The global Digital Banking Market is estimated to grow from USD 8,892.4 Billion in 2019 to reach USD 14,789.4 Billion by 2027, at a CAGR of 6.6% during the forecast period from 2020-2027.
Digital Banking Market by Type (Retail, Corporate, Investment Banking); Services (Transactional [Cash deposits and withdrawals, Loans, Others], Non-Transactional [Information security, Others]) and by Region: Global Industry Analysis, 2020 – 2027
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Increasing adoption of mobile payment solutions along with changing customer behavior are expected to boost the market in the coming years. The shift of consumers towards digital banking services in order to perform various financial tasks on a daily basis is considered as one of the major factors for the high revenue of this market. Various banks are also currently investing into the digitalization of their financial offerings in order to create difference from their competitors.
Digital Banking Market by Type (Retail Banking, Corporate Banking and Investment Banking); by Services (Transactional Services [Cash deposits and withdrawals, Fund transfers, Auto-debit/auto-credit services, Loans], Non-Transactional Services [Information security, Risk management, Financial planning, Stock advisory]) and by Region: Global Industry Trends, Dynamics, Competitive Insights and Forecast Analysis, 2020 – 2027
Drivers:
• Increasing adoption of electronic and mobile payment solutions
• Convenience and better rate of interest
• Increasing investment in Fintech
Restraints:
• Rising cybersecurity issues
• Lack for clear regulatory framework
Opportunities:
• Growth of the ecommerce industry and commerce industry
• Supportive government policies
• Appway AG
• Bank of New York Mellon Corporation
• CREALOGIX AG
• ebankIT
• Etronika
• Fidor Solutions AG
• Finastra
• Halcom.com
• ieDigital
• Infosys Limited
• Intellect Design Arena Limited
• NETinfo Plc
• SAP SE
• Sopra Steria
• Technisys S.A.
• Temenos AG
• Others
The report provides key player analysis along with company revenue shares in order to give a broader overview of the market players in the Digital Banking Market. Some of the major players in market are as listed above.
COVID-19 pandemic has dramatically upsurged the rate of digital banking market thus impacting the market positively. It has forced various people who once resisted the online banking to adopt the digital banking technology as their new normal. Hence, in order to support and meet the financial needs of the consumers, various banks have developed digital banking apps and business models. According to the statistics,
— 35% of the customers have increased their online banking usage during COVID-19 and banks are experiencing all-time high numbers of check deposits and mobile logins
— VISA saw more than 13 million customers in Latin America make their first ever online transaction in the March quarter of 2020
— MasterCard reported more than 40% growth in contactless transactions globally during the pandemic
These statistics show the significant adoption of digital banking and thus is impelling the growth during the COVID-19 pandemic.
Based on Type
| Retail Banking segment accounted for the significant share more than 70% of the global Digital Banking market |
Amongst the banking types, Retail Banking held 72.62% share of the total digital banking industry in 2019. Retail banking involves consumer-based business and increases as long as the consumer spending remains stable and strong. This is majorly due to the retail stability in various developed countries of Europe, thus allowing large banks to balance the volatility of riskier business lines like trading and other capital related activities.
Based on services
| The Transactional Services segment dominated the global Digital Banking market by about 80% in 2019 |
By services, the Transactional Services dominated the market with revenue share of 79.82% in 2019. The growing penetration of the smartphones and rising usage of different mobile payment apps is driving this segment majorly.
The non-transactional segment is expected to boost the market in the near future. It is estimated to grow with the fastest CAGR of approximately 7.9% during 2020 to 2027. The high growth of this segment is due to the growing affinity of young generation towards various digital technologies. Various digital banking technologies are widely adopting machine learning and AI to predict and analyze the market movements.
| North America acquired the maximum share of more than 48% of the global Digital Banking market in 2019 |
At regional level, North America dominated the digital banking market with 48.45% revenue share of global market in 2019. Europe was second leading regional market with revenue market share of 27.39% of the overall market. Online banking as a payment method is gaining huge popularity in the European countries.
Business digitization coupled with changing customer behavior in adoption of latest technologies is contributing to the growth of the European market. Various nations like Germany, Austria and Sweden are significantly witnessing reduction in physical cash transactions thus boosting the market size.
