Digital banking market Industry Size, Global Trends, Market Forecast – 2019-2025

Posted by pranshu@95 on November 18th, 2019

The digital banking market is expected to exhibit a considerable growth rate during the forecast period. The major factors boosting the market growth include increasing digitalization across several countries and increasing demand for mobile and internet banking. Rising internet penetration is primarily encouraging the banks to adopt an advanced digitalization platform to attract customers towards their banks. The total number of smartphone users in Western Europe was estimated to be 240 million in 2016, up from 218 million in 2015 and the number is further estimated to reach 288 million by 2020. Around 501 million internet users were active in the European Union in 2017. As per Asia-Pacific Economic Co-Operation (APEC), there was 55.8% internet penetration in China which equals 772 million internet users in 2018.

There were 209 million Internet users in rural areas (27.0% of total Internet users) in China in 2018. This growing internet penetration is supporting the adoption of retail banking services. In this context, Alibaba and Tencent are leading the country's mobile payment sector and have connected to other parts of the supply chain of financial services. In 2016, the cost of Chinese consumer-related mobile payments by individuals amounted to 0 billion, according to the International Monetary Fund (IMF). Additionally, rising venture capital funding in China for key digitalization technologies, such as artificial intelligence and virtual reality is further anticipated to offer significant opportunities for the advent of advanced technologies that can support to increase reliability and safety in banking transaction. This, in turn, will drive the growth of the digital banking market.

Visit here to know more about Digital banking market Size.

The government initiatives to increase digitalization are further fueling the growth of the digital banking industry. Rising government initiatives for digitalization and rising demand for rural banking services in the region. For instance, as per a report by Google and Boston Consulting Group (BCG), the Indian digital payments industry is estimated to touch 0 billion by 2020, contributing 15% to the country’s GDP. The growth of the Indian digital payment industry is led by digital/mobile wallets. Moreover, the Indian government has taken initiatives such as the launch of new payment systems, including UPI, Aadhar linked electronic payments and improvement of the digital infrastructure in the banking sector. This, in turn, will likely drive the growth of the digital banking market.

Recent Activity

•          In April 2019, Standard Bank Group and Microsoft entered into a strategic partnership that will enable to transform of the bank’s internal corporate functions and technology estate enabling the largest bank in Africa to leverage its digital transformation journey and significantly improve its employee experience.

Global Digital Banking Market Segmentation

By Type

•          Corporate Banking
•          Investment Banking
•          Retail banking

By Solution

•          Processing Services
•          Payment
•          Customer and Channel Management
•          Risk Management

Global Digital Banking Market – Segment by Region

North America          

• United States
• Canada

Europe

• Germany
• United Kingdom
• France
• Spain
• Italy
• Rest of Europe
•  

Asia-Pacific   

• China
• Japan
• India
• Rest of Asia-Pacific
•  

Rest of the World

• Latin America
• Middle-East Africa

About Orion Market Research

Orion Market Research (OMR) is an Indian research company known for its crisp and concise reports. The company is equipped with an experienced team and young brigade of analysts. The company provides quality syndicated research reports, customized research reports, company profiling, consulting and other research-based services.

Media Contact:
Company Name: Orion Market Reports
Contact Person: Mr. Anurag Tiwari
Email: info@omrglobal.com
Contact no:+1 646-755-7667,+91 780-304-0404