Digital Banking Market Research Report- Global Forecast to 2027

Digital Banking Market, by Services (Non-Transactional Activities, Transactional), By Deployment Type (On-Premises, On Cloud), By Technology (Internet Banking, Digital Payments, Mobile Banking), By Industries (Media & Entertainment, Manufacturing, Retail, Banking, Healthcare) - Forecast till 2027

ID: MRFR/ICT/1454-HCR | February 2021 | Region: Global | 110 pages

Digital Banking Market Overview

The wide concept of Digital banking permits the banks and their clients to do the end-to-end processing of regular banking transactions, daily operations, and regular activities seamlessly without any interruption. Basically, modern technology proliferation in multiple parts of the regular banking system and the influx of modern smartphones are allowing the state bankers to move their traditional banking system to modern. Quick availability, peak utility, and minimum cost are a few of the important major factors for the better adoption of major digital banking in the modern environment. Maximal banks are continually adapting majorly to amuse the requirements of their clients by arranging services like ATM, modern services of internet banking, basic mobile banking, and quick SMS banking, among others. In a modern study of Digital Banking Market Report has been determined as very high usage of advanced digital devices in management services, spreading market of modern smartphones and tablets, increasing demand for security and rising cloud-based solution are some important key trends in the digital banking market whereas modern factor such as the need for illiteracy among the very old population and want of internet infrastructure in different countries are few of the primary restraint which is estimated to abate the growth of the digital banking market.

The Digital Banking Market is driven by essential and relevant data-based decision making, which is expeditiously adopted by several industries as the most valid decisions which are made on the basis of information are supported by varied facts and figures. Despite the fact the Digital Banking is booming at a rapid speed, the main challenge faced is due to massive and complex piles of data patterns of the banking personnel, as the relevant data which is obtained from equipment could be variably unstructured or semi-structured, or definite structured which makes it not easy to trace the real data personnel pattern.

COVID 19 Impacts and effects

The COVID 19 has affected 215 countries and Digital Banking as well. To combat the negative effects, countries lead lockdown, which has adversely affected Digital Banking. The pandemic leads to numerous several challenges to the banking sector; it has been hit badly across the globe. The process is applicable to cover the needs of several industries. People are not as active as earlier. Major strategic developments are taking place. MNC are investing more in Digital Banking because of the increasing demand.

Market Dynamics

  • Drivers

The primary requirement for major digital banking services is solely on the increase due to the COVID-19 situation. However, current requirements are projected to be curbed due to the minimal expenditure different budgets of numerous companies owing to full or partial total lockdowns imposed worldwide. The primary lockdowns have also caused detach losses to the global industry players. The implementation of global lockdowns in numerous countries of the world to reduce the spread of COVID-19 has seriously placed major and strict restrictions on different public gatherings at various international events, national theatres, and several music festivals, which is severely obstructing the digital banking market growth. However, important supportive government policies and fair perceptions are estimated to stimulate the rise of the digital banking market over the projected time frame. Furthermore, the market will show a speedy recovery rate in the Q1 of 2021, which is very much attributed to the quick adoption of active remote working policies by different industry players to prevent the allocation of the circulation of COVID-19 at several workplaces. But basically, the digital banking industry is primarily expected to mask challenges over the estimated period

There are four major regions across the globe that are majorly involved in the digital banking Market Size – North America, Europe, Asia Pacific region, and Rest-of-the-World (RoW), depending upon the country-level market sizing.  The digital banking Growth Factor is very comprehensive; you have to understand each and every player of the market. There is no debate that in spite of the occurrences of COVID 19, the latest trends and future opportunities of the Digital Banking Market Trends will see tremendous growth opportunities.

  • Opportunities

The increasing dependence on global IT infrastructure support of different industries around the globe has doubled the need for Digital Banking Market Size Forecast. Also, along with this, organizations have also risen keener to combine virtualized environments, dominated and leads to increased investments in the infrastructure. Digital Banking Market Share has come up as a quite compelling easy solution. The Digital Banking Market Analysis has been very wide. There are lots of emerging markets across the world like India, China, and Brazil that are projected to grow fast over the estimated years. Also, the large portion of Asia Pacific is spreading fast, followed by Latin America.

  • Restraints

With continuous providing primary convenience & definite easier options to perfectly access several online banking products & services, the immense yield major interest rate is especially becoming the major prime factor for the several market growth. In addition, there are no other branches to maintain in different online banking, and several other operational costs are majorly declined eventually, which further develops its cost efficiency in different business operations. Therefore, banks are the easiest way of saving options with exceptional rates of interest to their clients due to reduction in these several added expenses. Furthermore, clients use different online banking without buying software devices, portable storage, or several backup data as all transaction information is kept stored at the bank’s terminal privately. Due to this, all factors are making it effectively convenient for different consumers to make use of different online banking, thereby driving the original market growth.