Driver: Increasing adoption of digital payment by Generation Y and Z to boost the overall market
Rising use of various digital payment gateways by millennials is driving the growth of this market. Generation Y (Born from 1980 to before 2000) is the first cohort to grow up with constant presence of computers and Generation Z (Born after 2000) from birth enjoys high access to technology and is thus naturally more inclined towards adoption of digitized services.
Online banking is the most prominent banking channel used by these both generations. These two generations are more likely to demand for ubiquitous access to digital services and products.
Also, enhanced user experience is driving the growth of this market. As the payment services get evolved, providing a better customer experience becomes more competitive. Also, government is increasingly providing reorienting facilities and making provisions for the products and services based on the technological needs of digitally-savvy generations.
| Attribute | Details |
| Market Size in 2019 | USD 8,892.4 Billion |
| Market Size in 2027 | USD 14,789.4 Billion |
| CAGR (%) | 6.6% from 2020 to 2027 |
| Historic Period | 2017 - 2018 |
| Base Year | 2019 |
| Forecast Period | 2020-2027 |
| Segments Covered | Type, Services, Region |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
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1. Preface
1.1. Report Description and Scope
1.2. Research Scope
2. Research Methodology
2.1. Research Methodology
2.1.1. Market Research Process
2.1.2. Primary Research
2.1.3. Secondary Research
2.2. Models
2.2.1. Company Share Analysis Model
2.2.2. Revenue Based Model
2.3. Research limitations
3. Executive Summary
3.1. Global Market Overview and Executive Summary 2016 - 2027 (USD Million)
3.2. Market Snapshot
4. Market Dynamics and Industry Analysis
4.1. Global Digital Banking Market: Introduction
4.2. Market Drivers
4.2.1. Increasing adoption of electronic and mobile payment solutions
4.2.2. Convenience and better rate of interest
4.2.3. Increasing investment in Fintech
4.3. Market Restraint
4.3.1. Rising cybersecurity issues
4.3.2. Lack for clear regulatory framework
4.4. Market Opportunity
4.4.1. Growth of the ecommerce industry and commerce industry
4.4.2. Supportive government policies
4.5. Porter’s Five Forces Analysis
5. Trending Insights on Current Market Scenario
5.1. Current Market Trends
5.2. SWOT Analysis
5.3. PESTEL Analysis
6. Market Growth Attractiveness Analysis
6.1. Growth Attractiveness Analysis, by Type
6.2. Growth Attractiveness Analysis, by Services
6.3. Growth Attractiveness Analysis, by Region
7. Competitive Share Analysis
7.1. Company Share Analysis
7.1.1. Global Digital Banking Market: Company Market Share, 2019
7.2. Strategic Developments
7.2.1. Mergers and Acquisitions
7.2.2. New Product Launches
7.2.3. Partnerships, Collaborations and Joint Ventures
8. Global Digital Banking Market: Type Segment Analysis
8.1. Introduction
8.1.1. Market Revenue Share, by Type, 2019 & 2027
8.1.2. Type Revenue Estimates and Forecast, 2016 - 2027 (USD Million)
8.1.3. Retail Banking
8.1.3.1. Retail Banking Revenue Estimates and Forecast, 2016 - 2027 (USD Million)
8.1.4. Corporate Banking
8.1.4.1. Corporate Banking Revenue Estimates and Forecast, 2016 - 2027 (USD Million)
8.1.5. Investment Banking
8.1.5.1. Investment Banking Revenue Estimates and Forecast, 2016 - 2027 (USD Million)
