Mobile Banking Market Research Report - Global Forecast 2027

Mobile Banking Market, By Solution (Customer Management, Mobile Banking Features, Mobile Payment Features), By Technology (Wireless Application Protocol, Standalone Mobile Application), By Deployment (On-Cloud, On-Premise), - Global Forecast 2027

ID: MRFR/ICT/2130-HCR | February 2021 | Region: Global | 100 pages

Market Overview

The whole concept of Mobile banking is an advanced online system provided on the latest mobile phones where clients are offered dynamic banking services. With the advancement of the internet becoming the advanced trend for the latest technology users, mobile banking no doubt has become the most important and popular technology for young users. The clients are no longer needed to visit local banks for daily undergoing banking transactions. Advance Mobile banking gives consumers an appropriate opportunity to facility to bank from anywhere around the World at any time as per their convenience.

The worldwide mobile banking industry in the market is embracing new challenges and the latest initiatives so that it could be able to drive and meet customer expectations and satisfaction. The consumers are hastily implementing various new banking apps, which are daily introduced by banks with an aim to make optimum use of the new and latest technology introduced. The essential driving factors behind the Growth of the mobile banking market are innumerable. Major Smartphone applications are dynamic and have transformed the method of banking services that are implemented by the customers, which is also one of the modern driving forces for Growth and expansion in the mobile banking market. The basic advantage of using the latest mobile banking is that the service is more secured and very much risk-free than online or internet banking. The few drawbacks which are linked with using mobile banking is that in many countries, regular use of mobile banking can be accustomed to apply extra charges from the banks for offering the customer-specific services. Mobile Banking Market is improving worldwide.

COVID 19 Impacts and effects

Worldwide Mobile Banking Market Analysis shows that customer contribution to the total market is huge. Mobile Banking Industry analysis has plenty of potential features that are dependent on a lot of factors. The COVID-19 pandemic has immensely impacted the Mobile Banking Market Share and the way of life across the World. People are doing lots of transactions online and avoiding visiting the bank's branch. Lots of organizations have to fight the battle of survival and client relationships relentlessly.

Market Dynamics

Opportunities & Drivers

The global Mobile Banking Market Trends is adopting several new initiatives and challenges in order to support and increase customer satisfaction and expectation. New clients are implementing the latest banking applications to make optimal use of the technology which has been introduced for consumer benefits. This is one of the primary factors which are directly accelerating the market for mobile banking during the forecasted assessment period. Apart from this, advanced smartphone applications are dynamic, the basic banking method which can also be the essential driving force behind the market growth. Due to the enhanced number of smartphone users globally, mobile banking's latest subscribers are also projected to grow in an extensive number. Mobile banking also promotes and facilitates recording, mapping facility, and studying the customer's financial status carefully. Thus it has positively affected the Mobile Banking Market Growth.

Restraints

Latest Online banking, advanced mobile banking, latest digital wallets, ATMs, and other banking services are the popular examples of basic digital banking systems. Very innovative steps such as Moving banks on the cloud have saved financial institutions plenty of costs; it has improved its performance, basic agility, and modern efficiency. This move is not only making the advanced banking process much simpler, but it also benefits the customers by reducing the hassle of going to the branch daily.

Challenges

With the constantly changing consumer demands, latest lifestyle, and overall expectations toward new-age banking, the global financial banks are largely switching toward the usage of the internet or digitalized banking by modernizing and implementing technologies. Not only this, basic cloud computing, advanced application programming interfaces (APIs), modern robotic process automation (RPA), latest catboats, innovative machine learning, and various blockchain are the major and modern technologies that are accelerating the basic online modern banking market growth. In addition to this, the latest real-time payment solutions, modern convenience, & enhanced easier options to quickly access modern online banking and fueled usage of smartphones positively drive the continuous Growth of the online banking market. Not only this, growing concern over security & technical issues, various privacy concerns, and plenty of transaction difficulties are some of the primary factors that are majorly hampering the Mobile Banking Market Opportunities. But there are nations, for example, such as China, the Indian sub-continent, Japan, and the Australian subcontinent, that have witnessed high demand for extremely massive internet usage to avail basic banking services online. Due to this, this is projected to provide lots of various lucrative opportunities to the Mobile Banking Market Demand growth in the coming years.

