Digital Banking Platform Market to Reach $10.87 Bn, Globally, by 2027 at a CAGR 13.6%: AMR

Digital Banking Platform Market to Reach $10.87 Bn, Globally, by 2027 at a CAGR 13.6%: AMR

PR Newswire

PORTLAND, Oregon, July 7, 2020

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.

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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.

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COVID-19 scenario:

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.

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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-

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