9. Global Digital Banking Market: Services Segment Analysis
9.1. Introduction
9.1.1. Market Revenue Share, by Services, 2019 & 2027
9.1.2. Services Revenue Estimates and Forecast, 2016 - 2027 (USD Million)
9.1.3. Transactional Services
9.1.3.1. Transactional Services Revenue Estimates and Forecast, 2016 - 2027 (USD Million)
9.1.4. Non-Transactional Services
9.1.4.1. Non-Transactional Services Revenue Estimates and Forecast, 2016 - 2027 (USD Million)
10. Global Digital Banking Market: Regional Analysis
10.1. Regional Overview
10.1.1. Market Revenue Share, by Region, 2019 & 2027
10.1.2. Market Revenue Estimates and Forecast, by Region, 2016 - 2027 (USD Million)
10.2. North America
10.2.1. Market Revenue Estimates and Forecast, 2016 - 2027 (USD Million)
10.2.2. Market Revenue Estimates and Forecast, by Country, 2016 - 2027 (USD Million)
10.2.3. Market Revenue Estimates and Forecast, by Type, 2016 - 2027 (USD Million)
10.2.4. Market Revenue Estimates and Forecast, by Services, 2016 - 2027 (USD Million)
10.2.5. U.S.
10.2.5.1. Market Revenue Estimates and Forecast, by Type, 2016 - 2027 (USD Million)
10.2.5.2. Market Revenue Estimates and Forecast, by Services, 2016 - 2027 (USD Million)
10.2.6. Canada
10.2.6.1. Market Revenue Estimates and Forecast, by Type, 2016 - 2027 (USD Million)
10.2.6.2. Market Revenue Estimates and Forecast, by Services, 2016 - 2027 (USD Million)
10.2.7. Rest of North America
10.2.7.1. Market Revenue Estimates and Forecast, by Type, 2016 - 2027 (USD Million)
10.2.7.2. Market Revenue Estimates and Forecast, by Services, 2016 - 2027 (USD Million)
10.3. Europe
10.3.1. Market Revenue Estimates and Forecast, 2016 - 2027 (USD Million)
10.3.2. Market Revenue Estimates and Forecast, by Country, 2016 - 2027 (USD Million)
10.3.3. Market Revenue Estimates and Forecast, by Type, 2016 - 2027 (USD Million)
10.3.4. Market Revenue Estimates and Forecast, by Services, 2016 - 2027 (USD Million)
10.3.5. Germany
10.3.5.1. Market Revenue Estimates and Forecast, by Type, 2016 - 2027 (USD Million)
10.3.5.2. Market Revenue Estimates and Forecast, by Services, 2016 - 2027 (USD Million)
10.3.6. U.K.
10.3.6.1. Market Revenue Estimates and Forecast, by Type, 2016 - 2027 (USD Million)
10.3.6.2. Market Revenue Estimates and Forecast, by Services, 2016 - 2027 (USD Million)
10.3.7. France
10.3.7.1. Market Revenue Estimates and Forecast, by Type, 2016 - 2027 (USD Million)
10.3.7.2. Market Revenue Estimates and Forecast, by Services, 2016 - 2027 (USD Million)
10.3.8. Italy
10.3.8.1. Market Revenue Estimates and Forecast, by Type, 2016 - 2027 (USD Million)
10.3.8.2. Market Revenue Estimates and Forecast, by Services, 2016 - 2027 (USD Million)
10.3.9. Spain
10.3.9.1. Market Revenue Estimates and Forecast, by Type, 2016 - 2027 (USD Million)
10.3.9.2. Market Revenue Estimates and Forecast, by Services, 2016 - 2027 (USD Million)
10.3.10. Russia
10.3.10.1. Market Revenue Estimates and Forecast, by Type, 2016 - 2027 (USD Million)
10.3.10.2. Market Revenue Estimates and Forecast, by Services, 2016 - 2027 (USD Million)
10.3.11. Rest of Europe
10.3.11.1. Market Revenue Estimates and Forecast, by Type, 2016 - 2027 (USD Million)
10.3.11.2. Market Revenue Estimates and Forecast, by Services, 2016 - 2027 (USD Million)
10.4. Asia Pacific
10.4.1. Market Revenue Estimates and Forecast, 2016 - 2027 (USD Million)
10.4.2. Market Revenue Estimates and Forecast, by Country, 2016 - 2027 (USD Million)
