Press release
At a CAGR 13.6% Digital Banking Platform Market to Reach $10.87 Bn, Globally, by 2027
Key determinants in the market-
Increase in number of internet users, growth in shift from traditional banking to digital banking, and rise in focus of organizations on digitalizing their financial services drive the growth of the global digital banking platform market. Whereas, security and compliance issues impede the market growth. Nevertheless, growth in usage of machine learning and artificial intelligence in the digital banking platform and increased market for cloud-based integrated products are anticipated to usher a number of opportunities in the near future.
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The on-premise segment would dominate the market throughout 2027-
Based on deployment, the on-premise segment contributed to the largest share in 2019, accounting for nearly three-fifths of the global digital banking platform market, and is estimated to maintain its dominant position during the forecast period. This is owing to its high data transfer speed and security features, which is a major growth factor for this market. However, the cloud segment is expected to register the highest CAGR of 15.0% from 2020 to 2027. This is owing to rise in adoption of cloud services across various industries.
The retail banking segment would lead the trail throughout the forecast period-
Based on type, the retail banking segment accounted for the largest share in 2019, holding around three-fifths of the global digital banking platform market, and is expected to maintain the largest share throughout the forecast period. Furthermore, the segment is estimated to portray the highest CAGR of 14.2% during the forecast period. This is attributed to the rise in interest rates and inflation, new opportunities for profitability in deposit, banking, and the emergence of wealth accounts.
North America to lead the trail by 2027-
Based on region, North America contributed the highest share, accounting for more than one-third of the global digital banking platform market share in 2019, and will maintain its dominance throughout the forecast period. The advancements in information technology is resulting in increased development of interactive and consumer-friendly user interface of the websites and applications, to enhance the preference of consumers for banking services. However, Asia-Pacific is expected to grow at the highest CAGR of 15.4% from 2020 to 2027. This is owing to large consumer base using digital banking regularly, with a significant portion in fast-growing countries, such as China and India.
Key Benefits for Stakeholders
The study provides an in-depth analysis of the global digital banking platform market forecast along with the current & future trends to elucidate the imminent investment pockets.
Information about key drivers, restraints, and opportunities and their impact analysis on the global digital banking platform market size is provided in the report.
Porter's five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
The quantitative analysis of the market from 2019 to 2027 is provided to determine the market potential.
Digital Banking Platform Market Report Highlights
Aspects Details
By Component
SOLUTION
SERVICE
By Deployment Model
ON-PREMISE
CLOUD
By Type
Retail Banking
Corporate Banking
BY MODE
Online Banking
Mobile Banking
By Region
North America (U.S., Canada)
Europe (UK, Germany, France, Italy, Spain, Netherlands, Rest of Europe)
Asia-Pacific (China, India, Japan, Singapore, Australia, Rest of Asia-Pacific)
LAMEA (Latin America, Middle East, Africa)
Key Market Players Appway AG, Cor Financial Solution Ltd., Edgeverve (Subsidiary of Infosys), FIS, NCino, Fiserv, Inc., Oracle Corporation, SAP SE, Temenos, Vsoft Corporation
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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 domain.
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