CHICAGO, September 17, 2021 / PRNewswire / – According to New Market Research Report “Digital banking platform market by component (platforms and services), type of bank (retail banking, corporate banking and investment banking), banking mode (online banking and mobile banking), type of deployment and region – Global forecasts up to in 2026 “, published by MarketsandMarkets ™, the size of the digital banking platform market is expected to grow $ 8.2 billion in 2021 to $ 13.9 billion by 2026, at a compound annual growth rate (CAGR) of 11.3% over the forecast period.
The market for digital banking platforms is gaining ground owing to the increasing adoption of smartphones which is helping in the growth of the market for digital banking platforms. Countries such as India, Indonesia, South Africa, and China have experienced strong growth in smartphone sales in recent years. According to the GSM Association’s (GSMA) Mobile Economy 2020 report, there will be 7.1 billion smartphone connections by 2025, up from 5.2 billion in 2019. The adoption rate would drop from 65% to 80% by 2025.
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Business Banking Segment to Grow at Highest CAGR During Forecast Period
Among the types of banking segment, business banking is expected to grow at the highest CAGR during the forecast period. Enterprise banking solutions provide banks and businesses with a seamless and connected corporate banking experience and a 360 ° view of the business. This translates into the integration of payments, treasury, loans, trade and supply chain finance, to the benefit of both customers and businesses. Many organizations are integrating enterprise suites that provide superior functionality to merchant banks.
Mobile Banking Segment Expected To Grow At A Higher CAGR During The Forecast Period
Mobile banking platforms provide an intuitive and secure mobile banking experience for retail and corporate banks. The platforms offer a responsive user interface (UI) and support the entire banking journey of the bank’s customers, from integration to transactional banking requests, on their mobile devices. Banks are increasingly adopting the mobile banking platform due to changing customer preferences for mobile banking services across all segments. This is helping to drive business growth in the mobile banking segment. This is corroborated by the 2018 mobile banking study of Citi Bank. The study found that 46% of U.S. consumers have increased their use of mobile banking services in the past year. Additionally, 91% preferred to use apps rather than visit a branch, while 68% of millennials said they could see their smartphones replace their physical wallets.
Asia Pacific (APAC) to record the fastest growing region in the digital banking platform market
APAC countries have seen an increase in the number of FinTech startups, which has resulted in a disruption of the digital banking platform ecosystem. However, to keep up with this rapid pace of advancement, traditional banking institutions are undertaking digital transformation projects. There is a huge untapped market for the banking sector in India, China, Bangladesh, and several other APAC countries; this has proven to be an engine for the growth of banking businesses in the region. This therefore motivates bankers to adopt strategies to digitize their services. With the increase in the number of mobile device users, there is also an increasing use of digital banking technologies and e-commerce. These factors combined are expected to fuel the growth of the digital banking platform market in the region.
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Key and innovative suppliers in Digital banking platform market are Alkami (US), Apiture (US), Appway (Switzerland), Chainstay (Netherlands), BNY Mellon (United States), CR2 (Ireland), EdgeVerve (India), ebankIT (England), Finastra (UK), Fiserv (US), Intellect Design Arena (India), Mambu (Germany), MuleSoft (US), nCino (US), NCR (US), NETinfo (Cyprus), Oracle (United States), SAP (Germany), Sopra Banking Software (France), TCS (India), Technisys (United States), Temenos (Switzerland), TPS (Pakistan), Velmie (United States) and Worldline (France).
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