Cumulative Growth Analysis

The whole nature of Growth and development in the Mobile Banking Market Statistics technology and services has widened its capabilities and total industry reach. The Mobile Banking sector is also quickly adopting the latest cloud services to include more reach and flexibility in its agile business model to cater to the changing business as well as basic consumer needs. Latest Cloud technology enormously assists the modern banking sector in automatically assembling, integrating vital resources to meet sufficient business demands. It also rigorously eliminates modern physical infrastructure costs and has made bank deployment services more simple and efficient. The long-term Integration of real-time consumer data, relating third party services, and constructing a safe virtual environment of financial transactions are a few of the primary benefits of online modern banking services. Banks are now able to link consumers' real-time data and their personal preferences, which assist banks in improving daily customer interactions.

Technology Analysis

An increasing boom in the Mobile Banking Market Report shows that the demand is rapidly growing considerably worldwide. The upscale rapid Growth in consumer preferences for the online transaction can be very well explained and cited as an advanced instrumental factor for the increasing Growth of the Mobile Banking Market.

By Division by Structure

Globally, the Mobile Banking market is divided on the basis of the latest technology and deployment. The Mobile Banking market has been further segmented into mobile banking features, the latest mobile payment features, various customer management, and the latest mobile trading features based on modern solutions. Basic Mobile banking features consist of normal fund transfer, daily transfer of money using various email addresses or mobile numbers, several alert services, daily recent transactions information, and normal balance inquiry. A consumer can know about his personal or commercial account balance and other relevant details by simply giving a usual missed call from the pre-registered personal mobile number. With the coming or penetration of latest smartphones and continuous use of the internet, the application of mobile banking is projected to spur in recent years.

Division by Service

The Mobile Banking market has been divided into various wireless application protocols (WAP) and many standalone applications based on the upcoming and latest technology. For example,  India Bank offers WAP mobile banking to its customers to offer premium flexibility to the clients to access their regular bank accounts without having to personal visit the bank's branch. The Customers have the most reliable and enabled GPRS facility on their basic handset and can access their account through WAP-based mobile banking. Recently HSBC has announced to launch a standalone open banking app, called Connected Money application which permits or allows customers to see their accounts on a single screen without any interruption.

Market Segmentation

Division by Application

Primary factors increasing living standards all over the World are accelerating the growth of the Mobile Banking Market. All across the globe, for example, North America, Europe, Asia Pacific, Middle East & Africa, and Latin America, the market is expected to grow rapidly. Latest Mobile banking is a superior and highly secure, and completely risk-free option. Customers are not liable to visit banks for any banking transaction,

Division by Region

The detailed regional analysis of the global Mobile Banking Market is seriously studied for various regions such as the Asia Pacific region, North American region, European nation, and Rest of the World. North America is projected to conquer the largest market share due to the rise in demand of quickly adopting mobile banking through the latest smartphones, where the consumers are liable to use mobile channels to interact with the banks rather than personally visiting the banks. European countries are expected to be the quickest and fastest-growing market due to enormous faster transactions and basic mobile payments done by the premium bank, which has led to a rise in the adoption of basic mobile banking used by lots of Europeans to make transactions.

Competitive Landscape

The market players for the Mobile Banking Market 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



  • European countries are emerging players in the regional market for Mobile Banking Market

  • Asia pacific is also leading in this direction because of huge demand.


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   Substantial CAGR
  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   By Solution, By Technology
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   Dais Software Company (Bulgaria), Strands Inc. (U.S.), Ebanq B.V (Netherlands), Nymbus Inc. (U.S.), Apex Software Ltd. (Kenya), Temenos Group AG (Switzerland), Neptune Software PLC (U.K.), Fisa System (U.S.), Capital Banking Solutions (U.S.)
  Key Market Opportunities   The global Mobile Banking Market Trends is adopting several new initiatives and challenges in order to support and increase customer satisfaction and expectation.
  Key Market Drivers   New clients are implementing the latest banking applications to make optimal use of the technology which has been introduced for consumer benefits.


