Press release
Global Digital Banking Platform Market to Reach $10.87 Billion by 2027 with a 13.6% CAGR
digital-banking-platform-market
โก๏ธ๐๐๐ช๐ฎ๐๐ฌ๐ญ ๐๐๐ฌ๐๐๐ซ๐๐ก ๐๐๐ฉ๐จ๐ซ๐ญ ๐๐๐ฆ๐ฉ๐ฅ๐ & ๐๐๐ : https://www.alliedmarketresearch.com/request-sample/5539
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.
COVID-19 scenario:
The demand and investments for the digital banking system by financial institutions have been increased during the lockdown to maintain social distancing.
The Reserve Bank of India issued an advisory based on COVID-19 and urged customers to use digital banking facilities to curb the spread of coronavirus.
Ghana, recently became the first country to launch a digital financial services (DFS) policy according to the Consultative Group to Assist the Poor. (CGAP). With the establishment of four years, the policy would amplify the DFS-related Covid-19 measure to offer short- & medium-term progress in six areas.
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.
โก๏ธ๐๐๐ช๐ฎ๐๐ฌ๐ญ ๐๐ฎ๐ฌ๐ญ๐จ๐ฆ๐ข๐ณ๐๐ญ๐ข๐จ๐ง ๐๐ ๐จ๐๐๐๐ซ ๐๐ฎ๐ฌ๐ญ๐จ๐ฆ๐ข๐ณ๐๐ ๐ซ๐๐ฉ๐จ๐ซ๐ญ ๐๐ฌ ๐ฉ๐๐ซ ๐ฒ๐จ๐ฎ๐ซ ๐ซ๐๐ช๐ฎ๐ข๐ซ๐๐ฆ๐๐ง๐ญ : https://www.alliedmarketresearch.com/request-for-customization/5539
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.
Leading market players-
nCino
Oracle Corporation
SAP SE
Appway
COR Financial Solution Ltd.
Edgeverve
FIS Global
Fiserv, Inc,
Temenos
Vsoft Corporation
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