Shift of customers from traditional banking to online banking is fueling growth
Dublin, Sept. 21, 2022 (GLOBE NEWSWIRE) — The “Digital Banking Platform Market Size, Share, and Trend Analysis Report by Deployment (On-Premise, Cloud), by Mode, by Component (Platform, Service), by Service, by region and segment forecast, 2022-2030″ report has been added to from ResearchAndMarkets.com offer.
The global digital banking platform market size is expected to reach $107.1 billion and grow at a CAGR of 20.5% by 2030, according to this report. The increase in the number of Internet users and the shift of customers from traditional banking to online banking are the main drivers of market growth.
Also, an expansion in the use of cloud-based platforms is expected to drive the digital banking platform market by providing greater scalability. Additionally, the banking sector stands to benefit from an increased use of artificial intelligence and machine learning in digital banking platforms, as well as an increase in creative banking and corporate investors.
However, security and compliance issues of digital lending platforms are partly hampering the large-scale growth of the global market. On the other hand, the COVID-19 pandemic has accelerated the growth of e-commerce, in turn increasing the reach of digital banking.
For example, according to Ecommerce Europe, the percentage of online shoppers in Europe has increased from 60% in 2017 to 71% in 2020. While the share of e-commerce GDP in total European GDP has increased from 3.11% in 2017 to 4.29%. % in 2020. Hence, the demand for digital banking platforms is expected to increase due to growth in online shopping and digital transaction volumes.
Asia-Pacific held the largest market share in 2021 and is expected to witness the fastest growth in CAGR of 21.1% during the forecast period. This is attributed to the increase in population and increased digitization in the region. New ventures such as Tonik Digital Bank, Inc., Anywhere 2 go Co., Ltd. and Cashfree Payments India Private Limited are fundamentally changing the banking industry by redefining the industry for individuals and businesses. For example, in June 2022, Cashfree Payments India Private Limited introduced its “Token Vault” tokenization solution which is capable of exchanging and using information in card tokenization.
Globally, North America is the second largest market by revenue and is expected to grow at a compound annual growth rate (CAGR) of 19.9% from 2022 to 2030. Adoption of cloud-based solutions is improving in the North American region especially, in the business verticals that belong to the finance and banking sectors. Banks are now adopting cloud-based digital banking platform solutions due to their low start-up costs and quick updates, and this trend is expected to continue throughout the forecast period.
Highlights of the Digital Banking Platform Market Report
The online banking segment accounted for 80.7% of the market share in 2021 and is expected to grow at a CAGR of 20.1% during the forecast period. This is due to the growing demand for smart mobile devices as well as a shift in consumer preference from traditional to digital channels.
By deployment, the cloud-based digital bank held 28.7% market share in 2021 in terms of revenue and is expected to grow at the highest CAGR of 20.7% during the projected period. The adoption of cloud technology and SaaS should be crucial for the future of the banking sector
By component, the services segment is expected to be the fastest growing segment with a CAGR of 21.1% from 2022 to 2030, with professional services being the largest sub-segment by revenue.
In August 2021, Salt Edge Limited and Finastra entered into a partnership to deliver the Instant Payment Services Directive 2 (PSD2) and Open Banking Global Compliance for a secure, open and personalized banking experience
In August 2021, Christian Financial Credit Union entered into a partnership with NCR Corporation to offer a comprehensive, state-of-the-art digital banking platform that includes credit monitoring tools, money management solutions, and credit restrictions and notifications. maps.
Main topics covered:
Chapter 1. Methodology and scope
Chapter 2. Executive Summary
Chapter 3. Market Variables, Trends and Scope
Chapter 4. Digital Banking Platform Market: Deployment Model Estimates and Trend Analysis
Chapter 5. Digital Banking Platform Market: Fashion Estimates and Trend Analysis
Chapter 6. Digital Banking Platform Market: Component Estimates and Trend Analysis
Chapter 7. Digital Banking Platform Market: Service Estimates and Trend Analysis
Chapter 8. Digital Banking Platform Market: Type Estimates and Trend Analysis
Chapter 9. Digital Banking Platform Market: Regional Estimates and Trend Analysis
Chapter 10. Competitive Analysis
Chapter 11. Competitive Landscape
Chapter 12. KOL Commentary
Alkami Technology Inc.
FT Urban Group, Inc.
Q2 Software, Inc.
Sopra banking software
Tata Consulting Service
For more information on this report, visit https://www.researchandmarkets.com/r/rc2sku
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