PORTLAND, Oregon and PUNE, India, October 2, 2017 /PRNewswire/ --
According to a new report published by Allied Market Research, the online banking market size was valued at $7,305 million in 2016, and is estimated to reach $29,976 million by 2023, registering a CAGR of 22.6% from 2017 to 2023. In 2017, online retail banking dominated the overall online banking market.
Europe is the market leader and accounts for nearly 31% share of the global market in 2017, closely followed by North America. In addition, Asia-Pacific is estimated to grow at the highest CAGR of 26.1% during the forecast period due to rise in internet users, and increase in consumer base due to higher population size.
The online banking market share is on an increase in the developing economies of Asia-Pacific due to higher penetration of internet, and increased smartphone usage. Threat to security and service issues associated with online banking hinder the market growth.
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The key driver of the global online banking market is associated with higher interest rates given in online banking compared with traditional banks and ease of usage. Also growth in use of smart phones, mobile banking, and e-commerce further fuels the market growth. Furthermore, majority of global players are increasingly competing for market share by improvising their services and coming up with better interest rates.
Key Findings of the Online Banking Market:
- Europe leads the global online banking market, closely followed by the North America.
- Asia-Pacific is growing with the highest CAGR of 26.1%, mainly because its population size and growing economy.
- The retail banking type segment accounted for the highest market share with nearly 52% in 2016; however, the corporate banking type is anticipated to witness highest demand during the forecast period.
- The transactional service type is expected to show better growth rate as compared to specialty stores and footwear stores.
Asia-Pacific is anticipated to dominate the market later in the analysis period, due to the increase in internet penetration, smartphone usage, and higher population size. Also, Asia-Pacific is expected to witness the highest growth rate, owing to the presence of emerging countries, such as China and Japan.
The key players profiled in this report include ACI Worldwide (U.S.), Microsoft Corporation (U.S.), Fiserv, Inc. (U.S.), Tata Consultancy Services (India), Cor Financial Solutions Ltd. (UK), Oracle Corporation (U.S.), Temenos Group AG, Rockall Technologies (Ireland), EdgeVerve Systems Limited (India), and Capital Banking Solutions (U.S.).
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.
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SOURCE Allied Market Research