Digital Banking Platform Market

Global Digital Banking Platform Market:

Digital Banking Platform Market - By Component, Deployment Type, Banking Type, Banking Mode, and Region.

Market Synopsis:

The Global Digital Banking Platform Market is valued at USD 7.75 Billion in the year 2022 and is forecasted to reach a value of USD 17.50 Billion by the year 2030. The Global Market is anticipated to grow to exhibit a Compound Annual Growth Rate (CAGR) of 10.70% over the forecast period.

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The banking and finance industry has drastically changed over the past decade owing to rapid technological advancements and digitization of multiple industry verticals. Increased focus on delivering customer-centric banking solutions and providing ease in banking is expected to prominently drive the adoption of Digital Banking Platforms across the world and will help substantially change the digitization trend in the banking and finance industry. Increasing penetration of smart devices is expected to largely influence Digital Banking Platform Market growth over the coming years.

The rising scope of personalization that digital banking solutions offer is also anticipated to favor the Digital Banking Platform Market potential through 2028. The emergence of the banking as a service (BaaS) trend is expected to influence drive Digital Banking Platform demand across various regions in the world. However, the lack of digital literacy and the absence of secure digital banking infrastructure in the emerging economies are anticipated to have a hindering effect on the Global Digital Banking Platform Market growth through 2028. Technology companies are hesitating to increase investments in this sector due to the low number of digital transactions and this is expected to negatively impact the Digital Banking Platform Market through 2028.

The increasing incidence of cyber-attacks is also expected to prove to be a major challenge for Digital Banking Platform companies over the years to come. The COVID-19 pandemic boosted the adoption of Digital Banking Platform and prominently increased the popularity of digital banking as institutions were not allowed to function in a traditional manner. This increase in popularity is anticipated to be followed through the forecast period as well.

Market Segmentation:

The Digital Banking Platform Market is segmented based on Component, Deployment Type, and Banking Type. Based on components, the market is segmented into platforms and services. Based on deployment type the market is segmented as on-premises and cloud. Based on banking type, the market is segmented as Retail Banking, Corporate Banking, and Investment Banking. Based on banking mode, the market is segmented as Online Banking and Mobile Banking.

Based on Component:

Based on frequency, the market is segmented into platforms and services. The platforms segment is projected to rise at a higher Compound Annual Growth Rate (CAGR) than the services segment. This segment is anticipated to be driven by the high adoption of digital platforms by multiple banking institutions across the world. These platforms enable automation and provide customer-centric services which are why they are gaining massive popularity in the Global Digital Banking Platform Market landscape.

Based on Banking Type:

Based on banking type, the market is segmented into Retail Banking, Corporate Banking, and Investment Banking. The retail banking segment is anticipated to account for a dominant market share in the Global Digital Banking Platform industry landscape. The increasing deployment of digital solutions across the world has substantially influenced the retail banking sector and is projected to evolve as new innovative technologies are introduced.

North America Accounts for a Dominant Market Share

Owing to the rapid adoption of novel technologies the Digital Banking Platform Market in North America is expected to hold a dominant outlook over the forecast period in the global landscape. In 2021, the Digital Banking Platform Market in North America accounted for a market share of 37.3% and held a net worth of USD2.9 billion. High technological proliferation, the presence of key technology, and digital banking providers are expected to be prominent factors influencing Digital Banking Platform Market growth in this region. The United States is anticipated to dominate the Digital Banking Platform Market in North America. Increasing penetration of technology and rising digitalization in the region of Asia Pacific is anticipated to drive demand for Digital Banking Platform at the fastest pace across the forecast period. Singapore, China, India, Japan, and Australia are projected to be the most lucrative markets in this region owing to the presence of major banking institutions that are moving towards complete digitization.

Competitive Landscape:

The key players in the Global Digital Banking Platform Market include- Alkami (US), Apiture (US), Appway (Switzerland), Backbase (Netherlands), BNY Mellon (US), CR2 (Ireland), EdgeVerve (India), ebankIT (England), Finastra (UK), Fiserv (US), Intellect Design Arena (India), Mambu (Germany), MuleSoft (US), nCino (US), NCR (US), NETinfo (Cyprus), Oracle (US), SAP (Germany), Sopra Banking Software (France), TCS (India), Technisys (US), Temenos (Switzerland), TPS (Pakistan), Velmie (US), Worldline (France) and others.

Segmentation of the Global Digital Banking Platform Market: