The Global Digital Banking Platform Market Size to Grow from USD 21.2 Billion in 2021 to USD 220.1 Billion by 2030, at a Compound Annual Growth Rate (CAGR) of 29.7% during the forecast period.
Get a free sample PDF: https://www.sphericalinsights.com/request-sample/1253
Digital Banking Platform Market Segmentation
Deployment Preferences: In the digital banking platform market segmentation between On-Premise and Cloud, the On-Premise segment is projected to hold the largest market size during the forecast period. This preference is driven by perceived safety compared to cloud software, offering direct access and control over management, security, and configuration. However, the inclusive banking’s future success will rely on adopting SaaS and cloud technologies, which mitigate challenges in underserved communities. The COVID-19 crisis accelerated the appeal of cloud and SaaS technology even in developed regions, emphasizing their relevance for financial stability.
Online Banking Growth: Within the mode segmentation of Online Banking and Mobile Banking, the Online Banking segment is expected to exhibit a higher Compound Annual Growth Rate (CAGR) during the forecast period. Online banking, offering services like inter-account transfers and balance reporting, meets retail banking needs via telecommunications networks, enabling customers to conduct various financial tasks from their homes or workplaces.
Platform Advancements: In the Component segmentation between Platforms and Services, the Platform segment is anticipated to hold a higher CAGR during the forecast period. Banks, in the wake of fintech advancements, are embracing digital transformations, developing new platforms, and leveraging digital technology to meet client needs and launch innovative products. The migration of financial services to the cloud is facilitating customer-centric strategies, reducing entry barriers, and broadening access to banking solutions, enabling faster access to data for regulatory compliance and risk management.
Managed Services Expansion: In the Service segmentation of Professional Services and Managed Services, the Managed Services segment is poised to hold a higher CAGR during the forecast period. Managed data center services are enhancing business management and automation in hybrid IT environments. Anticipated rises in cyberattacks are expected to boost the adoption of managed security services in various industries, enhancing security measures to counter evolving threats.
Impact of COVID-19 on Risk Management
The COVID-19 pandemic profoundly affected credit portfolios, resulting in a surge in unemployment and disrupting economic activities, straining both customer and company solvency. Central banks responded by proactively injecting liquidity into the market through lowered interest rates and asset purchase programs. Managing credit, market, liquidity, and operational risk across financial markets, already challenged by geopolitical tensions, trade wars, and natural disasters, became even more demanding. Chief risk officers and their teams had to reassess old assumptions and risk models due to the global impact of COVID-19, highlighting the importance of international cooperation and prompting governments to seek reliable AI-powered solutions.
Key Market Segments:
By Deployment
- On-Premise
- Cloud
By Type
- Retail Banking
- Corporate Banking
- Investment Banking
Major listed Vendors: Appway AG, Alkami Technology Inc., Finastra, Fiserv, Inc., Crealogix AG, Temenos, Urban FT Group, Inc., Q2 Software, Inc., Sopra Banking Software, Tata Consultancy Service and other key Vendors.
By region:
- North America (US, Canada, Mexico)
- Europe (Germany, UK, France, Italy, Spain, Russia, Rest of Europe,)
- Asia Pacific (China, Japan, India, South Korea, Australia, and Rest of Asia Pacific)
- South America (Brazil, Argentina, and Rest of South America)
- Middle East & Africa (UAE, Saudi Arabia, Qatar, South Africa, and Rest of Middle East & Africa)
Competitive analysis:
The competitive analysis section of the Global Digital Banking Platform Market research report provides a detailed study of the competitive landscape within the market. It aims to identify and assess key market players, their strategies, and their impact on overall market dynamics. Each company’s profile provides insight into its business profile, product portfolio, geographic presence, and recent developments. This information helps stakeholders to gain a comprehensive understanding of market participants and their capabilities.
In addition, competitive analysis examines the market share held by each major player and assesses their position within the market. Assessing relative market strength considers factors such as revenue, market capitalization, and market share growth over time. By understanding the distribution of market shares, industry participants can identify key players and their market power.
Browse key industry insights spread across 207 pages with 180 market data tables and figures & charts from the report “Global Digital Banking Platform Market Size, Share, and COVID-19 Impact Analysis, By Deployment (On-Premise and Cloud), By Mode (Online Banking and Digital Banking), By Component (Platforms and Services), By Service (Platform segment and Managed Service), By Type (Retail Banking, Corporate Banking and Investment Banking) and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030”.
Access full report: https://www.sphericalinsights.com/reports/digital-banking-platform-market
Global Digital Banking Platform Market research report aims to answer the following key questions:
- What are the main products/services offered in the market and how are they evolving to meet changing consumer demands?
- What are the key technological advances and innovations impacting the market and how will they affect the competitive landscape?
- What are the key distribution channels and marketing strategies market players employ to effectively reach their target audience?
- What are the price trends in the market, and how do prices change across different product segments and geographies?
- How will changing demographic patterns, such as age groups and income levels, affect consumer behaviour and market demand?
- What are the key cost factors and factors that influence the profitability of companies in the Global Digital Banking Platform Market?
- How will sustainability and environmental considerations affect consumer preferences and market growth in this sector?
- What are the investment opportunities and challenges for new entrants and investors looking to enter the market?
- How do government policies and regulations impact market dynamics and shape industry strategies?
- What are the current supply chain trends and challenges in the market, and how do they affect product availability and pricing?
- What are the levels of customer satisfaction and loyalty within the market, and how do market participants differentiate in terms of service quality?
About Newness Insights and Consulting
Newness Insights & Consulting is a dynamic market research and consulting company specializing in delivering valuable market research studies, precise quantitative forecasting, and insightful trend analysis tailored to empower decision-makers. Our forward-looking insights are meticulously crafted to enhance ROI and drive success.
We serve a diverse range of industries, including the financial sector, industrial enterprises, government organizations, universities, non-profit entities, and corporations. Our core mission revolves around collaborating with businesses to not only attain their strategic objectives but also sustain continuous improvement.
CONTACT US:
For More Information on Your Target Market, Please Contact Us Below:
Phone: +1 303 800 4326 (the U.S.)
Phone: +91 90289 24100 (APAC)
Email: inquiry@sphericalinsights.com, sales@sphericalinsights.com