The global digital banking platforms market stood at US$ 3.8 billion in 2021. The global digital banking platforms market is forecast to grow to US$ 10.1 billion by 2030 by registering a compound annual growth rate (CAGR) of 11.9% during the forecast period from 2020 to 2030.
Digital Banking Platform is a widely renowned platform adopted by banks and financial institutions to automate and manage all of their interactions with digital customers. These platforms improve the consumer experience, and help offers innovative digital goods and services. It also lowers costs and enhances the convenience of consumers.
Request To Download Free Sample of This Strategic Report @https://reportocean.com/industry-verticals/sample-request?report_id=Pol1117
Factors Influencing the Market
The rising use of smart devices, such as laptops, smartphones, and computers, will primarily drive the growth of the market. The payment method has become more user-friendly. Moreover, the growing adoption of technology in banks and financial institutions will drive the global digital banking platforms market forward during the study period.
Banks are rapidly shifting to the digital ecosystems using quickly deployable and customized solutions. Interactive mobile banking websites and applications help boost client loyalty by enhancing customer service. Thus, these aforementioned factors will fuel the growth of the digital banking platforms market during the analysis period.
On the flip side, slow development in underdeveloped countries may limit the growth of the market during the forecast period.
COVID-19 Impact Analysis
Due to the COVID-19 pandemic, many banks and financial institutions started offering their customers new digital tools to combat the threat of the epidemic. The digital banking platform became more common after the onset of the pandemic, forcing institutions and people to adopt digital methods and go cashless. Various banks and Fintech companies have developed appealing banking tactics to encourage consumers and SMEs to use digital banking platforms. As a result, it has opened various doors of opportunities for the digital banking platforms’ market growth.
Regional Analysis
North America is forecast to hold the highest share in the digital banking platforms market. It is owing to the early adoption of the new technologies in the industry. Furthermore, fast pace digitalization in the region is expected to escalate the growth of the digital banking platforms market.
Apart from that, the Asia-Pacific digital banking platforms market will also record a tremendous growth rate. The growth of this regional market is attributed to the booming IT infrastructure and heavy investment from the region’s private and public players. In addition, the number of digital banking users is growing steeply in countries like China and India. As a result, it will deliver a host of opportunities for the digital banking platforms market during the forecast period.
Competitors in the Market
• Appway AG (Switzerland)
• CREALOGIX Holding AG (Switzerland),
• EdgeVerve Systems Limited (India)
• Fiserv, Inc. (US)
• TCS (India)
• Technics (US)
• Worldline (France)
• Other Prominent Players
The report furnishes an intricate comprehension of each segment, delivering potential estimations for principal applications and insights into emerging prospects. Every regional market is meticulously scrutinized to ascertain its potential for growth, development, and demand in the forthcoming years.
As of the end of 2022, the Digital Banking Platforms industry experienced notable growth in its workforce. Starting in January, employment within the Digital Banking Platforms sector exceeded its pre-COVID levels, resulting in an expansion of payrolls by over 15,000 employees throughout the course of the year. The global Digital Banking Platforms output demonstrated a remarkable increase of 5.2% during 2021, primarily attributed to a widespread economic upswing and a surge in demand for commodities. However, the momentum shifted in 2022, with the global industrial sector’s production contracting. This reversal followed a robust expansion in 2021, fueled by altered consumer spending patterns and substantial fiscal support.
Forecasts indicate that the global Digital Banking Platforms output is set to rise by approximately 2.9% in 2023. This projection is underpinned by the gradual recovery of production in Western Europe from its previous troughs, as well as a rebound in output across the Asia/Pacific region. Maintaining its dominant position, China, accounting for nearly 45% of the global Digital Banking Platforms market, remains both its largest producer and consumer. Remarkably, China’s market share has surged since 2010, when it stood at around 26%. This ascent has led to a substantial contribution to the nation’s GDP. Notably excelling as a top exporter, China leads in various sectors, including silicon, PVC, and several specific segments of the Digital Banking Platforms market.
Market Segmentation
The global digital banking platforms market segmentation focuses on Product, Deployment, Application, and Region.
Product Type
• Retail Banking
• Corporate Banking
• Investment Banking
• Others
By Deployment
• Cloud
• On-premise
By Application
• Tailored-advice
• Real-time support
• Digital sales
• Financial insight
• Front office empowerment
• Others
By Region
● North America
o The U.S.
o Canada
o Mexico
● Europe
Western Europe
o The UK
o Germany
o France
o Italy
o Spain
o Rest of Western Europe
Eastern Europe
o Poland
o Russia
o Rest of Eastern Europe
● Asia Pacific
o China
o India
o Japan
o Australia & New Zealand
o ASEAN
o Rest of Asia Pacific
● Middle East & Africa (MEA)
o UAE
o Saudi Arabia
o South Africa
o Rest of MEA
● South America
o Brazil
o Argentina
o Rest of South America
About Report Ocean:
Report Ocean is a renowned provider of market research reports, offering high-quality insights to clients in various industries. Their goal is to assist clients in achieving their top line and bottom line objectives, thereby enhancing their market share in today’s competitive environment. As a trusted source for innovative market research reports, Report Ocean serves as a comprehensive solution for individuals, organizations, and industries seeking valuable market intelligence.