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Digital Banking Platforms Market Growth and Share, Trends Analysis, Scope, Key Players, Revenue, Business Opportunity and Forecast Till 2023-2033: SPER Market Research
According to SPER market research, 'Digital Banking Platforms Market Size- By Component, By Deployment Type, By Banking Type, By Banking Mode - Regional Outlook, Competitive Strategies and Segment Forecast to 2033' state that the Global Digital Banking Platforms Market is predicted to reach USD 200.42 billion by 2033 with a CAGR of 20.98%.
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The digital banking platforms market is expanding rapidly due to several key factors. The increasing utilization of artificial intelligence and machine learning in digital banking platforms presents a promising opportunity for the market. Moreover, numerous banks and financial institutions are embracing AI-powered banking solutions to enhance customer service delivery, resulting in faster and more efficient interactions with customers thereby driving the digital banking platforms market.
Digital banking platforms enable banks to streamline their operations, automate routine tasks, and reduce costs associated with physical infrastructure. By embracing digital solutions, banks can achieve operational efficiency, leading to improved profitability.
User adoption and trust is one of the challenge that the digital banking platform market is facing. As encouraging users to adopt digital banking platforms can be a challenge, especially for customers who are accustomed to traditional banking methods. Building trust in the security, reliability, and convenience of digital banking platforms is crucial for increasing user adoption.
The COVID-19 crisis led to a notable increase in online banking activities, including a surge in digital transactions and a decline in visits to physical bank branches. Individuals and businesses that previously hesitated to embrace online banking were compelled to adopt digital banking apps as the new standard. This shift brought about increased convenience for consumers, potentially driving long-term demand. In response, many vendors in the digital banking market focused on customer acquisition by providing services that catered to the evolving needs of these challenging times.
As a result, the demand for digital banking platforms has witnessed a substantial increase among end-users worldwide in the post-COVID-19 period, and this trend is expected to drive the market's growth during the forecast period.
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Geographically, North America is poised to capture the largest market share in the global digital banking platform market. The region is witnessing a significant increase in demand for digital banking platforms as customers seek fast and secure banking services. Asia Pacific is expected to experience substantial growth during the forecast period. The region has witnessed a consistent rise in technological advancements, resulting in a steady increase in the availability of digital banking services. Additionally, the region benefits from an adequate number of market vendors, further fuelling the demand for digital banking platforms. For example, the government of India launched the "Digital India" programme with the goal of transforming India into a digitally enabled society. Additionally, some of the market key players are Alkami Technology Inc., Appway AG, EdgeVerve, BNY Mellon, CR2, ebankIT, Apiture, Backbase, Others.
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Global Digital Banking Platforms Market Segmentation:
By Component: Based on Component, Global Digital Banking Platforms Market is segmented as; Platform, Services (Managed Services, Professional Services).
By Deployment Type: Based on Deployment Type, Global Digital Banking Platforms Market is segmented as; Cloud, On-premises.
By Banking Type: Based on the Banking Type, Global Digital Banking Platforms is segmented as; Corporate Banking, Investment Banking, Retail Banking.
By Banking Mode: Based on the Banking Mode, Global Digital Banking Platforms is segmented as; Mobile Banking, Online Banking.
By Region: This research also includes data for Asia-Pacific, Europe, the Middle East and Africa, North America, and Latin America.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
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