The global online banking market stood at US$ 3.1 billion in 2021. The global online banking market is forecast to grow to US$ US$ 4.9 billion by 2030 by registering a compound annual growth rate (CAGR) of 5.6% during the forecast period from 2022 to 2030.
Online banking is a type of electronic payment method that allows customers to make financial transactions over the internet. It is also known as web-banking or Internet banking, and is designed to reduce time and provide real-time problem-solving services.
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Factors Influencing the Market
Rising investments in fintech will primarily drive the growth of the global online banking market. The online banking sector is seeing a lot of investment to speed up digital innovation. Recognizing the development of Fintech firms, banks aim to increase their funding in the online banking sector. As a result, it will benefit the global online banking market during the forecast period.
Growing internet penetration and the rising trend of going cashless will also fuel the growth of the global online banking market during the study period. In addition to that, other factors like customer convenience, greater interest rates, and a technologically advanced interface will escalate the growth of the online banking market during the study period.
The surging range of mobile bank platforms, combined with the rising penetration of smartphones, will offer favourable opportunities for the online banking market expansion. On the flip side, limits on everyday transactions may restrict the growth of the market throughout the study period.
The industry is likely to develop as digitization, and corporate banking become more prevalent. Furthermore, online banking has allowed investors to keep track of their investment portfolio without the need for continuous human intervention. As a result, these online banking features are likely to accelerate market expansion during the forecast period.
COVID-19 Impact Analysis
The COVID-19 pandemic positively influenced the online banking market. Due to the pandemic, online transactions surged significantly. Moreover, people shifted towards digital methods to avoid contact. As a result, the demand for online banking increased. Moreover, various e-commerce platforms witnessed a sudden hike in terms of revenue. Online grocery shopping became the new normal during the pandemic. As a result, it escalated the growth of the online banking market.
Regional Analysis
In terms of revenue, Europe is expected to hold the largest market share in the global online banking market. Due to the introduction of various technology companies and early adoption of technology, the region is expected to emerge as the largest shareholder.
The Asia-Pacific online banking market will also record tremendous growth due to growing digitalization in the region. In addition, government initiatives promoting the use of online methods will also benefit this regional market during the forecast timeframe.
Competitors in the Market
• ACI Worldwide, Inc.
• Microsoft
• Oracle
• Tata Consultancy Services Limited
• COR Financial Solutions Limited
• CGI Inc.
• Temenos Headquarters SA
• EdgeVerve Systems Limited
• Capital Banking Solution
• Fiserv, Inc.
• 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 Online Banking industry experienced notable growth in its workforce. Starting in January, employment within the Online Banking 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 Online Banking 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 Online Banking 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 Online Banking 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 Online Banking market.
Market Segmentation
The global online banking market segmentation focuses on Service, Application, and Region.
By Service:
• Digital Payments
• Digital Sales
By Application Type:
• Personal sector
• Enterprise sector
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
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