Banking Market in Armenia to Garner $996.1 Million by 2026 at 8.5% CAGR, Says Allied Market Research

As per the report published by Allied Market Research, the Armenia banking market held the largest share in $518.6 million in 2018, and is anticipated to reach $996.1 million by 2026, growing at a CAGR of 8.5% from 2019 to 2026.

High economic growth, rise in small & medium-sized enterprises, and surge in development of digital banking have boosted the growth of the America banking market. However, high dollarization hampers the market growth. On the contrary, expansion of products and services is expected to create lucrative opportunities in the near future.

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The Armenia banking market is segmented on the basis of sector and type. Based on sector, the market is divided into retail banking, corporate banking, and investment banking. The retail banking segment is held the largest share in 2018, accounting for almost half of the market. This is due to rapidly changing customer needs and technology trends with disruptive product offering and solutions via retail banking. However, the corporate banking segment is estimated to manifest the fastest CAGR of 9.3% during the forecast period. This is owing to rise in small and medium-sized enterprises in Armenia, level of financing and lending from banks for SMEs.

On the basis of type, the market is closed joint-stock company (CJSC) and open joint-stock company (OJSC). The CJSC segment dominated the market in 2018, accounting for more than four-fifths of the market. Moreover, the segment is expected to register the highest CAGR of 8.7% from 2019 to 2026. This is attributed to the banking system in the country that is privately owned with no government share. The OJSC segment is anticipated to portray a CAGR of 7.5% during the forecast period.

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Top Players:

The Armenia banking market report includes an in-depth analysis of the major market players such as:

Ameriabank CJSC
ArmSwissBank CJSC
ARARATBANK OJSC
HSBC Armenia
Converse Bank CJSC
ACBA-CREDIT AGRICOLE BANK CJSC
ID Bank
Ardshinbank CJSC
ArmBusinessBank CJSC
Inecobank CJSC

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