10.4.3. Market Revenue Estimates and Forecast, by Type, 2016 - 2027 (USD Million)
10.4.4. Market Revenue Estimates and Forecast, by Services, 2016 - 2027 (USD Million)
10.4.5. China
10.4.5.1. Market Revenue Estimates and Forecast, by Type, 2016 - 2027 (USD Million)
10.4.5.2. Market Revenue Estimates and Forecast, by Services, 2016 - 2027 (USD Million)
10.4.6. Japan
10.4.6.1. Market Revenue Estimates and Forecast, by Type, 2016 - 2027 (USD Million)
10.4.6.2. Market Revenue Estimates and Forecast, by Services, 2016 - 2027 (USD Million)
10.4.7. India
10.4.7.1. Market Revenue Estimates and Forecast, by Type, 2016 - 2027 (USD Million)
10.4.7.2. Market Revenue Estimates and Forecast, by Services, 2016 - 2027 (USD Million)
10.4.8. Australia
10.4.8.1. Market Revenue Estimates and Forecast, by Type, 2016 - 2027 (USD Million)
10.4.8.2. Market Revenue Estimates and Forecast, by Services, 2016 - 2027 (USD Million)
10.4.9. Southeast Asia
10.4.9.1. Market Revenue Estimates and Forecast, by Type, 2016 - 2027 (USD Million)
10.4.9.2. Market Revenue Estimates and Forecast, by Services, 2016 - 2027 (USD Million)
10.4.10. Rest of Asia Pacific
10.4.10.1. Market Revenue Estimates and Forecast, by Type, 2016 - 2027 (USD Million)
10.4.10.2. Market Revenue Estimates and Forecast, by Services, 2016 - 2027 (USD Million)
10.5. Latin America
10.5.1. Market Revenue Estimates and Forecast, 2016 - 2027 (USD Million)
10.5.2. Market Revenue Estimates and Forecast, by Country, 2016 - 2027 (USD Million)
10.5.3. Market Revenue Estimates and Forecast, by Type, 2016 - 2027 (USD Million)
10.5.4. Market Revenue Estimates and Forecast, by Services, 2016 - 2027 (USD Million)
10.5.5. Brazil
10.5.5.1. Market Revenue Estimates and Forecast, by Type, 2016 - 2027 (USD Million)
10.5.5.2. Market Revenue Estimates and Forecast, by Services, 2016 - 2027 (USD Million)
10.5.6. Mexico
10.5.6.1. Market Revenue Estimates and Forecast, by Type, 2016 - 2027 (USD Million)
10.5.6.2. Market Revenue Estimates and Forecast, by Services, 2016 - 2027 (USD Million)
10.5.7. Rest of Latin America
10.5.7.1. Market Revenue Estimates and Forecast, by Type, 2016 - 2027 (USD Million)
10.5.7.2. Market Revenue Estimates and Forecast, by Services, 2016 - 2027 (USD Million)
10.6. Middle East and Africa
10.6.1. Market Revenue Estimates and Forecast, 2016 - 2027 (USD Million)
10.6.2. Market Revenue Estimates and Forecast, by Country, 2016 - 2027 (USD Million)
10.6.3. Market Revenue Estimates and Forecast, by Type, 2016 - 2027 (USD Million)
10.6.4. Market Revenue Estimates and Forecast, by Services, 2016 - 2027 (USD Million)
10.6.5. Saudi Arabia
10.6.5.1. Market Revenue Estimates and Forecast, by Type, 2016 - 2027 (USD Million)
10.6.5.2. Market Revenue Estimates and Forecast, by Services, 2016 - 2027 (USD Million)
10.6.6. South Africa
10.6.6.1. Market Revenue Estimates and Forecast, by Type, 2016 - 2027 (USD Million)
10.6.6.2. Market Revenue Estimates and Forecast, by Services, 2016 - 2027 (USD Million)
10.6.7. UAE
10.6.7.1. Market Revenue Estimates and Forecast, by Type, 2016 - 2027 (USD Million)
10.6.7.2. Market Revenue Estimates and Forecast, by Services, 2016 - 2027 (USD Million)
10.6.8. Rest of Middle East and Africa
10.6.8.1. Market Revenue Estimates and Forecast, by Type, 2016 - 2027 (USD Million)
10.6.8.2. Market Revenue Estimates and Forecast, by Services, 2016 - 2027 (USD Million)
11. Company Profiles
11.1. Appway AG
11.1.1. Company Overview
11.1.2. Financial Overview
11.1.3. Product Portfolio
