"Rise in Non-cash Transactions Giving Boom to Online Banking Market"
The online banking market worldwide is expected to grow with a CAGR of 4.28% during the forecast period from 2019 to 2027, starting from US$ 7.60 Bn in 2018. In 2016, Global non-cash transactions volumes grew with more than 10% to reach over US$ 480.0 Bn. Online banking allow customers to carry financial transactions on a secure network employed by the serving organization. Rapidly growing number of smartphone users coupled with internet penetration has built a robust platform for online banking market. Due to convenience and ease of access are some of the factors on account of which people are using online banking services. However, high security concerns over customer’s data hinders the market. Despite profound penetration of online banking, significant percentage of people worldwide are skeptical towards using this service due to concerns of security.
Market Synopsis
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"Retail Banking to Continue as the Market Leader"
Retail banking holds the highest market share in the banking industry with more than 35% of the market share, as of 2018. Retail banking offers various services such as savings account, fixed deposits, recurring deposit and other financial services. Further, retail banking offers a fixed and better rate of return compared with other financial products. On account of ease of access and rising smartphone use, consumers prefer to use banking in their hands rather going in brick & mortar banks. Today, all the banking functions from money transfer to loan application are available in consumers’ smartphones through mobile apps.
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"Asia Pacific to Emerge as the Market Leader in the Forecast Period"
In 2018, North America led the market followed by Asia Pacific and Europe respectively. In North America, the non-cash transaction volume is very high and holds more than 30% of the overall volume. Due to rise of internet penetration in Asia Pacific, we are expecting a boom in the online banking market in Asia Pacific. Additionally, the growing smartphone use and availability of banking through apps is likely to drive the Asia Pacific market. In 2014, the government of India launched a scheme called ‘Jan Dhan Yojana’ that aims to expand and make affordable access to financial services for the entire nation. This has enlarged the addressable online banking consumer base in the country, thereby promising robust growth opportunities.
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Some of the prominent players operating in the online banking market include ACI Worldwide, Microsoft Corporation, Temenos Group AG, Oracle Corporation, Fiserv, Inc., Cor Financial Solutions Ltd., EdgeVerve Systems Limited, Symitar (A division of Jack Henry & Associates, Inc.), Capital Banking Solutions, JPMorgan Chase & Co., Tata Consultancy Services Limited, TRG Mobilearth Inc. and others.
Historical & Forecast Period
This research report presents the analysis of each segment from 2017 to 2027 considering 2018 as the base year for the research. Compounded Annual Growth Rate (CAGR) for each respective segments calculated for the forecast period from 2019 to 2027.
Report Scope by Segments
The online banking market report provides market size and estimates based on market dynamics and key trends observed in the industry. The report provides a holistic view of global online banking market based on banking type, payment vertical and geography. Key segments covered in the report are as follows:
| ATTRIBUTE |
DETAILS |
| Research Period |
2017-2027 |
| Base Year |
2018 |
| Forecast Period |
2019-2027 |
| Historical Year |
2017 |
| Unit |
USD Billion |
| Segmentation |
Banking Type (2019–2027; US$ Bn)
• Retail Banking
• Corporate Banking
o Small & Medium Scale Enterprises
o Large Scale Enterprises
• Digital Investing
|
|
Payment Vertical Type (2019–2027; US$ Bn)
• Banking Cards
• Uniform Payment Interface
• Mobile Wallets
• Mobile Banking
• Internet Banking
|
|
Geography Segment (2019–2027; US$ Bn)
• North America (U.S., Rest of North America)
• Europe (U.K., Germany, France, Rest of Europe)
• Asia Pacific (China, Japan, India, Rest of Asia Pacific)
• Rest of the World (Middle East & Africa, Latin America)
|
Key questions answered in this report
- What was the market size of online banking in 2018 and forecast up to 2027?
- Which is the largest regional market for online banking?
- What are the major trends followed in overall online banking across different regions?
- What are the key market trends and high-growth opportunities observed in the online banking market?
- What are the drivers of the online banking market?
- Who are the key online banking companies leading the market?
- What are the key strategies adopted by the leading online banking companies in market?
Unique data points of this report
- Statistics on online banking worldwide
- Recent trends across different regions in terms of adoption of online banking
- Notable developments going on in the online banking industry
- Attractive investment proposition for online banking segment as well as geography
- Comparative scenario for all the segments for years 2018 (actual) and 2027 (forecast)
