Mobile Banking Market

Market Synopsis:

The Global Mobile Banking Market valued at USD 692.5 Million in the year 2021 and is projected to reach a value of USD 1,359.5 Million by the year 2028. The Global Market is projected to grow exhibiting a Compound Annual Growth Rate (CAGR) of 11.9% over the forecast period.

Mobile Banking is a service offered by a bank or other financial institution that allows customers to execute financial transactions using a mobile device while on the go.

For Mobile Banking, devices such as smartphones or tables are utilized, primarily for moving money from one account to another and depositing a check by taking a picture, both of which are widely available features in the market. The expansion of the Mobile Banking Market is fueled by an increase in demand for self-service and personalization of products and services. Furthermore, technical improvements in Mobile Banking, such as the delivery of customized real-time customer support via smart bots, as well as an increase in the use of mobile devices that allow users to access instant customer help, are propelling market expansion. Due to the rapid rise of Mobile Banking and increased rivalry, key market participants have adopted time and location convenience, as well as user-friendly interfaces for their consumers. However, this has resulted in an increase in security concerns, particularly around location privacy.

Furthermore, in underdeveloped nations, lack of sufficient connectivity and network infrastructure for integrating Mobile Banking usage are some of the reasons that limit the growth of the Mobile Banking industry. Conversely, as the number of smartphone users grows, so does the number of people who utilize Mobile Banking apps to access banking services. As a result, banks have significant potential to improve their present goods and services. Furthermore, the use of chatbots and other services improves consumer engagement, allowing banks to build client loyalty, which drives market development. Providing a streamlined customer experience via mobile application while reducing the impact of fraud creates a Mobile Banking Market opportunity for the bank to integrate advanced technologies like blockchain, chatbots, wireless application protocol (WAP), and others to sustain the Mobile Banking Market.

Market Segmentation:

The Mobile Banking Market is segmented on the basis of Type, Service, Platform, Deployment and End-User. On the basis of Type, the market is segmented into Wireless Application Protocol (WAP), Standalone Mobile Application, SMS Banking, Unstructured Supplementary Service Data (USSD) and Others. On the basis of Service, the market is segmented into Transactions, Account information, Investments, Support Services and Others. On the basis of Platform, the market is segmented into Android, IOS and Others. On the basis of Deployment, the market is segmented into On-cloud and On-premises. On the basis of End-User, the market is segmented into Individual and Enterprise.