Digital Banking Platforms Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 - 2028
Global Digital Banking Platforms Market: Snapshot
The latest business intelligence studies show that the global digital banking platforms market was evaluated at US$ 8.2 billion in the base year of 2021. The studies indicate that the global digital banking platforms market will foresee a significant growth rate of 11.3 % over the forecast years i.e. 2021 to 2026. The reports also project that the global digital banking platforms market will surpass the valuation of US$ 13.9 billion by the end of the forecast period, i.e. in 2026.
The service providers and players operational within the global digital banking platforms market offer various types of banking services to their customers, such as retail banking, investment banking, and corporate banking. These players and participants in the global digital banking platforms market offer two distinct types of banking modes, i.e. mobile banking as well as online banking.
The services and solutions offered by the developers, service providers, and players working in the landscape of the global digital banking platforms market are gaining momentum in the past few years owing to factors such as the rising demand from banks for delivery of enhanced and satisfying customer experience as well as the rising adoption of cloud based computing solutions by various banking as well as other financial institutions.
Furthermore, the emergence and wide acceptance of open banking as well as the implementation of several regulations pertaining to banking norms and online modalities is also expected to fuel the demand within the global digital banking platforms market in coming years. Additionally, some other major contributors for exponential growth within the global digital banking platforms market include the increasing utilization of digital banking services by conusmers from emerging as well as developed economies, the proliferation of various smart computing devices, such as smart phones and tablets, and the increasing demand for time saving and remote alternatives for traditional banking services and systems.
An increased usage of laptops, smartphones, computers, and other similar gadgets is mainly fueling the demand in the global digital banking platforms market. Rapid rise in digitization and its popularity in various banking applications is helping the global digital banking platform market to grow significantly. Banks and other financial institutions through pubic as well as private channels are mainly witnessing a boom. Moreover, due to rising amount of data being extracted with respect to banking processes and a parallel requirement regarding the storage and processing the information is driving the digital banking platform market exponentially.
This digital banking platform market is widely distributed based on the regions namely – Asia Pacific, North America, Latin America, the Middle East and Africa, and Europe. Among these, the North America region is expected to dominate the global banking platform market. This is credited to increasing popularity of the latest technologies and increased focus over the upcoming innovations with respect to baking sector. In addition, the rising usage of net banking and digitalization in nations, for example, Canada, and the US is boosting the demand in North America for banking platforms market. Nevertheless, owing to the presence of outstanding banking facilities in Europe region, the regional market of digital banking platforms is likely to experience a notable growth here as well in coming years. Besides, the surging demand regarding quality financial activities and procedures in Asia Pacific is also to make it a significant region in forthcoming years.
Global Digital Banking Platforms Market: Overview
The report details an exhaustive account of the global digital banking platform market along with numerous associated factors. Some of these factors that are included in the report are drivers, restraints, competitive analysis, latest trends and opportunities, geographical outlook, and many other aspects. The study covered in the report spans a forecast period from 2018 to 2028. From an overall perspective, the report is expected to exist as a valuable insight to businesses which are already operating in the global digital banking platform market, as well as for those who intend to newly establish themselves in this environment.
Global Digital Banking Platforms Market: Market Potential
A surge in use of smartphones, laptops, computers, and other such devices is primarily driving growth in the global digital banking platforms market. Rapidly increasing digitization and its adoption in myriad banking applications is also making the global digital banking platform market grow expansively. Such a rise is mainly being witnessed by banks and other financial institutions through pubic as well as private channels. In addition, a widespread gain in huge amounts of data related to banking processes and a consequent need for storing as well as processing that data is majorly driving growth in the global digital banking platform market.
Furthermore, management and controlling the space taken by numerous banking and transactional processes is highly complicated, and needs to be dealt in a smart and efficient manner. And as the digital banking methodologies can help achieve this, the associated market is projected to witness splendid expansion during the next few years. Lastly, encouraging nods from governments as well as rapid strides taken by several players to raise up funding for improving research in enabling positive development in banking procedures are key factors driving growth in the global digital banking platforms market.
Global Digital Banking Platforms Market: Geographical Outlook
This digital banking platform market is mainly spread across North America, Asia Pacific, the Middle East and Africa, Latin America, and Europe from a regional perspective. An early adoption of technologies coupled with widespread focus on innovations with regards to banking platforms in North America is majorly causing growth of the market in the region. Furthermore, the increasing use of digital banking platforms in countries, such as the US and Canada, is driving the growth of the market in the North American region. However, with the availability of excellent banking services available in European regions, the global digital banking platforms market is witnessing extensive growth in this geographical extent too. Moreover, increasing demand for quality financial activities and processes in Asia Pacific has also made the market portray a distinct presence in this region.
Global Digital Banking Platforms Market: Competitive Landscape
The global digital banking platforms market depicts the presence of a highly fragmented market. Such a diverse scenario mainly exists due to the presence of innumerable small, medium, and large-scale players in the digital banking platforms market. In this distributed vendor landscape, most prominent businesses are pouring large investments to improve research and development-based activities. The companies are also developing new solutions and products to provide exemplary digital banking platforms market.
Expanding geographical reach, improving product portfolios, and staying updated to the latest trends and requirements, are key strategies of most businesses present in the global digital banking platforms market. Appway, Backbase, CREALOGIX, ebanklT, EdgeVerve, Intellect Design Arena, Finastra, ieDigital, ETRONIKA, Fidor, Fiserv, Halcom, NETinfo, Kony, NF Innova, Oracle, SAB, SAP, Sopra, Tagit, TCS, Technisys, Temenos, BNY Mellon, and Worldline, are key players operating in the global digital banking platforms market. With the number of players expected to increase, the competition is anticipated to proliferate in a widespread manner.
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