Home Banking Market to Grow to $54.9B by 2033

Allied Market Research published a report, titled, "Home Banking Market by Service Type (Retail Banking Services and Business Banking Services), by Platform Type (Web-based Banking, Mobile Banking, Telephone Banking and Others), and End-User (Individual and Business): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the home banking market was valued at $16.0 billion in 2023, and is estimated to reach $54.9 billion by 2033, growing at a CAGR of 13.1% from 2024 to 2033.

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Prime determinants of growth

The global home banking market is experiencing growth due to several factors such as the growing proliferation of smartphones and mobile applications, increasing integration with financial ecosystems, and the rising efforts of banks to personalize and enhance user experience. However, the data security & privacy concerns, along with the lack of digital literacy among people hinder market growth to some extent. Moreover, the rising collaborations among fintech companies and banks, along with the growing adoption and promotion of sustainable practices, such as paperless statements and digital documentation, in emerging markets in emerging markets offer remunerative opportunities for the expansion of the global home banking market.

Segment Highlights

The retail banking services segment is expected to lead the market throughout the forecast period.

By service type, retail banking services held the highest market share in 2023, accounting for about two-fifths of the global home banking market revenue throughout the forecast period. The demand for retail banking services is driven by the continuous improvement in digital banking technologies, such as mobile banking apps, online banking portals, and automated customer service. Furthermore, the widespread use of smartphones has made mobile banking apps a crucial channel for retail banking services. High internet penetration rates also support the growth of retail banking services in the global home banking market.

The mobile banking segment is expected to register the largest share throughout the forecast period.

By platform type, the mobile banking segment held the highest market share in 2023, accounting for nearly half of the global home banking market revenue. This growth can be attributed to the rise of fintech companies offering innovative digital banking solutions, along with the rise of digital wallets such as Apple Pay, Google Wallet, and contactless payments. Moreover, compliance with data protection regulations, such as GDPR in Europe, ensures that banks implement robust security measures, which is expected to accelerate the growth of the market in this segment.

The individual segment is expected to register the largest share throughout the forecast period.

By end-user, the individual segment held the highest market share in 2023, accounting for more than half of the global home banking market revenue. There is a notable shift in consumer behavior towards digital-first solutions, especially among millennials and Gen Z, who prefer digital interactions over traditional banking methods, which is expected to drive market growth in this segment during the forecast period.

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North America to maintain its dominance by 2033

By region, North America held the highest market share in terms of revenue in 2023, accounting for nearly two-fifths of the global home banking market revenue throughout the forecast timeframe. The growth is primarily driven by the proliferation of digital technology and mobile applications, along with favorable government policies and regulations for digital banking and financial inclusion. In addition, the rise in integration of home banking with other financial services, such as investment management, insurance, and loans deliver a one-stop solution for customers, which is expected to drive the demand for the home banking market.

Players

Backbase
Capital Banking Solutions
EdgeVerve Systems Limited
Finastra
Fiserv, Inc.
Jack Henry & Associates, Inc.
Microsoft Corporation
NCR Corporation
Oracle Corporation
Q2 Holdings, Inc.
Temenos Headquarters SA
The report provides a detailed analysis of these key players in the global home banking market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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Key Benefits for Stakeholders

This report provides a quantitative analysis of the home bankingmarket segments, current trends, estimations, and dynamics of the home banking market analysis from 2024 to 2033 to identify the prevailing home banking market opportunity.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the home banking market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global home banking market trends, key players, market segments, application areas, and market growth strategies.

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