Global Digital Banking Market to Reach up to $1,702.4 Billion by 2026 and Witness Propelling Growth during the COVID-19 Crisis – Exclusive Report by Research Dive
The spread of COVID-19 across the globe has significantly impacted the global digital banking market due to the rising adoption of mobile payment solutions among people across the globe. The global market is predicted to continue to witness strong growth by 2026.
New York, USA, Nov. 29, 2021 (GLOBE NEWSWIRE) — A research report published by Research dive on the global digital banking market explains the impact of COVID-19 pandemic on the present outlook and the future of the market. Comprehensive analysis on drivers, restraints, challenges, lucrative opportunities, COVID-19 impact, key segments of the market, and competitive landscape are provided in the report.
Highlights of the Report
The outbreak of the COVID-19 has had favorable impact on the global digital banking market. According to the report, the global digital banking market gathered $803.8 billion in 2018, and is projected to garner $1,702.4 billion by 2026, and exhibit a CAGR of 10.0% during the forecast period from 2019 to 2026. The anticipated market size in 2020 was $947.3 billion before the outbreak of COVID-19. But, due to the COVID-19 chaos, the market size increased to $972.2 billion due to the growing adoption of mobile payment solutions across the globe during the pandemic.
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Factors Influencing the Market Growth during Coronavirus Pandemic
As per the analysts of Research Dive, the pandemic time has become an opportunity for banks and credit unions to understand customer’s expectations from financial institutions. Various banks are using advanced technologies like AI and developing business models to support and meet the financial needs of the customers. In addition, the behavior of customers are changing and their focus is shifting from visiting bank branches to accessing online banking services. For instance, a recent survey reveals that 35% of consumers had increased the use of online banking since the COVID-19 crisis. Also, 30% of consumers have increased their use of mobile banking. All these factors are boosting the digital banking market growth during the pandemic period.
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Future Scope of the Market
The global digital banking market is expected to continue to observe striking growth even after the pandemic over the forecast period, majorly due to the growing adoption of smartphones and the increasing penetration of internet across the globe. In addition, banks are significantly making constant improvements in banking technologies in order to develop enhanced security in transactions, which is another factor predicted to propel the digital banking market during the analysis period. Moreover, increasing number of banking institutes are moving towards digital platforms to deliver online services, which is anticipated to create huge growth opportunities for the global market by 2026.
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Major Market Players
The key players operating in the global digital banking market include
- ackbase
- Fiserv
- BNY Mellon
- Halcom
- ebanklT
- Appway
- Crealogix
- Fidor
- ETRONIKA
- Finastra
- Oracle
- Intellect Design Arena
- IE Digital
- NETinfo
- Kony
- EdgeVerve Systems
- SAB
- NF Innova
- TCS
- Technisys
- Temenos.
These players are implementing various strategies such as strategic partnerships, technological advancements, product launches, and others to gain a competitive edge in the global industry.
For instance, in June 2021, ICICI Bank Limited, an Indian financial services company, announced the launch of customized digital banking solutions for corporates in more than 15 industrial sectors.
In Addition, the report having some numorus point about the leading Business Manufactures, Like, SWOT analysis, Product Portfolio, Finanical Status – Inquire to Get access for Detailed Top Companies Development Strategy Report
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