Mobile Banking Market Research Report - Global Forecast 2030

Mobile Banking Market Research Report Information By Type (Wireless Application Protocol (WAP), SMS Banking, Unstructured Supplementary, Service Data (USSD), Standalone Mobile Application, and Others), By Platform (Android, IOS, Others), By Deployment Type (Cloud, On-Premise), By End User (Individual, Enterprise), And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) – Market Forecast Till 2030.

ID: MRFR/ICT/2130-HCR | 100 Pages | Author: Aarti Dhapte | February 2024         

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Mobile Banking Market Overview

Mobile Banking Market Size was valued at USD 0.941 billion in 2022. The Mobile Banking Market industry is projected to grow from USD 1.3 Billion in 2023 to USD 3.47 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 15.06% during the forecast period (2023 - 2030). Mobile banking systems allow users to avail various financial and banking services using telecommunication devices. These services range from simple SMS banking to intricate procedures of information access, support, content, and investment services, including both the personal and business sectors. These services also include a variety of information and monetary transactions..

Banks are expected to shift their focus to client mobile transactions owing to the risein number of smartphone users and mobile banking subscribers. Users prefer and feel more at ease while doing transactions through their cellphones, which provides banks with an opportunity to outbid rivals and improve their position in the market. M-banking makes it possible to map, record, and analyze consumers' financial activities and behavior in order to provide them with tailored services and increase customer loyalty.

Mobile Banking Market Overview

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Mobile Banking Market Trends

The rise in demand for personalization and self-service on services and products propel the growth of the mobile banking market.

One significant factor driving the growth of mobile banking is the increased desire for customers to have greater control over their finances. With mobile banking, customers can access their accounts, check balances, make transactions, and manage their finances from anywhere, at any time. This convenience factor is becoming increasingly important to consumers, and as a result, more people are turning to mobile banking as their primary means of managing their money.

Another factor driving the growth of mobile banking is the trend towards personalization. Customers want products and services tailored to their specific needs and preferences, and this is no different in the world of banking. With mobile banking, customers can customize their experience, setting alerts, choosing which features to use, and even customizing the appearance of their app.

Furthermore, self-service options have become increasingly popular in recent years, and mobile banking offers customers the ability to take control of their banking needs without the need for human interaction. Customers can easily transfer funds, pay bills, and manage their accounts on their own, without needing to visit a bank or speak with a customer service representative.

Overall, the rise in demand for personalization and self-service options is expected to propel the growth of the mobile banking market in the coming years.

Mobile Banking Market Segment Insights

Mobile Banking Type Insights

The global mobile banking market segmentation, based on type, includes Wireless Application Protocol (WAP), SMS Banking, Unstructured Supplementary Service Data (USSD), Standalone Mobile Application, and others. Wireless Application Protocol (WAP) segment held the majority share in 2022, contributing around ~32-35% to the global mobile banking market revenue. WAP mobile banking allows customers to access their bank accounts, manage their finances, and make transactions using their mobile devices. This convenience factor has proven to be highly appealing to consumers, particularly those with busy schedules or limited time to visit physical banks which in turn bodes well for the segment growth.

Figure1:Mobile Banking Market, by Type, 2022 & 2030(USD Billion)

Mobile Banking Market

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Moreover, the widespread availability of smartphones, tablets, and other mobile devices has made it easier than ever for consumers to access WAP mobile banking services. Additionally, advancements in mobile security and authentication have helped to reassure consumers and build trust in the safety and reliability of WAP mobile banking. Moreover, the emergence of new technologies such as biometric authentication and artificial intelligence is expected to further enhance the user experience and security of WAP mobile banking, thus propelling the market growth.

Mobile Banking Platform Insights

The global mobile banking market data has been segregated by platform into android, IOS, and others. The android segment is estimated to hold the largest share of % in 2022. Banks are focusing more on offering mobile banking services on the Android platform as a result of the developing economies being at the forefront of using this platform. Additionally, cutting-edge financial applications are assisting in the expansion of the formal banking industry by giving access to personal banking data via Android applications, presenting a platform for the use of various banking services and products, and reducing the amount of time spent waiting in lines.

