Expert Market Research’s new report titled ‘Global Online Banking Market Size, Share, Price, Trends, Growth, Report and Forecast 2021-2026’, gives an in-depth analysis of the Global Online Banking Market assessing the market based on type of service, type of bank and major regions. The report tracks the latest industry trends and studies their impact on the overall market. It also assesses market dynamics, covering key demand and price indicators, as well as market analysis based on SWOT and Porter’s Five Forces models.
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Key highlights of the report include:
Market Overview (2016-2026)
• Historical market size (2020): 14 billion USD
• Forecast CAGR (2021-2026): 12.9%
• Projected market size (2026): 29 billion USD
Faced with the extraordinary situation of COVID-19, customers have turned to online banking platforms to meet their banking demands during the lockdown, increasing the demand for online banking services.
Industry definition and major segments
Online banking is an electronic payment system that allows users to conduct financial transactions over the Internet. Also known as online banking or online banking, it is designed for convenience, enabling a faster banking experience as well as real-time problem solving services available to users.
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By Service Type, the industry is segmented into:
• Processing services
• Customer and channel management
• Wealth management
The market can be broadly categorized on the basis of bank type into:
• Retail banking
• Corporate banking
• Investment bank
Regional markets for the product include North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.
Payments have dominated the online banking market over the past year, and the trend is expected to continue over the forecast period. A growing number of customers are choosing to pay for their goods and services using online payment methods, which offer greater ease and efficiency compared to traditional means of payment.
Due to the increased use of the Internet, e-commerce and online payment services have grown in popularity. A new trend in developing countries is mobile payment. People in developing countries like Kenya, China, and India have started to devise alternative payment options due to the growing use of mobile internet to access bank accounts. This stimulates Internet banking activity.
Moreover, the support of government institutions for the establishment of alternative payment channels is expected to boost the e-banking market during the projection period. However, concerns over financial data security may slow the expansion of the global internet banking market.
Main market players
The major market players are ACI Worldwide, Capital Banking Solution, Cor Financial Solutions Limited, EdgeVerve Systems Limited, Fiserv, Inc. and among others. The report covers market shares, capacities, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.
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* At Expert Market Research, we always strive to give you the latest information. The figures in the article are only indicative and may differ from the actual report.