A lead analyst at AMR has highlighted that the online banking market across Asia-Pacific is anticipated to grow at the fastest CAGR during the forecast period.
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Allied Market Research published a research report on the online banking market. The findings of the report state that the global market for online banking generated $11.43 billion in 2019, and is projected to reach $31.81 billion by 2027, witnessing a CAGR of 13.6% from 2020 to 2027. The report offers valuable information on changing market dynamics, major segments, top investment pockets, and competitive scenarios for market players, investors, shareholders, and new entrants.
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“Corporate banking is expected to attain significant growth in the upcoming years, owing to a rise in the number of investors interested in the digital future. Online banking provides real-time tracking of customers’ investment portfolios while they can invest or trade online with continuous access to their funds. Therefore, this is becoming the major trend in the market.” said Pramod Borasi, Research Analyst, BFSI at Allied Market Research.
The report provides insights on drivers, restraints, and opportunities to help the market players in devising growth strategies and capitalizing on opportunities. With changing consumer demands, lifestyles, and expectations toward banking, banks are largely shifting toward digitalized banking by implementing novel technologies, which in turn has fueled the global online banking market. On the other hand, security & technical issues, privacy concerns, and transaction difficulties restrain the growth to some extent.
However, countries such as China, India, Japan, and Australia have a huge demand for the internet to avail banking services online. This factor has paved the way for creating a number of opportunities in the industry.
The report also offers a detailed scenario of the impact of the Covid-19 pandemic on the online banking market globally. It is helpful for the market players, new entrants, and investors to determine strategies as per the current scenario and improvise relevant business model for the next few years. The outbreak of the Covid-19 pandemic has heightened the demand for online banking services, as the closure of physical branches had led to a growing preference of consumers toward online platforms. At the same time, the mandatory social distancing norms have given way to the increasing adoption of electronic payment systems among consumers. This drift has continued post-pandemic too.
The report offers detailed segmentation of the global online banking market based on service type, banking type, and region. These insights are helpful for new as well as existing market players to capitalize on the fastest-growing and largest revenue-generating segments to accomplish growth in the future.
By service type, the payments segment accounted for nearly one-third of the total market share in 2019 and is expected to dominate by the end of 2027. The wealth management segment, however, would portray the fastest CAGR of 15.7% during the forecast period.
By banking type, the retail banking segment contributed to nearly half of the global market revenue in 2019 and is anticipated to maintain the lion’s share by 2027. On the other hand, the investment banking segment would display the fastest CAGR of 15.7% from 2020 to 2027.
By region, North America held the highest share in 2019, contributing to nearly one-third of the global market. Simultaneously, Asia-Pacific would garner the fastest CAGR of 15.2% by 2027. The other two provinces analyzed through the study include LAMEA and Europe.
The global online banking market players analyzed in the report include ACI Worldwide, Inc., Capital Banking Solution, COR Financial Solutions Limited, Temenos Headquarters SA, EdgeVerve Systems Limited, Fiserv, Inc., Microsoft, Oracle, Tata Consultancy Services Limited, and CGI Inc.
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