Mobile Banking Deployment Insights

The global mobile banking market data has been divided by deployment into cloud and on-premise. The cloud segment is expected to grow at fastest CAGR during the forecast period. The most recent cloud technologies are being promptly applied by mobile banking providers to broaden its reach and flexibility in its agile business strategy to address shifting business and core customer needs. Modern banking is considerably aided by the most recent cloud technology in automatically gathering and combining vital resources to adequately satisfy corporate needs. By removing the costs associated with current physical infrastructure, it has also made bank deployment services simpler and more effective, which is expected to fuel the growth of the segment.

Mobile Banking End-User Insights

Based on end users, the global mobile banking industry has been bifurcated into individual and enterprises. The Individual segment is anticipated to grow at the fastest growth rate throughout the projection period owing to the rise in mobile commerce sales and the accompanying increase in smartphone users. Applications for smartphones are quickly becoming the most popular method of buying which bodes well for the segment's growth. In 2020, J. P. Morgan's 2020 E-commerce Payments Trends Study stated that around 54% of mobile commerce payments are made using specialized shopping applications.

Mobile Banking Regional Insights

By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American Mobile Banking market accounted for USD 6.36 billion in 2022 and is expected to exhibit a significant CAGR growth during the study period. As a result of the emergence of new FinTech technologies, banks are updating their mobile banking applications to offer customized product offerings, enhanced customer experiences, and convenience for their users. It is anticipated to be the quickest and fastest-growing market because to the premium bank's enormously faster transactions and basic mobile payments, which have increased the adoption of basic Mobile Banking. The region's strong economic growth and more accessible digital banking channels are propelling the market expansion.

Further, the major countries studied in the market report are the U.S., Canada, Germany, France, the UK, China, Japan, India.


Mobile Banking Market

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

The Asia Pacific Mobile Banking market is expected to grow at the fastest CAGR between 2022 and 2030.The growth is can be attributed to the rise in usage of digital banking platforms and a robust economic growth in the region. Moreover, growing penetration of smartphones in the region is anticipated to aid the market growth.

Mobile Banking Key Market Players & Competitive Insights

The mobile banking market is a highly competitive industry with numerous players vying for market share. In recent years, the market has seen the emergence of several new players, including fintech startups, which are disrupting the traditional banking industry with innovative mobile banking solutions. For instance, in 2019, Bank of America Corporation announced the launch of its mobile banking application that would attend to its 29 million clientele. The app was designed to offer simplifies and consistent experience to the users.

The market players in the industry are adopting several innovative technologies to meet their customer’s demands. For instance, a Germany based Deutsche Bank integrated security technologies such as biometric system offered by Apple, Inc. in services to improve the security and gain trust of its customers.

JPMorgan Chase & Co. is a multinational financial services company headquartered in the U.S. The company offers a wide range of financial services to its customers, including consumer and commercial banking, investment banking, asset management, wealth management, and treasury services. The company serves millions of customers across the globe, including individuals, small businesses, corporations, governments, and institutional investors.

JPMorgan Chase & Co. is a multinational financial services company headquartered in the U.S. The company offers a wide range of financial services to its customers, including consumer and commercial banking, investment banking, asset management, wealth management, and treasury services.

Key Companies in the Mobile Banking Market include

Mobile Banking Industry Developments

As part of its continuing Project WAVE, a programme for the state-run bank's digital transformation, Indian Bank has incorporated new digital chapters as of 2023.According to a statement made here on Saturday, the digital chapters are designed to increase existing and potential clients' access to convenient and secure banking. The bank launched an online facility to apply for Kisan Credit Card (KCC) loans up to Rs 1.6 lakh through 'IND DIGI KCC' and renew an agro jewel loan up to Rs 4 lakh with a practical re-pledging procedure. This brought digital convenience to agri lending.

To promote financial inclusion, Mastercard, a leading global technology corporation, and Algoan announced a new Open Banking service in Europe in 2023. After this announcement, the new Account Owner Verification solution will give companies and partners the chance to give their customers a frictionless experience by instantaneously verifying the identity of the people. Through the use of Open Banking technology, the solution automates the process of confirming the customer's ownership of their bank account.

Vert, a comprehensive provider of banking and payment acceptance services to small and medium-sized businesses (SMEs), was introduced in 2022 by Deutsche Bank and Fiserv, a world leader in payments and financial services technology. Vert is the only German provider that combines traditional banking solutions with payment acceptance and processing, satisfying market demand for an integrated offering and facilitating access to cutting-edge goods for businesses of all sizes.

