same time, the social distancing measures have also propped up the incorporation of electronic payment system among consumers.

The report offers detailed segmentation of the global online banking market based on service type, banking type, and region. These insights are helpful for new as well as existing market players to capitalize on the fastest growing and largest revenue generating segments to accomplish growth in the coming years.

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By service type, the payments segment accounted for nearly one-third of the total market share in 2019 and is expected to rule the roost by 2027. The wealth management segment, on the other hand, would grow at the fastest CAGR of 15.7% during the forecast period.

By banking type, the retail banking segment contributed to nearly half of the total market revenue in 2019 and is expected to lead the trail 2027. At the same time, the investment banking segment would cite the fastest CAGR of 15.7% from 2020 to 2027.

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By region, North America held the major share in 2019, garnering nearly one-third of the global market. Simultaneously, Asia-Pacific would exhibit the fastest CAGR of 15.2% by2027.

The leading market players analyzed in the global online banking market report include Inc., Capital Banking Solution, CGI Inc.,Fiserv, Inc., Tata Consultancy Services Limited,Oracle, ACI Worldwide, COR Financial Solutions Limited, EdgeVerve Systems Limited,Temenos Headquarters SA.,and Microsoft.

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