Increase in number of internet users, growth in shift from traditional banking to digital banking, and rise in focus of organizations on digitalizing their financial services augment the growth of the global digital banking platform market
PORTLAND, Oregon, July 7, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Digital Banking Platform Market by Component (Solution and Service), Deployment Model (On-Premise and Cloud), Type (Retail Banking and Corporate Banking), and Banking Mode (Online Banking and Mobile Banking): Global Opportunity Analysis and Industry Forecast, 2020–2027." According to the report, the global digital banking platform industry generated $3.95 billion in 2019, and is estimated to reach $10.87 billion by 2027, registering a CAGR of 13.6% from 2020 to 2027.
Key determinants in the market-
Increase in number of internet users, growth in shift from traditional banking to digital banking, and rise in focus of organizations on digitalizing their financial services drive the growth of the global digital banking platform market. Whereas, security and compliance issues impede the market growth. Nevertheless, growth in usage of machine learning and artificial intelligence in the digital banking platform and increased market for cloud-based integrated products are anticipated to usher a number of opportunities in the near future.
Download Report Sample (227 Pages PDF with Insights): https://www.alliedmarketresearch.com/request-sample/5539
- The demand and investments for the digital banking system by financial institutions have been increased during the lockdown to maintain social distancing.
- The Reserve Bank of India issued an advisory based on COVID-19 and urged customers to use digital banking facilities to curb the spread of coronavirus.
- Ghana, recently became the first country to launch a digital financial services (DFS) policy according to the Consultative Group to Assist the Poor. (CGAP). With the establishment of four years, the policy would amplify the DFS-related Covid-19 measure to offer short- & medium-term progress in six areas.
The on-premise segment would dominate the market throughout 2027-
Based on deployment, the on-premise segment contributed to the largest share in 2019, accounting for nearly three-fifths of the global digital banking platform market, and is estimated to maintain its dominant position during the forecast period. This is owing to its high data transfer speed and security features, which is a major growth factor for this market. However, the cloud segment is expected to register the highest CAGR of 15.0% from 2020 to 2027. This is owing to rise in adoption of cloud services across various industries.
Get detailed COVID-19 impact analysis on the Digital Banking Platform Market: https://www.alliedmarketresearch.com/request-for-customization/5539?reqfor=covid
The retail banking segment would lead the trail throughout the forecast period-
Based on type, the retail banking segment accounted for the largest share in 2019, holding around three-fifths of the global digital banking platform market, and is expected to maintain the largest share throughout the forecast period. Furthermore, the segment is estimated to portray the highest CAGR of 14.2% during the forecast period. This is attributed to the rise in interest rates and inflation, new opportunities for profitability in deposit, banking, and the emergence of wealth accounts.
North America to lead the trail by 2027-
Based on region, North America contributed the highest share, accounting for more than one-third of the global digital banking platform market share in 2019, and will maintain its dominance throughout the forecast period. The advancements in information technology is resulting in increased development of interactive and consumer-friendly user interface of the websites and applications, to enhance the preference of consumers for banking services. However, Asia-Pacific is expected to grow at the highest CAGR of 15.4% from 2020 to 2027. This is owing to large consumer base using digital banking regularly, with a significant portion in fast-growing countries, such as China and India.
Leading market players-
- Oracle Corporation
- SAP SE
- COR Financial Solution Ltd.
- FIS Global
- Fiserv, Inc,
- Vsoft Corporation
Interested in Procure Data? Visit Here: https://www.alliedmarketresearch.com/purchase-enquiry/5539
Access AVENUE- A Subscription-Based Library (Premium on-demand, subscription-based pricing model) at: https://www.alliedmarketresearch.com/library-access
Avenue is a user-based library of global market report database, provides comprehensive reports pertaining to the world's largest emerging markets. It further offers e-access to all the available industry reports just in a jiffy. By offering core business insights on the varied industries, economies, and end users worldwide, Avenue ensures that the registered members get an easy as well as single gateway to their all-inclusive requirements.
Avenue Library Subscription | Request for 14 days free trial of before buying: https://www.alliedmarketresearch.com/avenue/trial/starter
Similar Reports We Have:
Pre-Book Now with 12% Discount:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
5933 NE Win Sivers Drive
#205, Portland, OR 97220
Toll Free: 1-800-792-5285
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
SOURCE Allied Market Research