The global digital banking market is predicted to experience remarkable growth during the forecast period, due to the cost efficiency and the ease of use advantage of digital banking. Based on type, the consumer banks sub-segment is expected to be most profitable. Regionally, the North America region is expected to dominate the market.
New York, USA, Aug. 01, 2022 (GLOBE NEWSWIRE) — According to a report published by Research Dive, the global digital banking market is expected to generate a revenue of $1,610 billion and grow at a CAGR of 8.9% over the forecast timeframe from 2019 to 2027.
As per our analysts, the cost efficiency and ease of use benefits of digital banking are expected to foster the growth of the digital banking market during the forecast timeframe. Besides, the increasing penetration of electronic gadgets and easy access to high-speed internet services are further expected to upsurge the growth of the market over the analysis period. Moreover, the rising government initiatives for the use of digital banking services and increasing technological advancements such as the integration of blockchain technology are predicted to create enormous growth opportunities for the market over the estimated timeframe. However, the increasing threat of data breaches and cyber-attacks on banking servers may restrict the growth of the market throughout the analysis period.
Segments of the Digital Banking Market
The report has divided the market into segments based on type, services, and region.
Type: Consumer Banks Sub-Segment to be Most Productive
The consumer banks sub-segment is expected to generate a revenue of $1,661.1 billion during the estimated timeframe. The increasing top-line revenue cost reductions and moderating risks of consumer banks are predicted to propel the growth of the market sub-segment over the forecast period.
Services: Digital Sales Sub-Segment to be Most Profitable
The digital sales sub-segment is projected to generate a revenue of $1,207.5 billion during the analysis timeframe. The growing sales of banking products and services through online platforms are predicted to upsurge the growth of the market sub-segment throughout the estimated period.
Region: North America Region to Have the Largest Share of the Market
The North America region of the digital banking market is expected to garner a revenue of $721.3 billion over the forecast period. The adoption of key developmental strategies by the leading banks of this region to preserve their customers to increase their sales is predicted to drive the regional growth of the market throughout the analysis timeframe.
Key Players of the Digital Banking Market
The major players of the digital banking market include
- Wells Fargo
- Bank of America
- Agricultural Bank of China
- JPMorgan Chase
- China Construction Bank
- HSBC Group
- Bank of China Limited,
- China Merchants Bank
- Industrial and Commercial Bank of China Limited, and many more.
These players are widely working on the development of new business strategies such as mergers and collaborations, partnerships, and product development to obtain a leading position in the global industry.
For instance, in August 2021, the Bank of America, a leading American multinational investment bank and financial services holding company announced its partnership with IIM Ahmedabad, a renowned business school. With this partnership, Bank of America aimed to launch a Centre for Digital Transformation (CDT). This is formed to become a knowledge hub for academia, and policymaking, and to facilitate cutting-edge research on digital transportation and innovation. – Check Impact of Post COVID-19 on Digital Banking Market. Schedule your call with an Expert Analyst
Further, the report also presents other crucial aspects including product portfolio, SWOT analysis, the financial performance of the key players, and the latest strategic development.
More about Digital Banking Market:
- How has Digital Banking Transformed the Way People Work on Their Finances?
- Moving a step ahead from Online Banking!
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