The digital banking platform market is projected to grow at a CAGR of 11.2% from 2018 to 2023
The digital banking platforms market is projected to grow from USD 3.3 billion in 2018 to USD 5.7 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 11.2% during the forecast period. The growing demand among banks to deliver enhanced customer experience, the increasing adoption of cloud-based platforms to obtain higher scalability, and the rising adoption of smartphones and tablets are expected to drive the growth of the digital banking platforms market. The major factor that restricts the market growth is the difficulty in integrating digital banking platforms with legacy systems.
Based on banking types, the retail banking segment is expected to account for the major market size during the forecast period
The retail banking segment is estimated to dominate the digital banking platforms market in 2018. Retail banking has emerged as an essential enabler in the digital banking platforms market to translate banking models across the globe. The digital revolution has led to a disrupted marketplace with changing customer behaviors and expectations, emerging competitors, and innovative technologies. With the increasing number of channels, financial institutions are changing their operating processes to provide customers with premium services and improve their account management.
Based on banking modes, the mobile banking segment is expected to grow at a higher CAGR during forecast period
Based on banking modes, the mobile banking segment is expected to grow at a higher CAGR during forecast period. Mobile banking platforms offer a responsive User Interface (UI) and support the bank customers’ entire banking journey, right from onboarding to transactional banking requests, on their mobile devices. Banks are rapidly adopting mobile banking platforms, owing to their changing preference toward mobile banking.
North America is expected to lead the digital banking platforms market in 2018
The North American region is expected to lead the digital banking platforms market in 2018. The US and Canada are the key countries considered for the North American market analysis. These countries have a major dominance, with sustainable and well-established economies, which empower them to strongly invest in R&D activities, thereby contributing to the development of new technologies in the digital banking platforms market.
Breakdown of profiles of primary participants:
- By Company Type: Tier 1 – 20%, Tier 2 – 42%, and Tier 3 – 38%
- By Designation: C Level – 55%, and Director Level – 38%, and Others – 7%,
- By Region: North America – 35%, Europe – 25%, Asia Pacific (APAC) – 17%, and RoW – 23%
Key players operating in the digital banking platforms market include Appway (Switzerland), Backbase (Netherlands), CREALOGIX (Switzerland), ebanklT (England), EdgeVerve (India), Intellect Design Arena (India), Finastra (UK), ieDigital (England), ETRONIKA (Lithuania), Fidor (Germany), Fiserv (US), Halcom (Slovenia), NETinfo (Cyprus), Kony (US), NF Innova (Austria), Oracle (US), SAB (France), SAP (Germany), Sopra (France), Tagit (Singapore), TCS (India), Technisys (US), Temenos (Switzerland), BNY Mellon (US), and Worldline (France).
This research study covers the segmentation of the digital banking platforms market by banking type, banking mode, deployment type, and region. These segments are mapped across various regions, such as North America, Europe, APAC, Middle East and Africa (MEA), and Latin America. The report provides in-depth market intelligence regarding the key factors, such as drivers, opportunities, and challenges influencing the growth of the digital banking platforms market across the globe. It also offers an analysis of the micromarkets with respect to individual growth trends, prospects, and their contribution to the overall digital banking platforms market.
Reasons To Buy the report:
From an insight perspective, the digital banking platforms market report focuses on various levels of analysis ? market share analysis of the top players and company profiles, which together comprises and discusses basic views on the competitive landscape; the emerging and high-growth segments of the digital banking platform market; and the high-growth regions and their respective drivers, restraints, challenges, and opportunities.
The report is expected to enrich both established firms as well as new entrants/smaller firms to gauge the pulse of the market, which, in turn, could help the firms in garnering a greater market share.