According to the latest research report by IMARC Group, the global online banking market size reached a value of US$3.84 billion in 2021. By 2027, it will reach US$5.18 billion.
SHERIDAN, WYOMING, USA, July 28, 2022 /EINPresswire.com/ — According to IMARC Group’s latest report, “Online Banking Market: Global Industry Trends, Share, Size, Growth, Opportunities and Forecast 2022 -2027”, offers a comprehensive analysis of the industry, which includes information on the size of the global Online Banking Services market. The report also includes competitor and regional analysis, as well as contemporary market advancements.
The global online banking market reached a value of US$3.84 billion in 2021. Looking ahead, IMARC Group expects the market to reach a value of US$5.18 billion by 2027, growing at a CAGR of 4.60% in 2022-2027.
Online banking, sometimes known as e-banking, is a payment service provided by banks and other financial organizations that allows users to perform financial transactions online. Users can use banking services such as online bill payment, account opening, deposits, transfers, e-statements, checking account balance and recent activity, applying for credit cards and ordering checks. They can also access personal bank account information. It offers enhanced security, fast service, ease of use, instant access and cost effectiveness. Online banking has become very popular all over the world as it eliminates the need for users to visit a bank branch to perform simple banking activities.
Note: We regularly track the direct effect of COVID-19 on the market, as well as the indirect influence of associated industries. These observations will be incorporated into the report.
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Online Banking Market Trends and Drivers:
The global online banking market is mainly driven by the advent of the cashless era and the growing penetration of internet and smartphones. Moreover, with the widespread adoption of cloud-based solutions, banks and financial institutions are opting for online banking platforms.
Along with this, the growing demand for improved customer experience and the growing need for transparency and flexibility has accelerated the rate of product adoption. Additionally, the implementation of lockdown and social distancing norms amid the recent coronavirus disease (COVID-19) outbreak has increased the demand for online banking services.
Other factors including emergence of Banking as a Service (BaaS) model, expanding e-commerce industry, favorable government initiatives, rapid digitalization and technological advancements are also expected to propel the market growth.
Analysis and segmentation of the global online banking market 2022-2027:
The competitive landscape of the market has been studied in the report along with the detailed profiles of key players operating in the market.
Aci Worldwide Inc., Backbase, Capital Banking Solutions, CGI Inc., ebankIT, EdgeVerve Systems Limited (Infosys Limited), Fiserv Inc., Halcom dd (Constellation Software Inc.), Oracle Corporation, Tata Consultancy Services Limited, Technisys and Temenos AG .
The report has segmented the market based on region, type of bank, type of software, and type of service.
Breakdown by type of bank:
• Retail banking
• Corporate banking
• Investment bank
Distribution by type of software:
• Custom software
• Standard software
Breakdown by type of service:
• Processing services
• Customer and channel management
• Wealth management
Breakdown by region:
• North America: (United States, Canada)
• Asia-Pacific: (China, Japan, India, South Korea, Australia, Indonesia, others)
• Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America: (Brazil, Mexico, others)
• Middle East and Africa
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Main highlights of the report:
• Market performance (2016-2021)
• Market Outlook (2022-2027)
• Porter’s five forces analysis
• Market drivers and success factors
• SWOT analysis
• Value chain
• Complete mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as part of the customization.
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