Frequently Asked Questions (FAQ) :


Mobile banking is a highly secure and risk free option during online or internet banking processes. Customers are no longer required to visit banks for any banking transaction, which is another advantage of using mobile banking.

One drawback of using mobile banking is that there is a chance of incurring extra charges from banks that offer these services.

Solution, technology and deployment are the primary market segments covered in the report.

Surge in the use of consumer devices like tablets, smartphones, PCs and others and the rising popularity of interactive mobile banking apps represent the lucrative future scope of the mobile banking market in Europe.

Evolving architectures coupled with the rising deployment of cloud platforms are considered to be the top trends in the market.

TABLE OF CONTENTS

1 MARKET INTRODUCTION

1.1 INTRODUCTION

1.2 SCOPE OF STUDY

1.2.1 RESEARCH OBJECTIVE

1.2.2 ASSUMPTIONS

1.2.3 LIMITATIONS

1.3 MARKET STRUCTURE

2 RESEARCH METHODOLOGY

2.1 RESEARCH TYPE

2.2 PRIMARY RESEARCH

2.3 SECONDARY RESEARCH

2.4 FORECAST DEPLOYMENTL

2.4.1 MARKET DATA COLLECTION, ANALYSIS & FORECAST

2.4.2 MARKET SIZE ESTIMATION

3 MARKET DYNAMICS

3.1 INTRODUCTION

3.2 MARKET DRIVERS

3.3 MARKET CHALLENGES

3.4 MARKET OPPORTUNITIES

3.5 MARKET RESTRAINTS

4 EXECUTIVE SUMMARY

5. MARKET FACTOR ANALYSIS

5.1 PORTER’S FIVE FORCES ANALYSIS

5.2 SUPPLY CHAIN ANALYSIS

6 MOBILE BANKING MARKET, BY SEGMENTS

6.1 INTRODUCTION

6.2 MARKET STATISTICS

6.2.1 BY SOLUTION

6.2.1.1 CUSTOMER MANAGEMENT

6.2.1.2 MOBILE BANKING FEATURES

6.2.1.3 MOBILE PAYMENT FEATURES

6.2.1.4 MOBILE TRACKING FEATURES

6.2.2 BY TECHNOLOGY

6.2.2.1 WIRELESS APPLICATION PROTOCOL

6.2.2.2 STANDALONE MOBILE APPLICATION

6.2.3 BY DEPLOYMENT

6.2.3.1 ON-CLOUD

6.2.3.2 ON-PREMISE

6.2.4 BY GEOGRAPHY

6.2.4.1 NORTH AMERICA

6.2.4.2 EUROPE

6.2.4.3 ASIA-PACIFIC

6.2.4.4 REST OF THE WORLD

7 COMPETITIVE ANALYSIS

7.1 MARKET SHARE ANALYSIS

7.2 COMPANY PROFILES

7.2.1 TEMENOS GROUP AG, (SWITZERLAND)

7.2.2 NYMBUS INC. (U.S.)

7.2.3 NEPTUNE SOFTWARE PLC (U.K.)

7.2.4 STRANDS INC. (U.S.)

7.2.5 CAPITAL BANKING SOLUTIONS (U.S.)

7.2.6 DAIS SOFTWARE COMPANY (BULGARIA)

7.2.7 EBANQ B.V (NETHERLANDS)

7.2.8 APEX SOFTWARES LTD. (KENYA)

7.2.9 FISA SYSTEM (U.S.)

7.2.10 OTHERS

LIST OF TABLES

TABLE 1 MOBILE BANKING MARKET, BY SOLUTION

TABLE 2 MOBILE BANKING MARKET, BY TECHNOLOGY

TABLE 3 MOBILE BANKING MARKET, BY DEPLOYMENT

TABLE 4 MOBILE BANKING MARKET, BY GEOGRAPHY

TABLE 5 NORTH AMERICA MOBILE BANKING MARKET, BY SOLUTION