The MX platform will be strengthened by record-breaking improvements in financial data connectivity, new product innovation, and new implementation partners that will be generally available in 2022, according to the MONEY EXPERIENCE SUMMIT -- MX, a leader in open finance. MX enables the best fintechs and financial institutions in the world to access financial data and take appropriate action in order to provide tailored money experiences for their users, accelerate innovation, and foster industry cooperation. MX announced product enhancements for mobile banking, data-driven insights, and connectivity.

February 2023: National Bank of Kuwait launched its new mobile banking application. The application offers more personalized experience by providing smart design and experience changes resulting in a host of benefits for customers

January 2023: Yes Bank as entered into partnership agreement with Microsoft to develop next generation mobile application with a view to provide customers with personalized banking experience. The app the app which will offer customers services such as shopping, online payments, rewards, and customized dashboards along with traditional banking functions.

October 2022: BCB Bancorp, Inc. selected Q2 Holdings, Inc. a provider of digital transformation solutions for lending and banking to offer a seamless, modernized digital experience to its consumer and commercial banking customers by using Q2’s digital banking platform.

Mobile Banking Market Segmentation

Mobile Banking Type Outlook (USD Billion, 2023-2030)

  • Wireless Application Protocol (WAP)

  • SMS Banking

  • Unstructured Supplementary, Service Data (USSD)

  • Standalone Mobile Application

  • Others

Mobile Banking Platform Outlook (USD Billion, 2023-2030)

  • Android

  • IOS

  • Others

Mobile Banking Deployment Type Application Outlook (USD Billion, 2023-2030)

  • Cloud

  • On-premise

Mobile Banking End User Application Outlook (USD Billion, 2023-2030)

  • Individual

  • Enterprise

Mobile Banking Regional Outlook

  • North America

  • US

  • Canada

  • Europe

  • Germany

  • France

  • Rest of Europe

  • Asia-Pacific

  • China

  • Japan

  • India

  • Rest of Asia-Pacific

  • Rest of the World

Report Scope:

Report Attribute/Metric Details
Market Size 2022 USD 0.94 billion
Market Size 2023 USD 1.3 billion
Market Size 2030 USD 3.47 billion
Compound Annual Growth Rate (CAGR) 15.06% (2023-2030)
Base Year 2022
Market Forecast Period 2023-2030
Historical Data 2018 – 2021
Market Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered Type, Platform, Deployment, End User, and Region
Geographies Covered Europe, North America, AsiaPacific, and the Rest of the World
Countries Covered The U.S, Canada, Germany, U.K., France, Japan, China, India
Key Companies Profiled American Express Company, Bank of America Corporation, BNP Paribas S.A., Citigroup Inc., Infosys Limited, JPMorgan Chase & Co., HSBC Holdings PLC, Temenos Group AG, CréditAgricole Group, Wells Fargo & Company
Key Market Opportunities Adopting several new initiatives and challenges in order to support and increase customer satisfaction and expectation. Rising consumer preference towards digital banking
Key Market Dynamics The rise in demand for personalization and self-service on services and products propel the growth of the mobile banking market. Evolving architectures coupled with the rising deployment of cloud platforms.

Frequently Asked Questions (FAQ) :

The global Mobile Banking Market size was valued at USD 0.94 Billion in 2022.

The global market is projected to grow at a CAGR of 15.06% during the forecast period, 2023-2030.

North America had the largest share of the global market.

The key players in the market are Cardinal Health, Amerisource Bergen, Envirotainer, Thermoking, FedEx, Sonoco Thermosafe, Phoenix Group, B Medical Systems, Agility, and Dokasch.

The Android category dominated the market in 2022.

Transportation had the largest revenue share of the global market.

Key Questions Answered

  • Global Market Outlook
  • In-depth analysis of global and regional trends
  • Analyze and identify the major players in the market, their market share, key developments, etc.
  • To understand the capability of the major players based on products offered, financials, and strategies.
  • Identify disrupting products, companies, and trends.
  • To identify opportunities in the market.
  • Analyze the key challenges in the market.
  • Analyze the regional penetration of players, products, and services in the market.
  • Comparison of major players’ financial performance.
  • Evaluate strategies adopted by major players.
  • Recommendations
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