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on October 16, 2023
Global Digital Banking Platforms Market Forecast to 2032
The "Global Digital Banking Platforms Market" research by Emergen Research is a thorough compilation of analytical data regarding the Digital Banking Platforms sector. The research contains a market segmentation for Digital Banking Platforms as well as a thorough evaluation of the market's size (both in terms of volume and value). The study analyzes the present Digital Banking Platforms Market and provides a detailed prediction for the years 2022–2032.
The global digital banking platform market size was USD 9.14 billion in 2022 and is expected to register a revenue CAGR of 11.5% during the forecast period, according to the latest analysis by Emergen Research. Increasing penetration of advanced technologies, especially in communication and the Internet, is one of the major factors driving market revenue growth. Clients benefit from the flexibility, accessibility, and control that digital banks provide, but mostly, they are always available. Digital bank accounts provide Federal Deposit Insurance Corporation (FDIC) protection and free verification and are extremely versatile. The growing number of mergers and acquisitions is another factor contributing to the revenue growth of the market. On June 13, 2023, U.S. banking and paytech giant FIS acquired Banking-as-a-Service (BaaS) start-up Bond for an undisclosed sum.
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Competitive Terrain:
The global Digital Banking Platforms industry is highly consolidated owing to the presence of renowned companies operating across several international and local segments of the market. These players dominate the industry in terms of their strong geographical reach and a large number of production facilities. The companies are intensely competitive against one another and excel in their individual technological capabilities, as well as product development, innovation, and product pricing strategies.
The leading market contenders listed in the report are:
THE BANK OF NEW YORK MELLON CORPORATION, Alkami Technology, Inc., Apiture, Fiserv, Inc., Finastra, Salesforce, Inc., ebankIT, Oracle, Sopra Banking Software, and nCino
Research Report on the Digital Banking Platforms Market Addresses the Following Key Questions:
Who are the dominant players of the Digital Banking Platforms market?
Which regional market is anticipated to have a high growth rate over the projected period?
What consumer trends and demands are expected to influence the operations of the market players in the Digital Banking Platforms market?
What are the key growth drivers and restraining factors of the Digital Banking Platforms market?
What are the expansion plans and strategic investment plans undertaken by the players to gain a robust footing in the market?
What is the overall impact of the COVID-19 pandemic on the Digital Banking Platforms market and its key segments?
Market Overview:
The report bifurcates the Digital Banking Platforms market on the basis of different product types, applications, end-user industries, and key regions of the world where the market has already established its presence. The report accurately offers insights into the supply-demand ratio and production and consumption volume of each segment.
Segments Covered in this report are:
Component Outlook (Revenue, USD Billion; 2019-2032)
Services
Platforms
Deployment Outlook (Revenue, USD Billion; 2019-2032)
On-premise
Cloud
Banking Type Outlook (Revenue, USD Billion; 2019-2032)
Corporate banking
Retail banking
Investment banking
Regional Landscape section of the Digital Banking Platforms report offers deeper insights into the regulatory framework, current and emerging market trends, production and consumption patterns, supply and demand dynamics, import/export, and presence of major players in each region.
The various regions analyzed in the report include:
North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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Some Key Highlights From the Report
The platforms segment is expected to register highest revenue CAGR over the forecast period. Digital banking platforms provide options that are same for everyone, but are highly individualized after logging in. Digital banking platforms oversee digitalization of a wide range of banking products, including commercial accounts, retail accounts, back-office functions, and more. Banks rely on digital banking systems to provide a diverse range of financial products through a variety of digital channels, reaching clients where they live and work.
The cloud segment is expected to register a significantly fast revenue growth rate over the forecast period. Cloud technology has potential to alter digital banking services, making them easier and more convenient for users. With automated provisioning, consistent policy enforcement, and traffic monitoring, it can also assist digital businesses satisfy their stringent service duties more effectively.
The retail banking segment is expected to register a significantly fast revenue growth rate over the forecast period. With digital transformation firmly established in banking industry, the future of retail banking will be defined primarily by innovations and all-digital product delivery. To remain competitive, banks are increasingly embracing the BaaS model. The retail banking sector is expected to profit greatly from BaaS digital platforms because they will enable financial institutions to grow size, diversify income sources through the creation of new goods and services, and provide a better client experience.
Market in Asia Pacific is expected to register a significantly fast revenue growth rate over the forecast period. High demand for online and mobile alternatives, as well as rising number of license allocations by regulations are providing more opportunities for revenue growth of the market in this region. In an extremely brief period of time, China's digital banks have amassed an approximately 5% share of the country's RMB 5 trillion (~USD 700 billion) unsecured consumer loan market and more than 7% of online Small and Medium-sized Enterprises (SME) loans.
The section on the competitive landscape offers valuable and actionable insights related to the business sphere of the Digital Banking Platforms market, covering extensive profiling of the key market players. The report offers information about market share, product portfolio, pricing analysis, and strategic alliances such as mergers and acquisitions, joint ventures, collaborations, partnerships, product launches and brand promotions, among others. The report also discusses the initiatives taken by the key companies to combat the impact of the COVID-19 pandemic.
Key Points of the Geographical Analysis:
Data and information related to the consumption rate in each region
Estimated increase in the consumption rate
Proposed growth of the market share of each region
Geographical contribution to market revenue
Expected growth rate of the regional markets
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