TABLE 6 NORTH AMERICA MOBILE BANKING MARKET, BY TECHNOLOGY

TABLE 7 NORTH AMERICA MOBILE BANKING MARKET, BY DEPLOYMENT

TABLE 8 U.S. MOBILE BANKING MARKET, BY SOLUTION

TABLE 9 U.S. MOBILE BANKING MARKET, BY TECHNOLOGY

TABLE 10 U.S. MOBILE BANKING MARKET, BY DEPLOYMENT

TABLE 11 CANADA MOBILE BANKING MARKET, BY SOLUTION

TABLE 12 CANADA MOBILE BANKING MARKET, BY TECHNOLOGY

TABLE 13 CANADA MOBILE BANKING MARKET, BY DEPLOYMENT

TABLE 14 EUROPE MOBILE BANKING MARKET, BY SOLUTION

TABLE 15 EUROPE MOBILE BANKING MARKET, BY TECHNOLOGY

TABLE 16 EUROPE MOBILE BANKING MARKET, BY DEPLOYMENT

TABLE 17 GERMANY MOBILE BANKING MARKET, BY SOLUTION

TABLE 18 GERMANY MOBILE BANKING MARKET, BY TECHNOLOGY

TABLE 19 GERMANY MOBILE BANKING MARKET, BY DEPLOYMENT

TABLE 20 FRANCE MOBILE BANKING MARKET, BY SOLUTION

TABLE 21 FRANCE MOBILE BANKING MARKET, BY TECHNOLOGY

TABLE 22 FRANCE MOBILE BANKING MARKET, BY DEPLOYMENT

TABLE 23 U.K. MOBILE BANKING MARKET, BY SOLUTION

TABLE 24 U.K. MOBILE BANKING MARKET, BY TECHNOLOGY

TABLE 25 U.K. MOBILE BANKING MARKET, BY DEPLOYMENT

TABLE 26 REST OF EUROPE MOBILE BANKING MARKET, BY SOLUTION

TABLE 27 REST OF EUROPE MOBILE BANKING MARKET, BY TECHNOLOGY

TABLE 28 REST OF EUROPE MOBILE BANKING MARKET, BY DEPLOYMENT

TABLE 29 ASIA-PACIFIC MOBILE BANKING MARKET, BY SOLUTION

TABLE 30 ASIA-PACIFIC MOBILE BANKING MARKET, BY TECHNOLOGY

TABLE 31 ASIA-PACIFIC MOBILE BANKING MARKET, BY DEPLOYMENT

TABLE 32 ROW MOBILE BANKING MARKET, BY SOLUTION

TABLE 33 ROW MOBILE BANKING MARKET, BY TECHNOLOGY

TABLE 34 ROW MOBILE BANKING MARKET, BY DEPLOYMENT

LIST OF FIGURES

FIGURE 1 RESEARCH TYPE

FIGURE 2 MOBILE BANKING MARKET: BY SOLUTION (%)

FIGURE 3 MOBILE BANKING MARKET: BY TECHNOLOGY (%)

FIGURE 4 MOBILE BANKING MARKET: BY DEPLOYMENT (%)

FIGURE 5 MOBILE BANKING MARKET: BY REGION

FIGURE 6 NORTH AMERICA MOBILE BANKING MARKET, BY SOLUTION (%)

FIGURE 7 NORTH AMERICA MOBILE BANKING MARKET, BY TECHNOLOGY (%)

FIGURE 8 NORTH AMERICA MOBILE BANKING MARKET, BY DEPLOYMENT (%)

FIGURE 9 EUROPE MOBILE BANKING MARKET, BY SOLUTION (%)

FIGURE 10 EUROPE MOBILE BANKING MARKET, BY TECHNOLOGY (%)

FIGURE 11 EUROPE MOBILE BANKING MARKET, BY DEPLOYMENT (%)

FIGURE 12 ASIA-PACIFIC MOBILE BANKING MARKET, BY SOLUTION (%)

FIGURE 13 ASIA-PACIFIC MOBILE BANKING MARKET, BY TECHNOLOGY (%)

FIGURE 14 ASIA-PACIFIC MOBILE BANKING MARKET, BY DEPLOYMENT (%)

FIGURE 15 ROW MOBILE BANKING MARKET, BY SOLUTION (%)

FIGURE 16 ROW MOBILE BANKING MARKET, BY TECHNOLOGY (%)

FIGURE 17 ROW MOBILE BANKING MARKET, BY DEPLOYMENT (%)