Digital Banking Platform Market Size, Share & Segmentation by component type (platform and service) by deployment (On-premises and cloud) by banking type (Retail, Corporate, Investment), by Regions and Global Forecast 2023-2030
Report Id: SNS/ICT/1228 | May 2022 | Region: Global | 120 Pages
Report Scope & Overview:
Digital Banking Platform Market was valued at USD 5.39 billion in 2022 and is predicted to increase at a CAGR of 12.8% from 2023 to 2030, to reach USD 14.18 billion.
Through active messaging services, the digital banking platform enables for the automated distribution of traditional and novel banking goods and services to end consumers. Furthermore, several banks and other financial institutions are offering digital banking platforms in order to expand their customer base globally and provide ease to their clients.
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The expansion of the industry is being fueled by an increase in the number of internet users and a transition from traditional banking to online banking. Furthermore, the market's growth is fueled by a rise in the usage of cloud-based platforms to achieve greater scalability. The expansion of the digital banking platform industry is hampered by security and compliance difficulties in digital lending platforms. Furthermore, the industry is likely to benefit from an increase in the use of machine learning and artificial intelligence in online banking platforms, as well as a rise in creative banking services and corporate entities.
Due to increased demand for digital banking platforms among people and increased investment by SMEs throughout the country in digital banking platforms, the retail banking category is predicted to expand at the fastest rate and hold the largest market share over the projection period.
MARKET DYNAMICS:
KEY DRIVERS:
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Customer-centric solutions help banks increase client loyalty by improving services and offering quick responses to customer inquiries.
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Banks are concentrating their efforts on implementing client retention strategies and acquiring new consumers through effective communication.
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End-to-end customer journeys and activity tracking aid in the creation of a holistic image of each consumer.
RESTRAINTS:
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Many emerging nations still lack digital literacy, which makes it difficult to accept online and mobile payments on a large scale.
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Because most African countries have poor levels of digital literacy, citizens are unable to fully benefit from digital technology.
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Due to the limited volume of digital transactions, technology companies are likewise unwilling to invest.
OPPORTUNITIES:
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In the digital banking business, the Banking as a Service (BaaS) concept has seen tremendous growth.
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Through APIs, BaaS allows digital banking applications to connect directly to bank systems.
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FinTech firms are embracing BaaS as a growing technology trend for developing cutting-edge financial services and custom digital strategies.
CHALLENGES:
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The widespread use of digital banking has raised worries among businesses about the security of client and financial data.
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As the Internet of Things (IoT) becomes more widespread, businesses will need more comprehensive security and privacy protection to avoid data breaches.
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The issue of security jeopardizes digitization's progress.
IMPACT OF COVID-19:
Many banks and financial institutions are delivering new digital tools and strategies to their consumers in the COVID-18 epidemic, where companies are dealing with operational issues, among which digital banking platforms have seen substantial development. Furthermore, increased online and mobile banking among end users in a pandemic condition provides development opportunity for the digital banking platform industry. Furthermore, many banks and Fintech companies have offered a variety of appealing banking tactics to assist SMEs and consumers in adopting digital banking platforms, resulting in a plethora of market prospects.
MARKET ESTIMATION:
Component, deployment model, type, are all used to segment the worldwide digital banking platform market. It is divided into two categories based on the components: solution and service. It is divided into two deployment models: on-premise and cloud. The market is separated into two types: retail banking and business banking. The market is divided into two categories based on banking mode: internet banking and mobile banking. North America, Europe, Asia-Pacific, and LAMEA are the regions studied.
Key Market Players:
The key players include Appway, COR Financial Solution Ltd, Edgeverve, FIS Global, Fiserv Inc, nCino, Oracle Corporation, SAP SE, Temenos, Vsoft Corporation
KEY MARKET SEGMENTS:
By Component:
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Platforms
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Services
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Professional Services
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Managed Services
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By Deployment type :
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On-premises
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Cloud
By Banking type:
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Retail Banking
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Corporate Banking
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Investment Banking
REGIONAL ANALYSIS:
North America led the digital banking platform market in 2021 and is likely to continue to do so during the forecast period. The presence of significant companies and the quick adoption of cutting-edge technologies are two main factors driving the market's expansion in this area. However, due to rising IT infrastructure and large expenditures from private and governmental actors in the area, Asia-Pacific is predicted to develop at a high rate throughout the projection period.
REGIONAL COVERAGE:
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North America
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USA
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Canada
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Mexico
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Europe
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Germany
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UK
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France
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Italy
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Spain
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The Netherlands
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Rest of Europe
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Asia-Pacific
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Japan
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South Korea
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China
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India
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Australia
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Rest of Asia-Pacific
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The Middle East & Africa
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Israel
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UAE
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South Africa
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Rest of Middle East & Africa
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Latin America
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Brazil
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Argentina
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Rest of Latin America
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| Report Attributes | Details |
| Market Size in 2022 | US$ 5.39 Bn |
| Market Size by 2030 | US$ 14.18 Bn |
| CAGR | CAGR of 12.8% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • by component type (platform and service) • by deployment (On-premises and cloud) • by banking type (Retail, Corporate, Investment) |
| Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Company Profiles | Appway, COR Financial Solution Ltd, Edgeverve, FIS Global, Fiserv Inc, nCino, Oracle Corporation, SAP SE, Temenos, Vsoft Corporation |
| Key Drivers | • Customer-centric solutions help banks increase client loyalty by improving services and offering quick responses to customer inquiries. |
| Market Opportunities | • In the digital banking business, the Banking as a Service (BaaS) concept has seen tremendous growth. • Through APIs, BaaS allows digital banking applications to connect directly to bank systems. |
Frequently Asked Questions (FAQ) :
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Digital Banking Platform Market Segmentation, by component type
8.1Platforms
8.2Services
8.2.1 Professional Services
8.2.2 Managed Services
10. Digital Banking Platform Market Segmentation, by deployment type
10.1 On-premises
10.2 Cloud
11. Digital Banking Platform Market Segmentation, By banking type
11.1 Retail Banking
11.2 Corporate Banking
11.3 Investment Banking
12. Regional Analysis
12.1 Introduction
12.2 North America
12.2.1 USA
12.2.2 Canada
12.2.3 Mexico
12.3 Europe
12.3.1 Germany
12.3.2 UK
12.3.3 France
12.3.4 Italy
12.3.5 Spain
12.3.6 The Netherlands
12.3.7 Rest of Europe
12.4 Asia-Pacific
12.4.1 Japan
12.4.2 South Korea
12.4.3 China
12.4.4 India
12.4.5 Australia
12.4.6 Rest of Asia-Pacific
12.5 The Middle East & Africa
12.5.1 Israel
12.5.2 UAE
12.5.3 South Africa
12.5.4 Rest
12.6 Latin America
12.6.1 Brazil
12.6.2 Argentina
12.6.3 Rest of Latin America
13. Company Profiles
13.1 Appway
13.1.1 Financial
13.1.2 Products/ Services Offered
13.1.3 SWOT Analysis
13.1.4 The SNS view
13.2 COR Financial Solution Ltd
13.3 Edgeverve
13.4 FIS Global
13.5 Fiserv Inc
13.6 nCino
13.7 Oracle Corporation
13.8 SAP SE
13.9 Temenos
13.10 Vsoft Corporation
14. Competitive Landscape
14.1 Competitive Benchmarking
14.2 Market Share analysis
14.3 Recent Developments
15. Conclusion
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