Digital Banking Market to Surpass 96.70 Billion by 2030 Drives Due to the Influx of Innovative Fintech Players
SkyQuest projects that the digital banking market will attain a value of USD 96.70 billion by 2030, with a CAGR of 20.1% over the forecast period (2023-2030). The digital banking market landscape is poised for substantial acceleration, driven by the influx of innovative fintech players into the financial services sector. Fintech companies have emerged as disruptors, offering extensive digital banking services through their platforms.
Westford,USA, Jan. 11, 2024 (GLOBE NEWSWIRE) — According to SkyQuest, the digital banking market is encountering a shifting landscape with mounting competition from non-traditional players like fintech firms, payment service providers, and technology giants. In response to this dynamic environment, traditional banks increasingly turn to digital banking services to maintain their competitive edge.
Browse in-depth TOC on the “Digital Banking market”
- Pages – 157
- Tables –59
- Figures – 77
The demand for digital banking market is experiencing robust growth, primarily propelled by the widespread adoption of technology-driven devices and solutions. The proliferation of smartphones, computers, internet connectivity, IoT devices, and Artificial Intelligence (AI) has created a fertile ground for expanding digital banking services.
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Prominent Players in Digital Banking market
- ACI Worldwide Inc.
- Appway AG
- Backbase
- BNY Mellon
- Cachet Financial Solutions Inc.
- Capital Banking Solutions
- CR2
- EdgeVerve Systems Limited
- Fidelity National Information Services, Inc.
- Fiserv, Inc.
- Infosys Limited
- Kony, Inc.
- NETinfo Plc
- Oracle Corporation
- SAB Group
- SAP SE
- Sopra Banking Software
- Tata Consultancy Services Limited
- Temenos AG
- The Bank of New York Mellon Corporation
- Worldline
- Wipro Limited
Solution Segment is Expected to Grow the Market Due to Increased Focus on Customer Acquisition
Solution segment has emerged as the dominant player in the digital banking market, capturing the largest market share, and it is expected to exhibit robust growth with a CAGR of 13% throughout the forecast period. Several key factors are driving this significant expansion.
The market in North America has emerged as a significant contributor to the revenue in the banking sector and is poised for substantial growth, projected at an impressive CAGR of 12.7% in the digital banking market.
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Services Segment is Expected to Dominate the Market Due to the Critical Role in Supporting Organizations
Services sector has emerged as a pivotal component in the rapidly expanding digital banking landscape. Support services play a critical role in supporting organizations by facilitating the seamless deployment and integration of diverse digital banking systems within a business ecosystem in the digital banking market.
Regional markets in Europe ranks as the second-largest region in the global financial technology (FinTech) market, and its growth trajectory is poised to remain impressive. Projections suggest that by 2030, the European FinTech sector will reach a substantial value of USD 5175 million, boasting a commendable CAGR of 13.1%.
A comprehensive analysis of the major players in the digital banking market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
Key Developments in the Digital Banking market
- In 2023, Axis Bank announced a strategic partnership with OPEN to offer a fully native digital current account solution to its diverse clientele, including SMEs, independent contractors, home-based business owners, influencers, and more. This collaboration brings together Axis Bank’s comprehensive banking services and OPEN’s end-to-end financial automation capabilities for business administration.
- In 2023, Next Bank, a digital bank based in Taiwan, introduced Temenos, an open platform designed to facilitate rapid product launches. This strategic move positions Next Bank to swiftly and successfully introduce foreign exchange services, including migrant worker remittance services and asset management tools.
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Key Questions Answered in Digital Banking market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market’s future growth?
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