  • Challenges

The Digital Banking Market is estimated to touch impressive earnings in 2022, according to an in-depth detailed report by latest Market Research Future (MRFR). Around a CAGR of ~13% is projected during the assessment period (2019-2026) because of the impressive demand. Lots of factors are boosting the concept. The companies are planning and executing current business operations through innovative techniques. Many factors affect the growth of the Enterprise Video, such as market size, trends in global technology, capital investment, etc. 

  • Cumulative Growth Analysis

In case of, Digital Banking Market, as per the report, claims to have a 13% CAGR to reach 2019 to 2026. The demand and craze for it is rising, which has increased. It is also estimated to grow at the most elevated speed over the figure time frame, which is expanding across different industry verticals. Additionally, government support and customer interest are assisting the market is expanding. The development is primarily credited to little and medium undertakings or companies where fewer effort arrangements are prominently required.

  • Technology Analysis 

Division Segment

Digital Banking is majorly divided into several sectors. The Digital banking market has been divided on the basis of the primary deployment, services, modern technology, and advanced industry. On the basis of deployment, the Digital Banking market has been divided into modern ways as- On cloud and On-premises. The primary services include basic non-transactional activities, several transactional among others. On the basis segmentation of modern technology which different mobile banking, different internet banking, several digital payments whereas on the basis of need of different industries, the market includes- major retail, primary banking, several manufacturing, media & entertainment, and healthcare sectors among others.

Division by Service

The entire Digital Banking market is the majority by wise divided into the countries of North America, Europe, countries of the Asia Pacific, and the Middle Eastern nations & Africa. With the growing need for Innovations in the industry to harmonize the technology to enhance Digital Banking Industry, Corporate banking is considered as a prime profitable division of modern banks and different large-scale organizations. The various segment growth is actually attributed to the rising demand for lesser complexities in different managing banking processes. Modern digital banking services assist corporate banks in lessening the several complications in tackling transactions and different cash payments all across other different partner banks. Moreover, it actually provides higher liquidity management that ensures capabilities along with different control and primary convenience in several major banking processes.

Division by Application 

The primary stakeholders in the Digital Banking Industry are research organizations, Traders, Importers, and Exporters, Suppliers, Pharmaceutical Industry, and End Users. The concept is gaining momentum. It is applied by major companies in all the different sectors. This is the primary reason for its fueling popularity and awareness.

Division by Region

North America is leading the market of Digital Banking due to the huge existence of global players. The existence of global players provides this region a definite competitive advantage, whereas other developed countries such as the U.S. and Canada are very much supporting the market growth by quickly adopting the enterprise video solution. Europe also stands as the second biggest country in this market due to the increasing Digital Banking, whereas the large part of Asia-Pacific has definitely emerged as the quickest expanding market due to the increased number of countries such as China and India.

Regional Analysis

There is no doubt; North America is leading the market of Digital Banking due to the presence of the grand global players in this particular region as well as increased technological advancement. 

Competitive Landscape

The market players for the micro-encapsulation industry are:

  • North America

  • US

  • Canada

  • Mexico

  • Europe

  • Germany

  • UK

  • France

  • Spain

  • Italy

  • Rest of Europe

  • Asia-Pacific

  • China

  • India

  • Japan

  • Rest of Asia-Pacific

  • Rest of the World

  • The Middle East

  • Africa

  • South America

Recent Developments

  • Market has been primarily divided into several segments.

  • The segment is growing; there is a new trend that is responsible for the growth

  • North America is leading

Report Overview

  • Market overview highlights 

  • Analysis based upon COVID 19

  • Explanation upon the Market Dynamics

  • Value chain analysis 

  • Market segmentation overview

  • The regional analysis

  • Competitive landscape analysis

  • Recent Developments

Report Scope:
Report Attribute/Metric Details
  Market Size   2027: Significant Value
  CAGR   13% (2019-2026)
  Base Year   2019
  Forecast Period   2020-2027
  Historical Data   2018
  Forecast Units   Value (USD Million)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Services, Deployment Type, Technology and Industries
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   
  Key Market Opportunities   leads to increased investments in the infrastructure
  Key Market Drivers

  • essential and relevant data-based decision making
  • increasing demand for security and rising cloud-based solution

  • Frequently Asked Questions (FAQ) :

    Increasing investments in financial inclusion and digitization by governments are projected to boost expansion of digital banking market.

    By 2026, the digital banking market is poised to mark 13% CAGR.

    Easy availability and low cost are some of the advantages of digital banking.

    On the basis of services, the segments of the digital banking market are non-transactional activities and transactional.

    The segments of the digital banking market, by technology, are internet banking, mobile banking, and digital payments.