11.1.4. Business Strategy
11.1.5. Recent Developments
11.2. Bank of New York Mellon Corporation
11.2.1. Company Overview
11.2.2. Financial Overview
11.2.3. Product Portfolio
11.2.4. Business Strategy
11.2.5. Recent Developments
11.3. CREALOGIX AG
11.3.1. Company Overview
11.3.2. Financial Overview
11.3.3. Product Portfolio
11.3.4. Business Strategy
11.3.5. Recent Developments
11.4. ebankIT
11.4.1. Company Overview
11.4.2. Financial Overview
11.4.3. Product Portfolio
11.4.4. Business Strategy
11.4.5. Recent Developments
11.5. Etronika
11.5.1. Company Overview
11.5.2. Financial Overview
11.5.3. Product Portfolio
11.5.4. Business Strategy
11.5.5. Recent Developments
11.6. Fidor Solutions AG
11.6.1. Company Overview
11.6.2. Financial Overview
11.6.3. Product Portfolio
11.6.4. Business Strategy
11.6.5. Recent Developments
11.7. Finastra
11.7.1. Company Overview
11.7.2. Financial Overview
11.7.3. Product Portfolio
11.7.4. Business Strategy
11.7.5. Recent Developments
11.8. ieDigital
11.8.1. Company Overview
11.8.2. Financial Overview
11.8.3. Product Portfolio
11.8.4. Business Strategy
11.8.5. Recent Developments
11.9. Infosys Limited
11.9.1. Company Overview
11.9.2. Financial Overview
11.9.3. Product Portfolio
11.9.4. Business Strategy
11.9.5. Recent Developments
11.10. Intellect Design Arena Limited
11.10.1. Company Overview
11.10.2. Financial Overview
11.10.3. Product Portfolio
11.10.4. Business Strategy
11.10.5. Recent Developments
11.11. NETinfo Plc
11.11.1. Company Overview
11.11.2. Financial Overview
11.11.3. Product Portfolio
11.11.4. Business Strategy
11.11.5. Recent Developments
11.12. SAP SE
11.12.1. Company Overview
11.12.2. Financial Overview
11.12.3. Product Portfolio
11.12.4. Business Strategy
11.12.5. Recent Developments
11.13. Sopra Steria
11.13.1. Company Overview
11.13.2. Financial Overview
11.13.3. Product Portfolio
11.13.4. Business Strategy
11.13.5. Recent Developments
11.14. Technisys S.A.
11.14.1. Company Overview
11.14.2. Financial Overview
11.14.3. Product Portfolio
11.14.4. Business Strategy
11.14.5. Recent Developments
12. Market Effect Factor Analysis
13. Report Conclusion
1. Global Digital Banking Market Revenue Estimates and Forecast, 2016 - 2027 (USD Million)
2. Porter’s Five Forces Analysis
3. SWOT Analysis
4. PESTEL Analysis
5. Company Share Analysis, 2019
6. Market Revenue Share Analysis, by Type, 2019 & 2027
7. Market Revenue Estimates and Forecast, by Retail Banking, 2016 - 2027 (USD Million)
8. Market Revenue Estimates and Forecast, by Corporate Banking, 2016 - 2027 (USD Million)
9. Market Revenue Estimates and Forecast, by Investment Banking, 2016 - 2027 (USD Million)
10. Market Revenue Share Analysis, by Services, 2019 & 2027
11. Market Revenue Estimates and Forecast, by Transactional Services, 2016 - 2027 (USD Million)
12. Market Revenue Estimates and Forecast, by Non-Transactional Services, 2016 - 2027 (USD Million)
13. Market Revenue Share Analysis, by Region, 2019 & 2027
14. North America Market Revenue Estimates and Forecast, 2016 - 2027 (USD Million)
15. Europe Market Revenue Estimates and Forecast, 2016 - 2027 (USD Million)
16. Asia Pacific Market Revenue Estimates and Forecast, 2016 - 2027 (USD Million)
17. Latin America Market Revenue Estimates and Forecast, 2016 - 2027 (USD Million)
18. Middle East and Africa Market Revenue Estimates and Forecast, 2016 - 2027 (USD Million)
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