Digital Banking

Global Digital Banking Market to Reach US$79.4 Billion by 2030

The global market for Digital Banking estimated at US$35.3 Billion in the year 2024, is expected to reach US$79.4 Billion by 2030, growing at a CAGR of 14.5% over the analysis period 2024-2030. Digital Banking Platforms, one of the segments analyzed in the report, is expected to record a 11.4% CAGR and reach US$41.2 Billion by the end of the analysis period. Growth in the Digital Banking Services segment is estimated at 18.6% CAGR over the analysis period.

The U.S. Market is Estimated at US$9.4 Billion While China is Forecast to Grow at 13.6% CAGR

The Digital Banking market in the U.S. is estimated at US$9.4 Billion in the year 2024. China, the world`s second largest economy, is forecast to reach a projected market size of US$12.3 Billion by the year 2030 trailing a CAGR of 13.6% over the analysis period 2024-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 12.9% and 12.6% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 10.8% CAGR.

Global Digital Banking Market - Key Trends and Drivers Summarized

Digital banking encompasses the automation of traditional banking services and processes through digital channels, allowing customers to conduct transactions online via websites and mobile applications. This segment of finance leverages technology to offer services such as online account management, electronic payments and transfers, loan applications, and more, without the need for physical bank visits. The objective is to provide more accessible, convenient, and efficient banking experiences. Digital banks, also known as neobanks or online-only banks, operate without physical branches and offer tech-centric services that often outpace traditional banks in terms of innovation and user engagement.

The adoption of digital banking has accelerated dramatically, driven by advancements in mobile technology, increased internet penetration, and changing consumer expectations. Customers now expect real-time access to their financial data, seamless transaction capabilities, and personalized service—all of which digital banking platforms are equipped to deliver. Security enhancements, including biometrics and two-factor authentication, have significantly increased consumer trust in online banking solutions. Moreover, digital banking meets the demands of a growing tech-savvy population that prefers doing business online, aligning with global trends towards digitization in all sectors, including retail, education, and healthcare. Financial institutions are responding by either enhancing their digital offerings or collaborating with fintech companies to integrate more sophisticated technologies like AI and blockchain, which promise to revolutionize transaction security and efficiency.

The growth in the digital banking market is driven by several factors, including technological innovations, regulatory changes, and shifts in consumer behavior. Enhanced mobile connectivity and the widespread adoption of smartphones have allowed more consumers to access digital banking services, driving demand and encouraging banks to continuously improve their digital offerings. Regulatory changes in various countries, aimed at promoting financial inclusion and competition, have also played a crucial role. These regulations often encourage the establishment of new fintech firms and the expansion of existing digital services. Additionally, consumer behavior has evolved with a growing preference for digital solutions that offer convenience, speed, and personalized interactions.

SCOPE OF STUDY:

The report analyzes the Digital Banking market in terms of units by the following Segments, and Geographic Regions/Countries:

Segments:
Component (Platforms, Services); Mode (Online Banking, Mobile Banking); Type (Retail Banking, Corporate Banking, Investment Banking)

Geographic Regions/Countries:
World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Rest of Europe; Asia-Pacific; Rest of World.

Select Competitors (Total 222 Featured) -

• Bank of America, N.A.
• Bottomline Technologies, Inc.
• [24]7.ai, Inc.
• AlSego
• Alkami Technology
• Beluga Pay
• Blockchain Worx
• Airfox, Inc.
• AIZEN Global
• B at Clydesdale Bank
• Bankera
• Bankiom
• CardAlpha
• Bitwala
• Apiax AG

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